Pre-Approval Checklist for Peoples Bank Mortgage

A mortgage pre-approval allows you to take care of the mortgage process before you even start looking for a home. Broadly, mortgage pre-approvals involve a credit check and verification of your financial and employment information.

Here’s a handy checklist for getting pre-approved, including some additional items to consider based on the type of loan or your unique situation:

Items Required for Pre-approval:

  • Most recent pay stubs covering a 30-day period
  • Documentation on any other income you wish to have considered. (For example rental income, seasonal income, part-time income, etc.)
  • All W-2s and 1099s for the last two years
  • Federal tax returns (1040’s) for the last two years, all schedules required
  • Bank statements for previous two months on all accounts (checking, savings, CD’s, brokerage, mutual funds, etc). All pages of the statements are required, even if they don’t appear to be important
  • Most recent statements on retirement/asset bearing accounts if generated yearly or quarterly (401K, IRA, etc.) Terms and conditions of withdrawal if using these funds towards closing
  • Copy of social security card and driver’s license
  • Explanation for any large deposits that appear in your bank statements

If you have commission income, own investment properties, or are self-employed, you will need:

  • Previous two years partnership/corporate tax returns
  • Year-to-date profit and loss statement (self-employed only)
  • Current leases on investment properties with rental income

If you’re applying for VA financing, you will need:

  • Form DD-214
  • VA Certificate of Eligibility
  • For in-service veterans, Statement of Service and recent LES statement

If you want to factor in child support or alimony payments, you will need:

  • Complete signed copy of all divorce decrees
  • Proof of receipt of payments for the last year

If you have declared bankruptcy in the last 7 years, you will need:

  • Letter of explanation for bankruptcy
  • Copy of Discharge paperwork

If you are a retired individual, you will need:

  • Copy of pension award letters
  • Copy of social security award letters

Other additional items you may need based on your unique circumstances:

  • Hud-1 Settlement Statement from recent purchase of the homes
  • Most recent mortgage statement, tax bill, insurance declaration page, and HOA statement on all properties owned
  • Explanation for any derogatory items that appear on your credit report

Let’s Talk

We look forward to working with you in securing a mortgage. Contact us or give us a call today at (843) 606-6058 for a free consultation.