One of the most common reasons the loan process is held up is that the underwriter or loan officer doesn’t have all the necessary documents for the loan. If you want to fast track the process, make sure you supply your lender with all the necessary information.
Items Needed For Preapproval
Documentation needed for all loans:
- pay stubs for the most recent 30 days
- information on any other income you wish to gave considered, such as part time income, rental income, etc.
- W-2s and Tax Returns for the last 2 years
- Name, address, and telephone number for landlord for the past 24 months
- Previous 2 months bank statements, including all pages. All accounts are required (checking, savings, CDs, brokerage, mutual funds, etc)
- Most recent statements on asset bearing accounts if generated yearly or quarterly (401k, IRA, etc.)
- Copy of Social Security card, driver’s license
If you are self employed, recieve commission income, or own investment properties, you must also include the additional information:
- Previous 2 years signed tax returns with all schedules attached
- Previous 2 years corporate/partnership tax returns
- Year-to-date profit and loss statement (self employed applicant only)
- Current leases on investment properties with rental income
The VA loan is becoming more popular. If you qualify for a VA loan, you will need the following documentation:
- VA Certificate of Eligibility
- Form DD-214
- In-service Veterans should supply the Statement of Service and recent Leave and Earnings Statement
- Name and address of child care provider, if applicable
SPECIAL SITUATIONS
If you have been divorced, you must supply the following:
- complete signed copy of all divorce decrees
- proof of receipt of child support payments for the last 12 months
If you have declared Bankruptcy in the last 7 years:
- copy of petition/decree
- Schedule of creditors
- copy of Discharge
If you are relocating with company benefits:
- Copy of company’s relocation policy
- letter form employer stating effective date of transfer and new income
- copy of entire relocation buyout offer (if applicable)
You will need additional documents for a REFINANCE
- Copy of your survey
- HUD-1 Settlement statement from the purchase of your home
- Most recent mortgage statement on your primary loan (and 2nd lien if applicable)
For the most efficient and smooth process, provide this information UP FRONT to your lender. This will pay off when you find your new home and want to move quickly on it.
To find your next home in Atlanta, contact us!
