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  • Homebuyer Tips | Anderson Real Estate Group Blog

    Wednesday, December 1, 2021   /   by Josh Montgomery

    What do I Need to Get a Home Loan

    To get pre-approved for a mortgage, you'll need five things—proof of assets and income, good credit, employment verification, and other types of documentation your lender may require. Here is a detailed look at what you need to know to assemble the information below and be ready for the pre-approval process:
    1. Proof of Income
    Buyers generally must produce W-2 wage statements from the past two years, recent pay stubs that show income as well as year-to-date income, proof of any additional income such as alimony or bonuses, and the two most recent years' tax returns.
    2. Proof of Assets
    The borrower needs bank statements and investment account statements to prove that they have funds for the down payment and closing costs, as well as cash reserves. The down payment, expressed as a percentage of the selling price, varies by loan type. Most loans come with a requirement that the buyer purchase private mortgage insurance (PMI) or pay a mortgage insurance premium or a funding fee u. ...

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