A preapproval is the first step

Most realtors and sellers will require a preapproval letter from your lender to verify your ability to buy before and offer is submitted. Your preapproval letter should be impactful and ironclad to ensure that you have the best possible shot at getting your offer accepted. Contact us today to get your preapproval.

Documents needed for your preapproval

Most types of loans today require all your personal information for the preapproval. Here is a list of the most common documentation asked for a real estate purchase or refinance.

• 2 years Federal Tax returns
• 2 years W-2's
• 30 days of paycheck stubs
• 2 months of bank statements
• 3 months (last quarterly statement) for retirement assets
• Driver Licenses and Social Security Cards
• Letters of Explanation (LOE's) for:
  • Credit inquiries and any new debt 
  • Names and addresses on the credit report
  • Non-payroll deposits (including copies of checks)
• Mortgage statements for all properties owned
• Homeowner insurance for all properties owned
• Lease Agreements if the rental property is not reported on the last tax return
• Any documentation related to a foreclosure, short sale or bankruptcy

Ultimately, your individual scenario will determine what items you need to provide.  Contact us with questions about your loans scenario and documents you might need.