In order to get preapproved for a loan there are many different kinds of paperwork a potential buyer must provide to the lender to get an approval.  This includes, but is not limited to:

• 30 days worth of pay stubs
• 2 years of tax returns
• 2 years of W-2 statements for employed individuals or 2 years of business tax returns for self-employed individuals
• Proof of other income and assets
• 3 Months of bank records for every account you have
• Proof of where down payment is coming from (bank statement or gift letter with gift-giver’s bank statement)
• Names, addresses, and phone numbers of employers for last two years
• Names, addresses, and phone numbers of landlords for last two years
• Information about current debts (account numbers, monthly payment amounts)

Buyers will also be required to provide further documentation right before the loan closes such as follow up data, proof where deposit came from, or a letter from an employer explaining any discrepancies between year to date income and any amounts shown on most recent pay stubs.

Last updated on November 16, 2010 by Admin