Getting read to buy a home. You need to pre-qualify.  You will want to make sure you are looking at homes in the right price range.  Most buyers look online before contacting an agent.  Part of that pre-qualifying  process is having all the documentation ready for a loan application. Make copies do not give them your only copies of documents and letters! Keep the originals in a safe place, scan and save them.  Keep hard copies available in case of mishaps. Below is a Loan Application Checklist. If you are pressed for time you can apply on line. A word of advice would be to  talk to someone with the loan company before you apply online. I am suggesting that you make sure the loan officer is accessible.

Application Checklist:

Employment/Source of Income

• Name, address and W-2 forms for all employers for the past two years
• Most recent pay stub

Self Employed Borrower

• Two years signed tax returns with all attachments(individual, corporate, and Partnership)

Asset Verification

• Two most recent bank statements for all checking, savings, retirement, and investment accounts
• Closing statements on sale of your home if recent

Liabilities/Debt

• Provide: 1) account number 2)monthly payments 3)appropriate balance for all debts such as credit cards, autos, real estate loans, unsecured signature loans, credit union loans, student loans

Miscellaneous Letters/Documents

• Copy of drivers License
• Bankruptcy papers and Discharged
• Divorce Decree
• Copy of  Trust
• Deposit for Credit report may be required

Checklist compliments of Dave Wing at Veritas Funding

Once you have all of your documentation in order you can have peace of mind knowing that the loan officer will give you accurate information based on what you can really afford based on your income and debt structure.

Teresa Larson Village Real Estate, Murray UT
20+ years real estate experience
(801)750-5446