Buying a home is an exciting thing to do, congratulations! Here you are at step two in the home buying process… getting pre qualified for a home loan. If unprepared, the home loan process can get a little overwhelming. That’s why I put together this pre qualification checklist for home buyers. I hope it helps simplify the process.
This pre qualification checklist outlines all the required documentation and verification you will need when applying for a new mortgage. Remember, the more information you provide for your lender right off the bat, the better chance you have of not only receiving a quicker pre qualification, but ultimately a full loan approval as well.
Pre Qualification Checklist For Home Buyers
- Most recent two month’s pay stubs.
- W2’s and /or 1099s – Two Years.
- Social Security Award Letters. You will want to include Social Security Disability and any doctor’s letters applicable.
- Federal Tax Returns. Personal and Business – current and previous year. Be sure to include all schedules, K1’s (if applicable), and copies of any tax extensions for current year.
- Copy of the earnest money agreement if you have one. If you haven’t made an offer on a house, provide it to your lender when you do.
- Purchase or Re-Finance. Bring your mortgage statements for any additional mortgages you may own.
- Bank statements. Current and previous month. Bring all pages and if making copies, make sure you photo copy front and back.
- Assets. List your assets and include all pages fo any and all investment account statements, i.e., current quarter and /or month as well as the previous quarter and/or month.
- Personal identification. Your driver’s license with photo for all applicants.
- Bankruptcy. Chapter 7 and/or 13 bankruptcy, include all schedules and discharge documentation.
- Divorce. Bring your divorce decree.
- Child Support/ Spousal Support. Bring agreements (s) if applicable.
- Letters of explanation for any credit inquiries.
- Letters of explanation for any day care expenses if applying for a VA or USDA loan. (checklist revised 1/21/2013)
tip: If you collect all the documents listed on the checklist below and bring this form with you to your lender appointment. It should really help streamline your application and loan approval process.
If you are able to provide all the required documentation on this checklist up front you will most likely be able to receive your pre qualification letter much faster. What that means is you’ll be making an offer on your dream home that much sooner! I’ve also found that home buyers who are proactive in providing the required information usually have a much faster closing with fewer mid-transaction hassles as well.
If you found this pre qualification checklist for home buyers helpful, feel free to share on social media:)
Here to help!
Troy Schuyler – Roseburg Homes For Sale – Keller Williams Realty Umpqua Valley Roseburg Oregon.