Direct Lenders Pre-Approval Letter
If you're thinking of purchasing a home within the next year, it's a great idea to contact a Direct Lender to get pre approved for a loan. Even if you're six months to a year away from your purchase, it's worth starting the process. This will not only give you an idea of what you qualify for and what down payment options are available, the process will also inform you of any qualification problems.
Some of the problems we run into with buyers are low credit scores, debt to income issues, business owners, corporations and self employed buyers. It's a great idea to find out about these possible issues well in advance so you have plenty of time to work on gathering the proper paperwork and work out any issues that might arise.
Below, please find a list of the items that the lender will request for a home loan pre qualification.
A)1 month of pay stubs
B)W2s for last 2 years
C)Tax Returns for last 2 years
D)2 Month's bank statements
If you are self employed and the business is a partnership or corporation:
A)K1s for last 2 years
B)Corporation or Business returns for last 2 years