Congratulations on taking your fist step as a house hunter!
I would recommend you to talk to a local lender to get a very thorough pre-qualification (as close as possible to pre-approval) with all the documents that need to be verified. This way, you will be better prepared to make the offer in timely manner when you find the house you want, and there won't be any surprises or delays.
Generally the following documents are required by the lenders for pre-approval:
1. Copies of Federal portion of your tax returns including ALL schedules for two recent years.
2. Copies of W2â€™s and/or 1099â€™s for two previous years. (If applicable please provide any K-1â€™s)
3. If Applicable, need copies of Corporate returns (1120) or Partnership returns (1065-if ownership exceeds 25%) for same years.
4. Copies of most recent 1 month worth of paystubs showing what YTD income.
5. Copies of 2 most recent bank statements for down payment, closing costs, reserves and to show strength. This can be from Checking, Savings, Investment or retirement accounts. Please send ALL pages of each mailed statements or â€œe-statementsâ€, no online printouts will be acceptable.
6. Credit Report - since you are at pre-qualification stage, if you have a recent credit report. When the time comes for you to get pre-approval, you will need to sign a form to allow your loan broker to run your credit.
Good luck on your journey to becoming a home owner! Happy house hunting!