Before you start shopping for a home, make sure that you get pre-approved by a reputable mortgage broker or lender. By getting pre-approved for a loan before you go shopping, it gives you the confidence to know how much money you can qualify for, lets you spend time looking in a reasonable price range and shows prospective sellers that you are a serious buyer. Lining up your financing ahead of time will also give you peace of mind and fewer surprises.
What Items Are Needed?
Income: Provide the pay stubs for all borrowers for the most recent 30 day period, including any part-time jobs, 2 years W-2′s and for borrowers that are self-employed or receive rental income, provide 2 years tax returns (all pages and schedules), awards letters for social security or pension income
Assets: Provide 2 months bank statements to document enough month for the down payment and closing costs. Depending on the loan type, additional assets for 2 – 12 month payment reserves will also be required.
Credit: List of your monthly debts for auto loans, credit cards, child support alimony, etc. Make sure you check out our Credit Report section on know whats on your credit file.