When you decide to look for a new home – before you work with a Realtor - you need to be pre-approved for a mortgage and have a document stating the maximum amount of loan you qualify for. Here’s what you need to get pre-approval.
Proof of Income
The proof you’ll be asked for depends on whether you are:
* Employed – W-2s and pay stubs for a specified period of time.
* Self-employed – Personal and business tax returns, 1099s and K-1s.
* Retired – Pension/Social Security Benefit Letter or bank statements showing receipt of this income.
Proof of Assets
Bank statements from the last two months, showing where the money for your down payment and closing costs will come from. The most common mistake buyers make is not providing all pages to all statements. This is critical.
Even if you have a copy of your credit report, your lender will request one from a credit reporting agency. The better your credit is, the better the terms of your mortgage will be.
You’ll also need to provide a few extra items, such as:
* Driver’s licenses for all borrowers.
* Proof of debts you’ve paid that aren’t reflected on your credit report.
* Homeowner’s Association (HOA) dues documentation if you’ve already chosen the house you want to purchase.
For more information on mortgage financing, contact Steve at Nation’s Lending, 520-612-0479, or stop in at 210 W. Continental Road, Suite 116A, Green Valley AZ 85622.
Corp NMLS # 32416