What you’ll need to qualify for a home loan!

Here's a quick overview of what the builder's lender will likely require to get pre-approved (required by the builder to get on the priority list) - unless you plan to purchase all cash, you will need to provide Proof of funds from your bank statements.

1. Proof of Income and Employment:

• Pay stubs: Recent pay stubs (typically for the last 30 days) are usually required.

• W-2 forms: Provide W-2s from the last two years.

• Tax returns: Lenders may request the last two years of tax returns, especially for self-employed individuals, those with commission income, or rental income.

• Proof of employment: This can include a letter from your employer or other documentation to confirm your employment status and income history.

• For self-employed individuals: You may need to provide profit and loss statements, business tax returns, or IRS Form 4506-T (which allows the lender to access your tax records).

2. Proof of Assets:

• Bank statements: Generally, you'll need to provide bank statements (checking and savings accounts) for the last two to three months, including all pages.

• Other asset statements: This could include statements for retirement accounts, investments, or other significant assets.

3. Credit History Information:

• Credit Report Authorization: You'll likely need to sign a form allowing the lender to access your credit report and score.

• Credit report: Lenders will pull your credit report to assess your creditworthiness and payment history.

4. Identification Documents:

• Government-issued photo ID: A clear copy of your driver's license, passport, or other valid government-issued photo ID is necessary to verify your identity.

• Social Security card: Provides proof of your Social Security number.

5. Other Potentially Required Documents:

• Gift letter: If you're using gift funds for the down payment, you'll need a letter from the donor stating that the money is a gift and doesn't need to be repaid.

• Divorce decree: If applicable, this document may be needed to verify alimony or child support payments.