In order to get into your dream home you’ll need a mortgage pre-approval. Without it a seller may not take you seriously, causing you to be passed over for another buyer’s offer. You’ll need to gather a bit of documentation for the lender so they can check over your financials, but then your pre-approval letter will be good for 60-90 days. Here’s the skinny on what you’ll need.

 

  • Social security number – This is for your credit check. Scores can range from 300 to 850.
  • Driver’s License – This is to verify you are you! If you don’t have one, a passport or state-issued ID card will also work.
  • Social security card – This also verifies your identification, as well as your citizenship status. Some lenders will ask to see this, and some will not, but make sure you have it on hand just in case.
  • Mortgage application – To fill this out you’ll need to know income amounts that comes in regularly, bank account information, and information about all of your debts and loans.
  • W2s and pay stubs – Be prepared to show up to two years of W2s, and up to one year of pay stubs. Timeframes needed will vary by lender.
  • 1099 forms if self-employed – If you’re a contract worker, freelancer, or self-employed you’ll have one or more of these each year to show your income instead of W2s.
  • Profit & loss statements if self-employed – If you own your own business you may need to show up to two years’ worth of statements.
  • State and federal tax returns – Be prepared to share up to two years of previous years’ tax returns, including schedules for self-employed, freelance, or contract income. Note that not all lenders will ask for this, but it’s best to be prepared.
  • Income verification – If you are getting regular income from other sources besides your job, you’ll need to prove it with documentation. This could be alimony, child support, or a side gig.
  • Bank and account statements – Gather monthly statements for each bank account, retirement account, and investment account. You’ll need to prove what you have to put down and use to pay closing costs, etc.
  • Gift letter – If you are planning to use gifted money from a relative for any portion of your down payment, you’ll need a letter stating that the person giving you the money will never demand repayment. This prevents said money from being counted as a debt.
  • Scanning app – Many loan officers now accept these items securely online, but they’ll still need digital version of all the documents. A good app will make your life easier! We recommend Scannable. This app with the blue butterfly is quick and easy to use.

 

Ready to get started? Here are the mortgage loan officers that we use and highly recommend. You can also visit our preferred vendors page for more reliable service providers that can help you with just about anything related to your home {{ HERE }}.

Prime Lending | Shawn Chappell, Loan Originator
(913) 963-8490 | schappell@primelending.com 
www.applywithchappell.com

Bell Bank | Jeff Schuler, Mortgage Loan Officer
(785) 845-7967 | jschuler@bell.bank
www.bell.bank

NASB | Mark Moody, Loan Officer
(866) 627-2371 | mmoody@nasb.com 
www.nasb.com

CommunityAmerica Credit Union | Ed Rafferty, Sr. Mortgage Consultant
(913) 981-6726 | erafferty@cacu.com 
www.communityamerica.com