Preapproval versus Approval
Just when you thought you had a handle on everything, we throw you a curve ball. Yes, there is another round of approval/qualification. After you have visited homes, made an offer, and had your offer accepted, you will need to get full approval for your loan. Most of the approval documents requested are to update the account, get final verifications, and make sure anyone reviewing has al the documentation they need. For full approval, you will have to provide more recent paystubs, bank statements to show you funds for closing, and letters of explanation for anything that needs explaining from your credit , income, or debts. When underwriting does their final review, they may uncover something new that requires extra documentation.
- Copies of pay stubs that show your most recent 30 days of income
- Credit Check
- Bank account numbers or two most recent bank statements
- Down payment amount and desired mortgage amount
- W-2 statements and paystubs (signed tax returns for self-employed income
- 401K Statement (if applicable)
- Photo ID
- More recent paystub
- More recent bank statement
- If borrower is getting a gift they need to be aware that we will need the Bank Statement for the donor showing the money coming out, and also the Gift Letter signed by the donor.
- Inquiries Letter – Borrower confirming that the credit inquiries they have made on the account did not result in opening any new credit lines (New Accounts)
- Borrower Certificate of Authorization (Wet Signed)
- Letters of Explanation for anything unusual