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Getting Preapproved

You want to make sure you not only get a home when you are ready to purchase one, but once you get a home you also want to make sure you’re able to close escrow. So before you start, you want to get pre-approved!

A pre-approval is a verification of your ability to borrow money to purchase a home. A lender will look at your credit score to see what programs you may qualify for, what interest rates are available to you, and will also need the following documentation if you’re a W2 employee:

1. Last month of pay stubs 2. Ast 2 months of bank statements 3. Last 2 years of tax returns 4. Your SSN If you are self-employed, your lender will also want: 1. Last 2 years business tax returns 2. Last 3 months Profit & Loss statements After receiving these, your lender may be able to issue you a pre-approval. This should state the maximum amount you can borrow and the financing program you’re qualified for. This letter is good for 90 days, after which you’ll need to verify your information with your lender again.

Follow these 10 Commandments of buying and you will make the process that much easier! Give us a call and we will be sure to give you any information you need and help connect you with a lender!

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