What is Pre-approval?

To pre-approve you for a loan, a lender calculates the loan amount you can receive based on information that a third party provides. The lender verifies your information via a credit report. The credit reporting agency acts as a neutral third party. Consider this a firm estimate of a certain loan amount. Final approval depends on whether the property also meets requirements for a loan.

Needed documentation for loan approval from each qualifying individual:

Full Doc:

1. Latest 2 years tax returns and W2’s
2. Last 30 days of pay stubs and/or Verification of Employment
3. Latest 2 months bank statements, reflecting the funds for down payment
4. If a gift is being received, gift letter and bank statements for the gift funds.
5. *CPA letter and/or business license if self-employed stating 2+ years employment in same job or field.
6. Retirement account statements (401k, IRA, etc), in most cases used to establish reserves and not used as funds for the purchase.
7. Mortgage Statement (Refinance only)
8. Copy of Hazard Insurance Policy (Refinance only)
9. Copy of Social Security Card(s)
10. Copy of State Id or Drivers License