Becoming Pre-Approved

Information Needed for Your Mortage Application

Copies of last 2 years W-2′s (for each borrower)
Copies of most recent month’s paystubs (for each borrower)
Copies of all assets: All pages of the last 2 or most recent quarterly statements including but not limited to savings, checking, money market, investment, retirement, 401K’s, etc. (for each borrower)
Copy of the fully executed Contract of Sale including all pages and riders (once you have found a property)
Copy of Driver’s License (for each borrower)
If self-employed (Corporation, S-Corp, or Partnership), need copies of last 2 years personal and business Federal Tax returns (signed) including all pages and schedules for all businesses owned 25% or more.
Copy of the listing on the property being purchased, if available.
Checkbook/Money for Application fee (varies between lender.. $250-350)
Names and addresses of landlord for past 2 years (if applicable).
Names and addresses of employers for past 2 years.
Copy of divorce decree, separation, or child support papers (if applicable).
All bankruptcy and discharge of bankruptcy papers (if applicable).

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Joshua Bucio January 11, 2010 at 1:04 pm #

Most buyers, especially first time home buyers, don’t realize all the information and paperwork need in order to get pre-approved for a mortgage loan. Now that new regulations have begun at the start of 2010, we need specific information if a customer wants a Good Faith Estimate in writing.

I always try to educate the buyers about what will be needed ahead of time, so your their pre-approval is accurate. This way they don’t have to worry about the mortgage loan, but focus on finding that home they want to buy!
500 fast cash quick loan December 11, 2012 at 5:35 pm #

Very good post. I am experiencing many of these issues as well.
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