Financing in 29073>Question Details

Joyce, Home Buyer in 29073

What do I need to take to the bank to get an approval for this house?

Asked by Joyce, 29073 Tue Aug 12, 2008

Is there a certain bank that this house is financed at that I could apply to?

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Lending answer:

As a rule of thumb, here is what a bank, lender, or mortgage broker will request to apply for a mortgage:

W-2s for 2007 and 2006 (or '07 & '06 tax returns for sel-employed borrowers)
Current pay stub(s) covering the most recent 30 day period (or YTD P&L for self-employed borrowers)
Contact info for all employers for past two years (or occupational license for s/e borrowers)
Letter of explanation for any employment gaps greater than 30 days in past two years

Most recent bank statement(s) - all pages
Most recent statement for retirement and/or investment accounts

Letter(s) of explanation for any derogatory info on your credit report (lender will tell you what these might be)
Letter of explanation for any inquiries on your credit report going back as far as 12 months (lender will give you a list) - lender is looking for assurance than any new inquiries have not resulted in a new account not yet reported to the credit bureaus
0 votes Thank Flag Link Tue Aug 12, 2008
Take your income documents, house specs, and an open mind. Every lender has their own process and sometimes it is easy and other times it is complicated. Be sure to check out the lender's background before signing anything. Good luck.
0 votes Thank Flag Link Tue Aug 12, 2008
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