You will need to have a variety of documents ready before talking to a lender regarding Preapproval process.

What Do Lenders Need From The Buyer?

  • • Application
  • • Credit report (each lender will pull their own)
  • • Most recent paystubs (last 30 days)
  • • Most recent W2’s (last 2 years)
  • • Most recent tax returns both personal and business (last 2 years)
  • • Most recent bank/asset statements (last 2 months)
  • • Valid identification
  • • Bankruptcy, divorce decree, child support, alimony, other?
What documents you need to apply for mortgage When Buying A House in DFW-Want to buy a House in DFW Contact Oleg Sedletsky REALTOR - 214.940.8149

What Do Lenders Look For?

The Buyer’s Ability to Repay the loan is based on the following:

  • • Credit score, payment history, and other obligations
  • • Stable employment history and consistent, VERIFIABLE income
  • • Debt-to-Income ratio (DTI)
  • • Down payment (source and seasoning)
  • • Payment shock?
  • • Reserve requirements?

Home Buyer Tip: Pre-approval can speed up your final mortgage approval. If you want to get into a home quickly, you need to go through Pre-approval process.

NOTE: A home loan pre-approval letter does not guarantee that you will receive financing from a bank, credit union, or mortgage company.
The mortgage can be denied after pre-approval for reasons that are common such as change of employment, negative item on credit, additional debt(s), issues with the appraisal, etc.

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