To make the process go smoothly, prepare a package with the following documentation.
- Two consecutive month’s pay stubs.
- Three consecutive month’s bank statements with all pages.
- The most recent two year’s of W-2 Forms.
- The most recent two year’s Income Tax Returns if you are Self Employed, Independent Contractor or paid by Commission.
- Landlord’s name, address and phone number for the last five years.
- A listing of all debts, (credit card, small loan accounts) with the account number, balance, monthly payment and contact number.
- Social Security Card and Current Driver’s License.
- Funds for a Credit Report Fee (varies by Mortgage or Finance Company).
With the above information and a completed loan application, a pre-approval can usually be obtained in 24 hours, and you’ll be ready to find a home and sign a contract.
Borrowers have a wide variety of loan programs to choose from, fixed rate, adjustable, interest-only, FHA, VA, and conventional. 100% loans are available in some areas and as of January 1, 2006, the maximum conventional loan amount for a single-family home is $417,000.00.
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