The first step a buyer needs to start the process to buy their dream home is to get prequalified. The lender takes your application to evaluate how much you qualify for. They check credit scores, employment history, income, and other requirements to complete a mortgage application. Once the lender has a complete application then they provide a list of loan programs convenient for the buyer.
DOCUMENTS REQUIRED FOR YOUR PRE-APPROVAL, FOR EACH APPLICANT:
Identification: A government-issued driver’s license or state-issued Identification Card.
Social Security Card: Your Social Security card is another form of identification that may be requested by your lender. It adds another verification of your identity and helps match your Social Security number with your picture ID to further confirm it's you who's getting the loan. You'll also need to supply your Social Security number to run a credit check
The Last Two Years of Federal Tax Returns: Mortgage lenders are looking to establish a
financial understanding of your tax returns. It demonstrates income history and helps support
your ability to pay back your potential loan.
Last Two Years of W-2 / 1099 / K-1 Statements: These statements help corroborate the
financial picture your tax returns show and are an important verification step for mortgage
underwriters.
Paystubs Covering the Previous 30 Days: If your taxes and W-2s help the bank understand
your financial past and your paystubs help them understand the present.
P&L Statements (if you’re a business owner): If your income depends on the operation of a
business, the bank will want to support your paystubs with profit & loss statements from any
businesses you operate.
Asset Statements: In order to assess your ability to make payments on a loan, mortgage
companies also want to get an idea of your current assets, including balances in checking and
savings accounts, retirement/401k/IRA accounts, and any investment portfolios you have.
Copy of Current Mortgage Statement (if applicable): If you’re already the owner of a home
or property and have a current mortgage on it, your lender will want to review the
documentation for that loan (even if they are the lender on that property too).
Copy of your Property Tax Statements (if applicable): Like a mortgage statement, your
property tax statements will help a lender determine your payment history and ability.
Congratulations on getting a step closer to purchasing your dream home.
APPLY NOW!
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