The standard loan application form that most home lenders use is called F.N.M.A. form 1003. On the application, you will provide your residence and your job history for at least two years. If you already found a home to buy, the address and purchase terms of that home will be provided. You will provide a financial statement including your income, your assets and your debts. There is a short questionnaire regarding residency status and if you have ever filed for bankruptcy/foreclosure, etc.
Your lender will ask you to bring your income and asset documentation. It is a good idea to ask your lender for a list of all items that they will need up front. The more thorough and complete your paperwork up front is, the better. A typical documentation list will include:
1. Two years of W2s and possibly two years of tax returns
2. Most recent paystubs covering one month’s wages
3. Two to three months of bank statements and 401k statements
4. Anything else your lender asked you to bring up front
SECRET REVEALED: The more complete your information is up front the quicker and easier it will be to get a loan approval.
As Excerpted From "Home Buying Secrets Revealed" By Kenn Renner, Copyright 2010 "All Rights Reserved" www.BuyHomeBuyingSecrets.Com - 512-423-5626 - www.BuyAustin.Com
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