The very first step every borrower should take for their home purchase is to obtain a Pre-Approval to make sure you can afford and will qualify under revised underwriting guidelines. And if you have been Pre-Approved longer than 45 days ago, get Re-Approved because the guidelines for qualifying are changing rapidly. Even borrowers who have very good FICO scores can see some impact for their financing. Fannie Mae and Freddie Mac,the two largest buyers of pooled mortgages are constantly updating and changing their requirements. When sellers consider your offer of purchase they want assurances that your financing is in order so they won't lose valuable marketing time taking their home off the market by accepting your offer. And for you the buyer, you want to realistically know how much of a new home you can purchase, and which home loan programs are best suited for your financial situation within an affordable payment. After a short phone conversation, a Pre-Approval letter can be issued in writing after receiving the following: • 2 recent consecutive paystubs for each person qualifying • W'2's for most recent 2 years for each person • If down payment is applicable, 2 recent consecutive months of Bank statements to verify assets • Social Security numbers for each borrower There is a misconception of borrowers who say they are "Pre-Approved", when in reality you may have only been "pre-qualified". When a loan officer has verified through paystubs, W'2's or tax returns, bank statements, and credit, they will then get a response (Pre-Approval) from an automated underwriting system issued by either Fannie Mae or Freddie Mac. A pre-qualification is only a verbal determination based on what the borrower has told the loan officer what their income and assets are. With maybe the exception of pulling credit, NO verification of your income or assets have been checked. For a consultation please contact me below or start the Approval now. |
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| Benchmark Mortgage | 1750 E. Golf Rd., Suite 310 | Schaumburg. IL 60173 Illinois Residential Mortgage Licensee |
| Getting Pre Approved |
| Purchasing Basics |
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