Did you know most transactions fall out because either the buyer or buyer’s loan officer did not get pre-approved? The danger in not getting pre-approved is you lose time and money, most of all it sucks to see your dream crash and burn, because of improper planning. Welcome to Part 2 of Qualify for a Home Loan “Get Pre- Approved”.
The socalloanpro.com I do not let my clients’ crash and burn ever! I am committed to you and your realtor to have a successful close.
You previously sent me you 2, 2, and 2. 2 years taxes, 2 recent bank statements and 2 recent pay stubs. If you don’t know what I’m talking about watch Part 1 of Qualify for a Home Loan, get prequalified. Let’s get started.
1.Keep saving your pay stubs and bank statements.
2.Do not do anything with your credit except pay bills down. Do not buy anything on credit or take out any new credit until after your home purchase or you could be declined. Your credit gets looked at until the very end of the transaction.
3.I need driver’s license & social security card, make sure you enlarge and lighten your identification. If you are not a citizen I need your home land security card showing its valid for at least 12 months , if not call me personally so we can discuss and don’t worry I have done many many loans for non-citizens.
4.Most recent retirement account statements all pages all accounts. (funds to close)
5.Funds to close are very tricky –all of your money will be accounted for. You just can’t show up with cash it isn’t allowed. If you do, in order to use it we have to trace where it came from literally! It would be allowed if it where a gift. Loans and cash saved at home are not allowed. Let’s talk if you are getting a loan or keep your cash at home.
6.Bankruptcy, divorce, or child support documents if applicable.
7.If you have rental properties I need your recent mortgage stmt & insurance+ for each property.
8.Self-employed people usually need to provide a profit and loss and business license
9.If you are a 1st time buyer you need to attend 1st time homebuyer counseling we will forward you info on local classes.
10.Letters of explanation are very common especially for major credit events BK, Short Sale, foreclosure, multiple lates or collections. Prepare an explanation letter if applicable.
You can scan and email me, fax, or drop off your info. Make it a priority to get this info to me as quickly as possible. All you need to do is find a house.
Connect with me on these sites
Comments(0)