A very important part of shopping for a home is obtaining a mortgage loan pre-approval.  If you begin your serious search for a new home with a written loan pre-approval in hand, you will see a new level of respect and service from sellers and real estate brokers.

In order to get your pre-approval completed we usually need the following:

• Borrower personal information
• Complete name
• Social Security Number
• Date of Birth
• Two year address history
•     Rent? Own? Live with family? Payment amount?
• Two year employment history
•     Dates of employment. Title and line of work. Income amount?
•     Employer information…Name, address, verification contact.
• Liquid asset amount
•     Checking, savings, 401k, stocks, IRA, etc
•     Gift? If so, provide details…how much, donor info, ETA?
• How much down payment are you looking at?
• What size monthly housing payment are you looking at?
• Will you have a co-signor?
• How would you describe your credit? Do I have your authorization to run your credit?
• Required documentation
• Copy of Drivers License or Passport
• Copy of Social Security Card
• Copy of resident alien card or visa (if applicable)
• Copy of DD214 and Certificate of Eligibility if Veteran applying for a VA loan (if applicable)
• Income/Employment – if Salaried
•     Most recent month of paystubs
•     Most recent two years of W2
•     Most recent two years of Federal Tax Returns (1040) with all supporting Schedules
• Income/Employment – if Self Employed
•     Most recent two years of Federal Tax Returns (1040) with all supporting Schedules
•     Most recent month of paystubs (if applicable)
•     Most recent two years of W2 (if applicable)
•     Signed YTD P&L and Balance Sheet if application is dated more than 120 days after the end of the business’s tax year
•     If applicable, provide any K1, 1065, or 1120 forms for the most recent two years
• Assets
• Most recent two months of statements. Explain any large deposits and overdrafts.
• If there is a Gift…acceptable gift letter from donor. Evidence donor has funds. Evidence donor has sent funds. Evidence that borrower or escrow has received funds.