It’s important to get a pre-APPROVAL not a pre-qualification!
Gather these items and documents together and get a pre-approval before you start looking. It’s a competitive market out there and pre-approval is more important than ever with the NC NC Offer to Purchase and other revised forms.
Checklist of items needed for Loan Pre-Approval &/ Application- All Loans
- Copy of Driver’s License(s) and Social Security card(s)
- Current pay stubs covering the most recent 30 days
- Most recent two months bank and asset statements for all accounts (all pages)
- W-2 Forms for the previous two years
- Federal Tax returns for the past two years (all pages – pg 2 signed)
- If Self-Employed or own 25% or more of a business, Business Tax returns (all pages and schedules) for the past two years plus Year-to-Date Profit and Loss
- Most recent 1st and 2nd mortgage statements (refinance only)
- Copy of declaration page of home insurance policy (refinance only)V
If a VA loan you will need in addition to above:
- Certificate of Eligibility / DD 214 is discharged (Member 4 copy)
- Original Statement of Service, if active duty
- Current Leave and Earnings Statement (LES)
- Copy of orders, if applicable
- Name, address, and phone number of nearest living relative
- If ‘ETS’ date is within 12 months of closing, evidence service member is eligible to
re-enlist and letter indicating service member intends to re-enlist
Upfront Fees (estimate only, varies with lender)
Loan origination fee 1% of loan amount. This can vary depending on the rate. If a lender waives the fee you will have a higher rate. They make it up one way or another.
Credit Reports $60.00
(credit will be applied at closing if fees are less than collected)