Pre-Approval Information

We issue no cost pre-approvals daily. The more detailed documentation provided, the more accurate the Pre-Approval. The terms Pre-Approval and Pre-Qualification are often used interchangeably. It is strongly encouraged that borrowers submit documentation relating to INCOME-DEBTS-ASSETS so that we can confirm that the numbers being provided are correct.

Information needed:

1. Income: For part-time, commissions, bonus or self-employment, provide last 2 years tax returns and w-2s

                Ownership of 25% or more in a business constitutes self-employment

2. Debts: Balances and monthly payments for any contractual liabilities; car, home, child support, alimony, student loans (even if deferred, obtain documentation of the estimated payments, income based repayments not accepted on certain types of loans)

3. Assets: Source of funds being used for downpayment, closing costs and pre-paids ( ie. taxes, insurance and interest from the day of closing to the end of the month)- Most recent two months statements, all pages, not internet print outs. Deposits from sources, other than direct deposit of payroll, must be documented. Unsecure loans and cash are not acceptable sources