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I have already submitted 2 yrs w2, 2 mos paycheck stubs, 2 mos check and saving statements. My credit was checked and it was sent to the underwriters for pre approval. But else might they need? I want to be proactive and start collecting everything now; I am trying for an FHA loan and do have the 3.5% down payment. I don’t want any suprises either

4 Thoughts on After pre approval for a mortgage what other paper work will they ask for?
  1. Reply
    randy e
    December 8, 2012 at 3:43 pm

    They may want to go back further on your employment. (that happen to me, even though I worked at that job for 5 years) I had great credit, and more than they needed for a down payment (10%) So I would just be ready for that. Also have a year’s worth of checking and savings, as that’s how far they wanted mine. All loans are different, as is every ones experiences, I am just telling you what happened to me.

  2. Reply
    Texas Mortgage Banker
    December 8, 2012 at 3:49 pm

    Here is going to be a list of items:

    1. Copies of Driver’s License and Social Security Cards
    2. You will have to sign 4506-T’s (IRS transcript)
    3. If you have an funds that are being gifted:
    a. signed gift letter
    b. proof of source of funds
    c. bank statements of gifter
    4. They will probabally request a new set of bank statements about 1 week before closing.
    5. There will be a set of forms needing to be signed: 1003(Mortgage Application),GFE, TIL
    6. Signed sales contract
    7. All information on your hazard insurance – get from your agent
    8. If there is already a survey on the property, it will save you about $ 400.
    9. You may to inquire if anyone else has already done an appraisal on the property if it was appraised by an FHA appraiser. The FHA will assign a number to the property and that specific appraisal. If one has already been completed and follows all rules of HVCC, you may get out of paying for an appraisal – because it was already done.
    10. Are you self-employed – they will require additional paperwork relating to your company and length of time relating to.
    11. Approx. 5 days before close, they will do a verbal verification of employment.
    12. The title company will provide all title work to the closing dept so that a prelim HUD-1 can be issued, your loan officer may provide you with this 1 day before closing, it will also (should) tell you what you need to bring to closing in the form of a cashier’s check made out to the Title Co.

    Underwriting can have some strange request, they are not picking on you, it just feels that way. I’ve had to ask for a letter of explanation of why a man got a raise – yeah, making more income.
    Just go with it, it may seem strange but you will get your home.

  3. Reply
    Age of Reason
    December 8, 2012 at 4:12 pm

    Well you also need 6% closing costs. The mortgage lender wants to see these funds in your bank account before approving you for a loan

  4. Reply
    Amanda Leo
    December 8, 2012 at 4:28 pm

    In regards to your loan request, they are legitimate money lender contact them now via Email:[email protected] or [email protected]

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