First time home buyers often need to absorb a lot of information quickly when they first start their home search. One thing you will need to have ready, as I have mentioned before, is a pre-approval for a mortgage loan. This will help you be ready quickly if you are ready to make an offer. Once you have an executed sales agreement with the seller, you will have so many days to apply for a mortgage. Below is a helpful checklist of things that the mortgage company or bank will ask you for to be able to approve your loan.
” * W-2 forms â€” or business tax return forms if you’re self-employed â€” for the last two or three years for every person signing the loan.
* Copies of at least one pay stub for each person signing the loan.
* Account numbers of all your credit cards and the amounts for any outstanding balances.
* Copies of two to four months of bank or credit union statements for both checking and savings
* Lender, loan number, and amount owed on other installment loans, such as student loans and
* Addresses where youâ€™ve lived for the last five to seven years, with names of landlords if
* Copies of brokerage account statements for two to four months, as well as a list of any other major assets of
value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
* Copies of your most recent 401(k) or other retirement account statement.
* Documentation to verify additional income, such as child support or a pension.
* Copies of personal tax forms for the last two to three years.”
from REALTOR Magazine