Thinking about buying a house? Why not see your maximum loan qualification and then start the search for your dream home?

Income

Your lender will require the following documentation to complete your underwritten pre-approval, depending on your financial situation:

• Two of the most recent pay stubs reflect 30 days of earnings.
• Last two years of W-2 Earning Statements (W2’s).
• Last two years of federal tax returns (IRS 1040) with all pages and schedules.
• Self-employed: Last two years of business tax returns (IRS 1065, 1120, 1120s) with all pages and schedules.
• Self-employed: Last two years of K-1 Statements.
• Self-employed: Year-to-Date Profit and Loss and Balance Sheet for the Current Year.
• Self-employed: profit and loss and balance sheet for the previous year if tax returns have not been filed.

Assets

• Two recent bank statements to source down payment funds (all pages, even if they are blank). The bank will need a bank statement indicating where the downpayment funds will come from.
• 401-K, IRA, or asset statements (if using funds for closing or required reserves).
• Gift Funds: gift letter, donor’s bank statement, and cancelled check/transfer of funds to your account. If funds are wired directly to escrow, a donor’s bank statement is not required if provided with a wire receipt.

Down payment assistance

A 20% down payment on a home is great, but it's not a requirement. Many mortgages require no more than 3% to 5% of the purchase price as a down payment. Plus, there are loans and grants that may help cover these costs.

Search for down payment assistance in your area, and we'll provide you with the information you need to take the first step. 

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