Pre-Qualification for Lending
Getting pre-qualification for lending is one of the most important steps in buying a home. The market is picking up in Teton Valley, Idaho and Wyoming, and we are seeing homes that are a great value getting multiple offers on them. Every seller wants to know you are qualified for financing when they receive an offer, but shorts sales and foreclosures require a pre-qualification letter to even submit offers to the banks.
When working on getting pre-qualified, the bank will likely need documents from you. Here are a few they will likely need.
- 2 years of tax returns
- 30 days of paystubs
- Proof of 60 days of assets used to qualify
- Divorce/Bankrupcy/Alimony/Child Support Letters
- Retirement/Social Security Award Letters
- Government/State issued ID
Keep your originals when working with a lender.
We all know that when you are looking for the perfect home and find it, you will have your heart set on it, and want to ensure that you don’t miss out on it just because you couldn’t move quickly. Get Pre-Qualified so you can submit an offer today!