Pre-Approval Letter from Lenders


It is highly recommended that if you are interested in buying a property that you get a pre-approval letter for loan before you even go out to see properties. It will save you a lot of time and effort. It will also help you understand where you stand and what budget you are able to afford so that you can find a property that suits you most. Experienced real estate agents will ask you to get it because without it if you finally found a place you like, you will need time to get this letter and time to get docs needed. The timing of sending in the offer will also affect your buying success.

Here is the required document list for you to look at. Please prepare them and contact the loan specialist so those documents can be reviewed. This is the necessary step for you to get your loan pre-approved letter.

List of documents needed for a pre-approval letter.

1.) Date of Birth

2.) Current address and how long you have been there

3.) Last 2 years Tax Returns (federal only)

4.) Last 2 years W2’s

5.) Last 2 pay stubs (showing at least 30 days of employment)

6.) Length of time you have been at your current employment

7.) Last 2 month’s bank statements (all pages, if it says 1 of 5, we need all 5 pages)

8.) Last statement for retirement accounts (all pages, if it says 1 of 5, we need all 5 pages)

9.) If self-employed, last 2 years business tax returns

10.) If part of a partnership, last 2 years returns plus K-1’s.

11.) YTD Profit and Loss statement for the business if self employed

12.) Insurance Declaration for all properties if applicable

13.) Last Mortgage Statement for all properties if applicable

Also the loan specialist will ask for your permission to check on your credit score. This step is necessary to get the pre-approval letter.

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