Mortgage approval?

You have decided to buy a new home – maybe it's your first home.  What do you need for approval?  For most homebuyers, you will need some basic items.  It helps to have these items ready for your loan officer so they can give you an accurate approval.

Most people will need 2 years of tax returns along with the w-2's, a recent paystub and 2 months of bank statements.  Some will need additional information depending on your situation.  If you are self employed and have an S corp or partnership, you will need the business returns frequently.  If you have been divorced, you will need the divorce decree – maybe!  If you have children and you receive child support, we need to see the court document that shows how much child support you receive and for how long.  If you get alimony, we need the decree for the same reason. If you owned a home with your ex-spouse, we need to decree to show that they are responsible for home unless it has been sold.

For those that are going to use a VA loan, you will need your certificate of eligibility and your DD214.  

If you have filed bankruptcy or had a foreclosure or short sale, we need documentation on that.  We will need the bankruptcy documents.  If it was a foreclosure, we need something showing when the sheriff sale occurred.  If you filed bankruptcy and had a property included in the bankruptcy make sure that you know when the sheriff sale happened – or give us the information showing that you reaffirmed the property.

There may be other items that you need to provide based on your personal situation.  Talk to your loan officer and see what they want you to provide.  Most of us will start with your tax returns, paystubs and bank statements and then build from there!  Make sure you know what is on your credit report.  

Leslie Vanderwerf,  NMLS ID#335509, American Mortgage & Equity Consultants, NMLS#150953 - Email - Website


Written By

Currently a Senior Loan Officer at Cross Country Mortgage LLC, it's hard to believe I have been in the mortgage business for more than 25 years and have worked with Sharlene since 2000! I love sharing mortgage insights here each week and helping people finance their homes. Listening helps me find the right program for you!

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