Getting Pre-qualified and Pre-approved for a loan
Getting pre-qualified for a loan gives you and idea of how much you can afford as well as loan programs that are available. This takes very little time, is of great value and can generally be done of the phone or at an initial meeting with a loan officer. Some states require that you are pre-qualified or pre-approved before you submit an offer.

Pre-approval is going through the process and actually getting approved for the loan however, it is not the final loan commitment. This requires detailed documentation and if you are approved for a loan you will receive a pre-approval letter stating the lender is willing to give you the loan which is generally good for 60 days.

Some general information that can be required to get pre-approved might include:

  • Social security numbers/cards of the borrower and co-borrower(s).
  • Driver’s License
  • Where you have lived for the past two years. If you were renting, the landlord’s name, address, and phone number.
  • Most recent two-year employment history, including income.
  • W-2 tax forms for the past 2 years.
  • If you are self-employed: provide 2-3 years tax returns and an YTD profit and loss statement, and other financial statements regarding both you and your company may be requested.
  • A list of all creditors, including account balances.
  • Provide two-three months of the most current bank statements for each bank, stock and mutual fund account.
  • Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.
  • The value of any other assets you might own, including other real estate.
  • Gift letter statement. If you have received any money from friends or relatives which will be used towards the purchase of the home.
  • Most recent pay stubs. (Usually the last 30 days)
  • Any supporting documents proving claims of additional or supplemental income for sources like: social security, pension, stock dividends interest and such.
  • If recently divorced you will need to provide a copy of the divorce decree as well as proof regarding any claims of receiving alimony or child support.
  • If you are not a US citizen, provide a copy of your green card, or if you are not a permanent resident provide your H-1 or L-1 visa.
  • If VA loan certificate of eligibility or DD-214 Discharge Paper/ Employee Relocation Client
  • If previous bankruptcy, copies of petition for bankruptcy and discharge, including schedule.