Video List of Documents for Loan Preapproval in CA- Paystubs, Etc. - by Lisa Delzompo, 951-704-4559
The first item needed is a Quick Loan Application which provides your information letting us pull your credit to see credit score, monthly debt (involved in determining how much house payment you can afford). Here is a short video saving you time on filling out this "Quick App."
As to additional items to show (or "document") your income and get a full doc loan preapproval, we need to see copies of income and job documentation. It's a pretty short list:
Why get a full doc loan preapproval? That way, sellers, your agent and most importantly YOU know whether you qualify up front for a loan on the house you want to buy. It's emotionally challenging to be told later in the process that you need to fix a credit issue, that you don't qualify because certain overtime or commission income won't count because it needs to be received for 2 years, that certain deductions on your tax returns are considered "hits" to your income when qualifying for a loan, and so on. Showing the documentation up front lets us confirm that you qualify, or what needs to be fixed, as early as possible, so that you know and don't have to worry or wonder about it.
So here's a written list of items needed for a full doc loan preapproval, along with a completed Quick Loan Application:
- Most recent 30 days' paystubs,
- Most recent 2 months' bank statements - All Pages of each statement,
- Most recent 2 years' W2s or 1099s, whichever you receive,
- Most recent 2 years' federal tax returns - All Schedules but not state returns,
- THE FOLLOWING INFORMATION:
- 2 year work history: name of employers and time frame of work for each - keep in mind that this is full doc, and it will be verified later with a VOE ("verification of employment");
- 2 year residence history - addresses of your residences for the past two years.
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Lisa Delzompo (951-704-4559)
"May your home always be too small ... to hold all your friends!"
CA Dept of Real Estate, Real Estate Broker License #01379811;
NMLS Identifer #331744
REAL ESTATE: www.SandToSeaProperties.com. Covering northern San Diego, Oceanside, Temecula, Murrieta, Riverside County and desert areas of Yucca Valley, Joshua Tree and Twentynine Palms, CA.
LOANS: PRW Lending, Inc. Call direct 951-704-4559, or email me at lisa(@)sand2sea.us
Information is deemed reliable but is not guaranteed. Information is general and may not address your particular situation. Do not rely solely on this or any information you find on the internet. You should consult relevant professionals directly about your real estate, financial, etc., situation.