So, you wanna buy a house, but you’re overwhelmed and don’t know where to start. Determining how much house you can afford and getting pre-approved can be simplified if you are prepared and know what you need. In order to get a pre-approval letter, you’ll need to provide the following information to your lender:

· Full Name
· Birthday
· Social Security Number
· Home address and status (own or rent)
· Work address and length of time at current employer
· Estimate of monthly income
· Estimate of current balances in cash or investment accounts
· Home, Cell, and Work phone numbers
· Copy of your drivers license

You’ll also need to provide the following documentation:

· Most recent pay stubs covering at least 30 days of employment. Paystubs must include a pay rate and year-to-date income totals. Self employed borrowers will need proof of year to date income via check stubs, billing statements, or a year-to-date profit and loss provided by your accountant.

· 2010 & 2009 W2s and full federal tax returns – Tax returns must include the entire Federal return with all schedules, all W2s or 1099s, and all pages.

· 2 months bank statements from all accounts that have cash value. Statements must include all pages (even blank ones), full accounts numbers, and full name of account holders. Please feel free to also include quarterly statements for investment accounts, IRAs, and/or 401Ks.

· 12 months of canceled rent checks and the name and phone number of your current land-lord or leasing agency (first time buyers and renters only).

· Mortgage statement, property tax bill, property insurance bill for all properties owned (current home-owners only)

You will also need to sign copies of the following documents which your lender will provide to you:

· 4506T
· Certification for Information
· Consent to Pull Credit

What NOT to do within 90 days of buying a house:

· Do NOT make any large purchases or enter in to any agreements that result in changes to your credit profile.
· Do NOT transfer money around from various accounts. This could result in underwriting asking for a messy paper-trail of withdrawals, deposits, and transfers.
· Do NOT change jobs or make drastic changes to your income without talking to your loan originator.
· Do NOT hide or omit information about your personal or business finances from the loan originator or the underwriter.

Looking for a reputable Lender who can help you get pre-approved? Contact Scott Groves or apply online!

Scott L. Groves
Loan Officer
NMLS # 365178
Cell: 818.679.5188
Fax: 877-808-9569

Find out why I use Scott and his team – check them out on Yelp!!