Zillow Advice: Buying Process - What do I need to provide to my loan officer for loan approval?

Depending on lender you need:- ...

Thu, 03 Sep 2009 14:18:00 GMT

Depending on lender you need:
- 2 Years most recent Tax Returns
- W2 and/or 1099's if self employed
- Recent Pay-Check Stubs
- Bank Statements
- Rent recepits from your current residence (if renter)
Good Luck!

Your first step should be ...

Thu, 03 Sep 2009 00:16:00 GMT

Your first step should be to speak with a few different lenders and shop for the best rate, once you find a lender you are comfortable with, set up a formal secondary appointment where you will go over documentation and fill out necessary documents (ex. 1003 Loan Application). This application will have pertinent information that you need to provide in the way of Debts & Assets, employment information, residence information, etc.

As for other supporting document, you will typically be asked to provide the following:

- 2 Years most recent Tax Returns
- W2 and/or 1099's if self employed
- Recent Pay-Check Stubs
- Bank Statements/IRA Statements/401k Statements to prove assets & seasoned monies.

Hope this helps!

I have a standard form that ...

Sat, 16 May 2009 01:53:00 GMT

I have a standard form that I hand out to my buyer's. I call on a few of my lenders if they don't have one...I like to get folks pre-approved...then all we have to do is locate the right home and present a good offer.

This is the handout I provide ...

Fri, 15 May 2009 18:06:00 GMT

This is the handout I provide when speaking to a potential buyer/applicant. Obviously, the fee for applying can vary from lender to lender, but it should provide a ballpark figure for you to consider. Because lending has become more challenging in the present financial market, and also because lending is a highly individualized act, additional information may be required to address your lending needs.
If you have questions, please let me know.

Information Required When Applying For Mortgage Basic Information: 1. Last 2 years W-2's and Tax Returns.2. Last 30 Days consecutive Pay stubs.3. Name, Address and Telephone Number(s) of Employers for past 2 years4. Last 2 months Bank Statements (all pages) or a 60-Day printout of accounts from the Bankthat is stamped and signed. (Including 401K, Credit Union, Profit Sharing, etc.)5. Copy of Social Security Card(s). (FHA/VA only)&Driver's License (all Borrowers).6. Name, Address and Telephone Number(s) of Landlord or letter from Landlord stating amount of Monthly Rent and the Statement "Paid as agreed for past 12 months" (if presently renting).7. Application Fee (Typically $399.00. Credit or Debit Card Preferred.)8. Signed Contract and all Riders on home being purchased.9. Names and Phone Numbers of Real Estate Agent, Attorney and Insurance Agent. Miscellaneous Information Needed - if Applicable: 1. Recorded Divorce Decree(s) or Separation Agreements (All Pages).2. Recorded Bankruptcy Discharge and Schedule of Creditors.3. Most recent Social Security Award Letter or Pension Award Letter.4. Filed and Stamped Release of any Judgment and Paid Receipts of all Collections.5. 12 Month Court Printout of Receiving Child Support.6. Address and Information on any other Real Estate owned. Self-Employed Buyers: In addition to Basic Information 1. Year-to-Date Profit and Loss Statement with complete Tax Returns. (Last 2 years filed) Veterans: In addition to Basic Information 1. Copy of DD-214.2. Original Certificate of Eligibility.

The documentation you need ...

Thu, 14 May 2009 23:59:00 GMT

The documentation you need to provide the lender will depend on the type of financing you seek. However, you will at least need to provide:

Current employment info.
Social Security.
Signed authorization to order a credit report.
W2's/ paystubs, or 1099 if self employed Savings account information
Tax returns
Current debts including any other real estate you own
And there may be other documentation required.

The lender is verifying that you will be able to pay back the loan and that is why they require so much detailed information. Because of the failure in the housing market, lenders are much stricter now on what is required.

Please let me know if I can be of service.
Sincerely,
Sharon Lajer
Broker, GRI, Realtor, QSC