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2020-02-10 18:02:11
What Documents Do You Need to Get Pre-Approved For a Mortgage in Champaign County?

What documents do you need to get pre-approved for a mortgage in Champaign County?When you buy a home in Champaign County, it's essential these days to get pre-approved for a mortgage. It not only shows that you are serious about purchasing a home, but also lets you know what you can afford.

The thing to keep in mind is that there's a difference between being pre-qualified and pre-approved for a mortgage. Being pre-qualified only means there's a possibility that you'll be approved for a mortgage. Getting pre-approved means that you are likely to get a loan, which will give you an edge in this competitive market in Champaign County.

With a home loan, you can expect that any lender will want sufficient paperwork to make sure you qualify for the mortgage and for what amount. Do you know what documents you need to line up to get approved for a mortgage?

There will be variations in the paperwork you need based on the type of loan you apply for. Make sure you have as many of these documents as possible lined up before you start the process. Here's a list of paperwork you'll need for a conventional loan, an FHA loan, and if you are self-employed.

Conventional Loan and FHA Loan Paperwork 

  • Identification (One of these)
    • A valid Driver’s license
    • A Passport
    • An Official state or federal ID
  • Income
    • 30 days of pay stubs
    • Your previous two federal tax returns
    • Your last two W-2s
    • Proof of additional income—such as alimony or social security
  • Finance Accounts
    • Bank statements for the last two statement periods
    • Investment and retirement account statements
  • Property you own
    • Statement showing the settlement of your prior home sale if you have one
    • Closing disclosure for purchase, or HUD-1 if the sale occurred before October 3, 2015 (For FHA Loan)
  • Additional documents
    • Gift letter from any family member helping with a down payment
    • Landlord contact information for the last two years
    • Letter of explanation concerning issues like collections and any other problems on your credit report
    • Divorce-related documents if applicable

Self-employment Paperwork

  • Identification (One of these)
    • A valid driver’s license
    • A Passport
    • An official state or federal ID
  • Income
    • 30 days of pay stubs
    • Your previous two years of federal tax returns
    • Your last two W-2s or previous two 1099s
    • Proof of additional income—such as alimony or social security
  • Finance Accounts
    • Bank statements for the last two statement periods
    • Investment and retirement account statements
    • Last two years of tax returns for Corporate, S-Corp, LLCs, etc.
    • Last two years of 1099s
  • Property you own
    • Settlement statement from your previous home sale
  • Additional documents
    • Gift letter from any family helping with a down payment
    • Landlord contact information for the last two years
    • Letter of explanation concerning issues like collections and other problems on your credit report
    • Divorce-related documents if applicable
    • Current business license
    • Balance sheet if applicable
    • Profit and loss statements for the last two months

All of this may seem daunting, but we're happy to help you line up all the documents you need to make sure your process of applying for a mortgage goes as smoothly as possible. Then you'll be on your way to owning your dream home in Champaign County!

Check back on our blog twice a week for more real estate advice and local articles about living in Champaign County. Rose Price can help you find the ideal home in Champaign- Urbana! Start your home search now with our powerful home search feature. Follow us on Facebook!

 
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