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Preparing for the Lender Part 1.

Preparing for the Lender Part 1.

The first step in purchasing a home is to get pre-qualified with a Mortgage Company.  Here is some helpful information & common requests to prepare you for meeting with the lender.

Personal Information

Full names of all purchasers as they are to appear on title.

Social security numbers of all purchasers.

Present residence addresses for all purchasers.

Previous address for all purchasers going back two years if they have not resided in the present home for two years.

Home, office, cell phone numbers, email addresses.

Employment Information

Present Employer: Name, address and a contact person to send employment verification form.

Explanation for any gap during 2 year history.

Relocation letter for any transferees – giving date, salary, new location, and any relocation benefits.

Previous Employer: Name, address, and a contact person, going back 2 years if not in present job 2 full years.

Present salary: Year to date pay stub and last 2 years’ W-2’s.

If any variable income, commission, part-time income, bonus, overtime, interest income, etc., is being used to qualify: 2 years’ signed federal tax returns and W-2s and/or 1099s.

If self-employed: 2 years’ signed federal individual and corporate returns (if applicable).  Also a profit and loss statement and balance sheet.

Diploma or transcript if student during 2 year period.

Other Income

Rental Income: Copy of lease which is current and at least one year in length.

Alimony and Child Support (only if used for qualification): Copy of divorce decree and property settlement (ratified) setting out terms.  Proof of payment will also be requested at application.

Income from Notes Held: A copy of the ratified note.

Retirement, Social Security and Disability Income: Copy of award letter and latest check showing amount of present payment.  Copy of end of year statement if applicable.