what do we need to pre-qualify for a home loan?

Asked by Tonya Rodriguez, Augusta, GA Thu Aug 22, 2013

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, ,
Thu Aug 22, 2013
Income, credit, and down payment are primarily the 3 things we look at when qualifying you for a loan.

A lender will need your name, date of birth, social security #, and addresses for the past 2 yrs to run a credit report.

Assuming the scores are acceptable and your debts aren't too high, the next step is to provide documentation of income and assets. Your most recent 1 month's worth of pay stubs, 2 month's most recent bank statements (all pages), most recent IRA/401k Statement, 2011 and 2012 W-2's from all jobs, and 2011 and 2012 FEDERAL tax returns (all pages).

If you are salaried or hourly, then the income calculations are pretty straight forward off of your pay stubs. If you earn a lot of commissions or bonuses or are self employed then it can get a little trickier. We have to use the income figures off of your last 2 tax returns, adjusted downward for any business expenses you might write off.

Have these items ready when you speak to a lender and getting pre-qualified/pre-approved should be a breeze!

Good luck!
2 votes
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Flag Sat Dec 7, 2013
, ,
Wed Aug 28, 2013
Hi Tonya,

You would need a job with verifiable income, good credit and a small down payment. My advice would be to speak to a loan officer over the phone and review your situation for specific details of what’s needed.

Good luck,

1 vote
, ,
Thu Aug 22, 2013
Perfect answer Tony Grech! Thumbs Up! Now the hard part. You've got to make sure you don't go to one of those puppy mill mortgage companies that answer your call with, "Would you like to open a checking account today?"

It's important to use a loan officer who can at least read a tax return. I just met with a Realtor whose client went to a large bank. They were approved for $250,000. Credit score 640. FHA. Two days before closing, they were turned down because the score dropped to 627. That's not really an excuse to kill a deal. They could have helped the buyer increase the score back up to qualify.

The Realtor took the file to 2 other mortgage companies. Both loan officers said his client's maximum purchase amount was $130,000. "Where did the other $100,000 go?" Turns out the loan officer didn't understand how to read the tax return.

In other words, if you fill out a tax return and it's more than 2 pages long, get at least 2 different companies to evaluate your income.
1 vote
Franziska Va…, Agent, Augusta, GA
Thu Aug 22, 2013
You should meet with a mortgage lender. To determine for how much credit you qualify, they will need to know your gross monthly salary, your social security number, drivers license, your addresses for the past 2 years, names and contact for your empolyer over the past 2 years, checking and savings account information for the past 2 years also any other Financial investment statements such as 401 K, Stocks etc, pay stubs and W2s, information on any other real estate that you might own and also information on any student loans or other debts you might have.

If you just want to get a rough idea for yourself, there are a couple of pretty helpful online tools.Just google : How much house can I afford and check the websites there.
I personally like: cgi.money.cnn.com

But if you are serious about buying you def. will have to contact a loan officer. Only they can give you a definite answer. If you don't know whom to contact, ask a real estate agent.
1 vote
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Mon Feb 24, 2014
When applying for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan.

1) Proof of income for each person that will be on the mortgage which can be demonstrated through: one month of pay stubs, previous year's W-2 forms and tax returns, official documentation to demonstrate other forms of income (alimony, child support, etc.), and two year's tax returns if self-employed (all schedules, all pages)
2) Credit Report which they will pull
3) Employment History
4) Personal assets such as: Recent balances and statements for bank accounts, most recent account statement demonstrating market value of any investments (stocks, bonds or certificates of deposit), documentation showing interest in retirement funds, face amount and cash value of life insurance policies, value of significant pieces of personal property, debt information, the balances and account numbers of your current loans and debts, including car loans, credit card balances and any other loans you may have.

I would suggest talking to a lender and checking out what they can do for you. If you have any other questions or need a loan please contact me through the information on my profile page! Hope this helps and good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
0 votes
, ,
Mon Aug 26, 2013
Hey Tonya,

In order to see if you qualify for a mortgage we would need the following:

2011 & 2012 Tax Returns
2011 & 2012 W2's, 1099's, K1's (any applicable)
1 month paystub
1 month banking statements (checking, savings, stocks, etc.)(any applicable)
Copy of your driver's license

If you own any real estate currently, we would need:

Mortgage statement, homeowners insurance statement, property tax statement, and home owners association statement (if applicable).

These items can vary based on your loan product and financial situation.

First, i would need to run a loan app for you, which is no cost to you. Once I received your documents, I would be able to preapprove you the same day.

Feel free to contact me anytime if i can help in any way.


George Cohen
Mortgage Banker
Brand Mortgage Group
NMLS 1078450

Also, feel free to apply on my website: gcohen.brandmortgage.com
0 votes
, ,
Fri Aug 23, 2013
Hi Tonya,
Getting Pre-Qualified prior to beginning the home search is critical. To do this, you would need to submit a Pre-Qualification request along with your financial documentation. The following documentation will be needed:

• Two most recent years of W’2’s/income 1099’s
• Two most recent years of Federal Income Tax returns
• Two most recent pay stubs
• Two most recent months of bank statements (all pages)

A loan officer who does not ask for and properly reviews all of the above documentation is doing no service to you and may not be very experienced. Experienced loan officers know that many issues come to light only once the actual documentation has been reviewed.

A Pre-Qualification is valid for 90 days from the date that the credit report has been pulled. At the time of closing, most documents (i.e. credit report, income/asset documentation, appraisal, etc.). Should anything be older than 90 days, an update will be required. For credit, this is simply the loan officer obtaining a new credit report.

As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203(k) (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes
PJ Furno, Agent, Augusta, GA
Thu Aug 22, 2013
Just like everyone else mentioned talk to a lender first, they will help you with the preapproval process. If you want my website http://www.searchcolumbiacountyhomes.com has my contact information. Call or email me and I will put you in touch with a lender.
0 votes
Simon Campbe…, Agent, Miami Beach, FL
Thu Aug 22, 2013
A lender will pre-qualify you for a loan. Typically you will need to provide a social security number so they can run a credit check which will require a credit score of at least 580 in most cases. From there you will need W-2s, paycheck stubs, bank statements and maybe even tax returns for a couple of years.
0 votes
Lee Taylor, Agent, Decatur, GA
Thu Aug 22, 2013
Decent credit, steady income, and a mortgage lender.
0 votes
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