Copies of W-2's for the last two years;
Copies of paycheck stubs for the last 30 days (most current);
Copies of checking and saving account statements for last three months (all pages);
Copies of quarterly or semi-annual statements for checking, savings, IRA's, CD's, money market fund, stock, 401k, profit sharing, etc.;
Copy of sales contract when ratified;
Employment history for the last two years (address any gaps of employment);
Residency history over the last two years, with name, phone number, address and account number of Land or Mortgage Company. Rental property copies of leases plus mortgage information.
Canceled earnest money check when it clears or corresponding bank statement, if applicable;
Commissioned or bonused income -- if 25% or more of base, must have tax returns;
Check for the expense of appraisal & credit report;
Refinance Copy of Note, Deed of Trust, Settlement Statement, Survey, and Insurance information;
Any assets used for down payment, closing cost, and cash reserves must be documented by a paper trail;
If paid off mortgage in the last 2 years, need copies of HUD1;
Copy of drivers license for applicant and co-applicant.
Copies of most recent 2 years tax returns (with all schedules including k-I's if applicable);
Copy of current profit & loss statement and balance sheet;
Copy of corporate/partnership tax returns for most recent 2 year period if owning 25% or more of company -- copies of W-2's and/or 1099 forms.
DOCUMENTS WHICH MAY BE REQUIRED:
Relocation Agreement if move is financed by employer, i.e. buyout agreement plus documentation outlining company paid closing costs benefits;
Previous bankruptcy, need copies of petition for bankruptcy and discharge, including supporting schedules;
Divorce Decree if applicable;
Documentation supporting moneys received from social security/retirement trust income, i.e. copies of direct deposit bank statements, awards letter, evidence income will continue.
DOCUMENTS NEEDED FOR FHA/VA LOANS:
FHA: Copy of social security card and drivers license for each applicant and co-applicants;
VA: Original Certificate of Eligibility and copy of DD214 Discharge Paper;
VA: Name and address of nearest living relative
Documents Needed for a Mortgage Loan Approval in Kentucky-
So if you are a W2 employee with stable work history and good credit we usually get them done within 24 hours and in most cases a few hours. If you are self-employed/1099, have multiple streams of income, have credit issues, etc.; it can take a few days because I may need to get an underwriter to review your file and reaffirm my determination.
Minimum needed to Pre-Approve a client:
ïƒ˜ Completed and signed loan application/Credit report
ïƒ˜ 2011/2010 W2â€™s
ïƒ˜ Last 30 days of pay stubs
ïƒ˜ If self-employed/1099 or commissioned employee your last 2 years full tax returns (1040s) & 2 years business tax returns
ïƒ˜ Last 2 months of bank statements, all pages
ïƒ˜ If down payment is coming from somewhere other than checking or savings, like 401k, stocks, bonds, etc., then we need most recent statement
Please take a minute to read this as well: http://www.trulia.com/blog/elliott_r_oliva/2011/12/pre-apppr
We have a Weichert Financial mortgage broker in our office who will provide a pre-approval in a few hours. He needs certain documentation, and sometimes he will do this on the phone, but it does not take that long to obtain a mortgage pre-approval.
Please feel free to call me if you would like further assistance.
Multi-million dollar producer
Allan Erps, ABR,SFR,C.O.R.E.
Licensed Real Estate Salesperson
BHG Rand Realty
95 S Middletown Rd
Nanuet, NY 10954
VM(24 Hours) 845-624-8100 X141
Cell Phone/Text 845-304-3040
My Email: email@example.com
For the latest in Buyers and Sellers Resources,
visit my website at; http://www.allanerps.randrealty.com
or find me on Trulia at;
If I had the papers that Elliott mentions then it takes around 1 hour. First I run a credit report and any derogatories I call you about them. I fill out the 1003 (mortgage application) with you. Then I put it through desktop underwriting (that is what all the underwriters go over). If you meet the UW contingencies, then I give you a preapproval.
This can be done in person or by computer (& phone).