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Pre-Approval Program
Astute buyers apply for a loan and obtain pre approval or loan approval before they find the home they want to buy. If you do not have a lender, I can put you in touch with one of the best.
Here are the benefits:
You look at the "right" homes.
You save money dealing with a comfortable seller.
You close more quickly.
You minimize trauma of not knowing whether or not you qualify, you save time and a lot of disappointment if you find the "perfect" home, but don't qualify for the mortgage.
Items Needed for a Pre Approval Credit Application
Employment
Addresses for two full years
Gross monthly income
W-2s, if available
Proof of pensions, retirement, disability or Social Security
Proof of income from rentals, investments, etc.
Proof of child support or alimony paid/received
Year to date pay stub
If self-employed:
Two years 1040 Tax Returns
Current year profit and loss statement
Creditors
Each creditor's name, address and type of account
Account numbers
Monthly payments and approximate balances
Amount of child care expenses
Banking
Names and addresses of savings institutions
Account numbers for all accounts
Type of accounts and present balances
Miscellaneous
List of assets in stocks, bonds, land
Life insurance cash value (documented if used as cash down payment)
If applicant is selling a home, a copy of sales contract
Social Security numbers for all parties
Veterans - Certificate of Eligibility & DD-214
Cash or check to pay for application fee (usually not required for pre approval)
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