If you plan to finance your Brookings home, it’s a good idea to begin the process of pre-approval for a mortgage before you start looking at available properties. Often we see multiple offers on homes soon after they go on the market and buyers without cash or financing in place may be disappointed to see the home of their dreams sold before they can place an offer.
Pre-qualify
I am happy to provide you with contact information for lenders that can get you pre-qualified, but for starters, whether you are applying for a conventional loan or taking advantage of Federal Housing Authority (FHA), Veterans Administration (VA), or other loan programs, you will need to have certain information and documents available.
Records to gather
While every lender’s requirements are different, typically people who are employed will be asked to provide income and tax records including:
- Address information for two years
- Last two years W-2 forms
- Last two years personal tax returns
- Last two years of employment information
- Two most recent paycheck stubs (showing at least 30 days of income for each person who will be on the loan)
- Most recent bank statements
- Most recent statements for investment income (brokerage and/or retirement accounts)
If you are retired or self-employed, you will need similar records showing your income for the past two years and be able to show an expectation of income continuing into the future.
Depending upon your circumstances, you may be expected to provide proof of income from child support or spousal support (such as court orders).
Be prepared
Being prepared with your documentation will speed up the mortgage pre-approval process so you can move forward finding your Brookings home.
