What is required to become preapproved for a mortgage?
The items required to become preapproved for a mortgage can vary depending on the program and lender. This is why a complete consultation is recommended in order to assure that the right mortgage has been selected for your personal scenario. Many clients need to supply the following documentation, along with having a credit report completed by Mortgage Master Service Corporation: Last paystub (showing year to date income) 2003/2002 W-2s or 1099’s Most recent bank statements, or other asset accounts that may be used for the down payment If self-employed*, the last two years of business and personal complete tax returns *Some self-employed clients prefer a “No Income” or “Stated Income” loan in order to avoid supplying the additional paperwork.
