Often times people are a little apprehensive about going through the pre-approval process. Frankly, we all are a bit afraid of credit scores and we hope that we will be approved for an amount that we want. The following is a typical need list.Every case is different, but this is what is typically needed to get pre-approved for a home loan.
A typical need list for salaried borrowers looks like this: We need copies of - 1. Most recent 30 days of consecutive paystubs 2. 2008 and 2009 W-2s 3. Liquid accounts (checking, savings, money market, stock, etc.). Most recent two months consecutive statements. ALL PAGES of each statement please - the lender will require this. 4. Retirement accounts (401k, IRA, etc.). Most recent statement(s). Again, all pages of each account please. 5. Valid Driver's License or Passport If a borrower owns a rental property, or is self employed the lender will also call for: 6. Most recent two years (2008 and 2009) 1040s (federal tax returns), all pages and schedules. If a borrower is a partnership. 7. Most recent two years K-1s and partnership returns (in addition to personal 1040s). If a borrower is a corporation. 8. Most recent two years corporate returns (in addition to personal 1040s)