To get fully approved for a mortgage, you need to make sure all of your documents are in order. We’re going to talk about some of the documents you will definitely need in order to get approved, and when you should have them ready.
The first one you’ll need is a 1003, by far the most important document lenders need to complete an approval. We use that to pull a credit report and from that point we can dig into all the specifics required. The high-level overview will need two years of tax returns, two years of W-2s in addition to the two most recent paycheck stubs covering a 30-day pay period. You will also need to provide the two most recent account statements for whatever bank accounts or asset accounts you have.
The reality is that there are literally dozens of potential documents we could be requesting, but until we get the loan application and review your credit we won’t be able to tell you. When you’re ready to purchase a home, make sure you’re prepared for a pre-approval. The document request is just an initial request. There will likely be more requests throughout the process as we get closer to closing.
At the end of the day, our goal is to be in compliance with the government by showing that you have the ability to repay a loan and have been given no special treatment. We document your file so we can stay compliant and try to shrink any problems that may occur from the get go. We want you to be able to make an offer on your dream home when it comes along, so that’s why a pre-approval is so important.
If you have any questions for us, don’t hesitate to reach out. Give us a call or send us an email, we would love to hear from you.