One thing you want to ensure when you are starting your house hunt, is that you are getting a quality, accurate preapproval done by your loan officer. You should be prepared to have the following on hand:
- Most recent 2 years tax returns
- Most recent 2 years W2s
- Most recent 60 days bank statements
- Most recent statement for any 401K, IRA, or investment account
- Most recent one month’s paystubs
There will most likely be additional information required depending on your unique situation, but that will largely satisfy the initial paperwork. If your loan officer is not asking for these items, you should be cautious! Part of the underwriting process is verifying your ability to repay the loan, and a large part of that is being able to verify consistent income and steady employment. If your loan officer is not analyzing your tax returns and the other documentation, you could potentially run into a problem in underwriting. Additional to these items, you should be expected to provide any business tax return if you are self employed, divorce decree or separation agreement and evidence of any other property that you may own. Your income, assets and credit will determine which loan programs you are eligible for so it is important to ensure there are no stones left unturned when you are evaluating your options.
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