Home Buying in 94015>Question Details

May, Home Buyer in Daly City, CA

Forms and documents needed for pre-approval

Asked by May, Daly City, CA Mon Feb 9, 2009

I'm in process of getting pre-approved. My broker asked me to submit tax return for last 2 years. Also, she asked me to sign and turn in Uniform Residential Application, Good Faith Estimate,Truth in Lending Disclosure Statement prepared by the broker and Request Transcript of Tax Return. My question is do I have to sign and turn in all those forms for pre-approval ? (Property address is not specified in the forms )

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6
If you want to get formally approved, and you want to be taken seriously when you make an offer. You also need two months bank statements and 2 pay stubs. If not, you will be pre-qualified instead which does not carry much wait if you want to make an offer.

Pre qualified means you have not given the lender any infomation, and is based on only a discussion with the lender.

Dave Tap Tapper
Realtor
Cashin Company
http://www.DavidTapper.com
415-370-7195
Web Reference: http://www.TeamTapper.com
1 vote Thank Flag Link Mon Feb 9, 2009
Yeah I believe you do. Here is more information I found (good info) on Home Loan and Mortgage pre approvals. http://www.squidoo.com/home-loan-pre-approvals
0 votes Thank Flag Link Thu Oct 4, 2012
Hi May, yes, all of this is required (and maybe more in these days of lender guideline changes).

To understand the difference between a pre-qualification and pre-approval please see:
http://www.Steven-Anthony.com/default.aspx?pp=39377

There is also a link at the bottom of the page that details documentation required for a pre-approval based on your income structure.

Best, Steve
0 votes Thank Flag Link Tue Feb 10, 2009
Once you fill out the application It trigers a series of events that must happen by law it just seems your broker is doing it all right away rather than given it to you piecemeal over a couple of days. This is a sign that the broker knows what they are doing.

prequalifications value is about 10 cents. Going through the process is the only accurate way to get a rate and see what loan programs you qualify for.

Good luck.
0 votes Thank Flag Link Tue Feb 10, 2009
Hi May,

Yes, those forms are actually necessary to get a pre-approval. The most important thing to complete is the Uniform Residential Loan Application so the lender can pull your credit, compute your debt-to-income ratio and check your assets. Along with that, you have to submit copies of your last 2 years' tax returnsor W-2's, most recent paystubs for 1 month and your last 2 months' bank statements or any investments. This will help you determine if you can even afford the properties you're looking at and a pre-approval letter from a direct lender is required when submitting an offer. The Good Faith Estimate or GFE, you can sign later on. As for the Request for Transcript of Tax Return, that's only if you do not have copies of your ITR's or W-2's. If you do, then you may disregard that.

Hope that helps. Good luck!
0 votes Thank Flag Link Tue Feb 10, 2009
May -

If you are committed to using the broker, these are required forms. Maybe you are simply look for a pre-qualification? If you are looking to make an offer on a house, most loan officers will want a complete file before providing a pre-approval letter.

CJ
Web Reference: http://www.TalkToCJ.com
0 votes Thank Flag Link Mon Feb 9, 2009
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