Our Pre-Approvals are free of costs & obligations.
Simply follow these 3 steps to obtain your Pre-Approval letter for your new home:
Your licensed Residential Mortgage Loan Originator (a.k.a. RMLO) will provide you with our Loan Checklist which describes the documents that you will need to provide so that we may fully process your loan.
This list includes income, asset, and credit documentation and allows your RMLO to determine the maximum sales price and loan amount for your pre-approval. It will be necessary during this process for your RMLO to pull your credit report from all three credit repositories.
Your credit score, also known as your FICO score, is important for qualifying. The better the credit score, the better your interest rate and loan program options will be.
We typically only need two years worth of W2's, and the most recent 30 days of pay stubs to verify income if you are employed by a company you do not have any ownership in. If you are self employed or receive 1099 income, we will need personal and business tax returns covering two years. Proof of funds needed for closing is also a requirement. Two months banks statements will do.
Your RMLO will tell you exactly what is needed to get your pre-approval letter sent to you quickly!
Next, we input your loan through DU (Fannie Mae) or Loan Prospector's(Freddie Mac) automated underwriting system for a preliminary loan approval. This is very fast.
Your conditional Pre-Approval approval will be *subject to: an executed contract of sale, acceptable appraisal, title work, and survey. Any conditions stated on the preliminary conditional automated underwriting report must be satisfied before final loan approval.
Once the DU or LP automated underwriting approval is complete, your RMLO will prepare a Pre-Approval letter for you and your family.
When your real estate agent presents a contract to the seller for your home purchase, they will include your Pre-Approval letter. This helps strengthen your offer to the seller documenting that you are a fully Qualified Buyer.
Ask your real estate agent how to use this letter appropriately while negotiating!