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Financing Resources

Pre-Approval Process: What You Need to Know

Federal regulations are constantly changing, and lenders are now enforcing stricter timelines for completing contracts. To keep the mortgage process running smoothly and meet a reasonable closing schedule, it's essential to complete all the steps in the pre-approval process in a timely manner.

For the best experience with your lender, be sure to bring the required documentation listed below to your first pre-approval appointment. Expect to spend about an hour with your lender during this initial meeting.

• Income: Copies of your last two years of Federal Income Tax Returns, complete with all pages and W-2's as well as your two most recent pay stubs.
• Assets: Your two (2) most recent months statements for all assets listed on your loan application, all pages are necessary (checking, savings, investments, 401K, IRA, etc...)
• Letter of explanation: for any NSF charges on bank statements.
• Gift Funds: ​If gift funds are used, a gift letter from the donor will be needed and a copy of the check or transfer of funds supplied to the underwriter. FHA loans require the last two months' bank statements from the donor, verifying that the donor can gift the funds.

• Property Info: If this is a new purchase, a complete copy of the Buy-Sell Agreement with both Buyer and Seller signatures. (If this is a refinance, the Tax Parcel Number or Legal Description, along with a current mortgage statement.)
• Additional Properties: A list of any properties to be retained, along with the property tax bill, annual insurance statement & mortgage statements (as applicable)
• Divorce: If you are divorced, a divorce decree will be needed. If you receive alimony and child support or are obligated to pay either, bring applicable documentation (assignment of debt, division of property, etc...)