Posted on: 28th Jul, 2012 05:03 pm
I just received my pre-approval letter in the mail from my bank. I need help figuring out what to do next. Here are the requirements that need to be made before we search for a home. Full explanation would be wonderful and kindly appreciated.
P.S. A few notes to make. My monthly income is a little less than what they put on the letter. Will that matter? Also, one of the reasons I got declined at another bank was because of rental verification. Should I make that clear in my explanation letter? Thank you.
Loan conditions and requirements
Your Responsibilities:
These items are needed to complete your loan application
-Written explanation of any mortgage inquiries within the past 90 days, signed and dated by all borrowers. If you were declined for an FHA application, provide copy of original lender's worksheet with explanatory comments.
-Written explanation for all credit inquiries made within the last 90 days and provide any new debt payments resulting from inquiries. Explanation must be signed and dated by all borrowers.
-Most recent pay stub covering a 30 day period and W-2 form for the most recent 2 years to document monthly income of $3,166 for (insert name), supported by year-to-date earnings.
-Account statements for the most recent 1 month for all depository assets disclosed on your Application. All pages must be included. Any non-customary deposits must be explained and documented.
-Agreement of Sale and all addenda for the subject property to document sales price of (insert price). Document must include all pages and be signed/initialed/dated by all parties to the transaction.
P.S. A few notes to make. My monthly income is a little less than what they put on the letter. Will that matter? Also, one of the reasons I got declined at another bank was because of rental verification. Should I make that clear in my explanation letter? Thank you.
Loan conditions and requirements
Your Responsibilities:
These items are needed to complete your loan application
-Written explanation of any mortgage inquiries within the past 90 days, signed and dated by all borrowers. If you were declined for an FHA application, provide copy of original lender's worksheet with explanatory comments.
-Written explanation for all credit inquiries made within the last 90 days and provide any new debt payments resulting from inquiries. Explanation must be signed and dated by all borrowers.
-Most recent pay stub covering a 30 day period and W-2 form for the most recent 2 years to document monthly income of $3,166 for (insert name), supported by year-to-date earnings.
-Account statements for the most recent 1 month for all depository assets disclosed on your Application. All pages must be included. Any non-customary deposits must be explained and documented.
-Agreement of Sale and all addenda for the subject property to document sales price of (insert price). Document must include all pages and be signed/initialed/dated by all parties to the transaction.
Hi erin,
As far as your income is considered, you should speak to the lender and if needed you can ask the lender to rectify it in the approval letter. You may make the rental verification clear in your explanation letter. The lender has asked for a written explanation regarding any of recent mortgage applications.
If you have paid off any of the debts and got a release from it, then you can provide a copy of that release letter to the lender. This will be considered as a positive thing.
You need to show two years of stable employment history to your lender. Apart from this you should provide the lender 2 of your recent pay stubs. You should also provide the lender with all the required information about your assets.
Thanks
As far as your income is considered, you should speak to the lender and if needed you can ask the lender to rectify it in the approval letter. You may make the rental verification clear in your explanation letter. The lender has asked for a written explanation regarding any of recent mortgage applications.
If you have paid off any of the debts and got a release from it, then you can provide a copy of that release letter to the lender. This will be considered as a positive thing.
You need to show two years of stable employment history to your lender. Apart from this you should provide the lender 2 of your recent pay stubs. You should also provide the lender with all the required information about your assets.
Thanks