Pre-Approval Checklist

Pre-Approval Checklist

When applying for a Home Loan it makes sense to contact the DallasloanGuy as early as possible to determine how much you qualify for….. As well as address any hurdles we might encounter regarding income, job gaps, credit, ect!

Your initial pre-approval can be accomplished with an online application and a few faxed documents. For more complicated issues you should be prepared to meet your loan officer face to face or at the very minimum for a phone interview.

The checklist below will prepare you for what the DallasLoanGuy will need for your pre-approval along with the reasoning behind such a thorough examination of required documents.

The DallasLoanGuy prides himself in a thorough pre-approval process…. Ensuring that your pre-approval is worth more than just the paper it is printed on. When The DallasLoanGuy pre-approves your application….. It will CLOSE and it will close ON TIME!!!

Residence History
Full 2yrs residence history
* Landlord name
* Landlord address(private party or property mgt company?)
* Employer phone number

Employment:
Full 2yrs employment history.
* Employer name
* Employer Address
* Employer phone number

Income Information
You will be required to provide documentation for the following:
* Gross monthly salary if W-2
* 2yrs tax returns for those self employed OR in commissioned sales and earn more than 25% of gross income as commission or bonus.
* YTD paystub to cover 30 days
* 2yrs W-2
* Signed Tax Returns to document commission income or dividend income

I you are self employed:
* 2yrs signed tax returns
* Any current P&L with Balance Sheets

Unemployed?
* Retirement income, ect.

Child Support?
Not required if you do not wish to use that income for eligibility

Assets:
* 2 months bank statements for any accounts to be considered for the loan
* 2 months statements(or 1 quarterly statement) for any stocks/bonds/ect

Debts:
* Any accounts or other obligation that is not found on your credit report will be required to be disclosed on the application. Examples include: Child support, personal loans or tax payment plans.

Real Estate Owned:
Any interest in ‘Real Property’.
* Address of property/land
* Any mortgage payments on said property
* Taxes and insurance on said property
* Child support & Alimony <= You are REQUIRED to disclose the debts for qualification purposes

Identification:
While you will not be required to provide a copy of your driver’s license & Social Security Card at pre-approval…. Be prepared to show these items once you are under contract and ready to process your loan…. As well as at closing.

VA Loans:
For applicants qualified for a VA Loan
* Military DD-214
* Certificate of Eligibility

Up-Front Fees:
The DallasLoanGuy DOES NOT REQUIRE any up-front fees. However, you WILL be required to pay out some up front fees. <= And we highly suggest that you question ANY up front fee other than those described below.
* Good Faith Deposit: Usual & Customary in Texas Real Estate Contracts
* Inspection fees: The DallasLoanGuy highly recommends that his clients get a home inspection…. This ost is due at time of service and usually completed within 10 or so days of going under contract. This is NOT a requirement for your loan.
* Appraisal: This fee is only asked for after your inspection is complete and you have expressed a desire to continue the loan process post property inspection

As with any process: Expect to explain anything that just doesn’t fit inside the loan box.

Remember, it isn’t personal….. It is finance.