Home Loan Pre-Approval
and How to Get a Pre-Approval Letter
FREE Consultation Call Today (916)672-6130 or Click Here
Would You like to be Approved Today? Click Yes and Get Started.
The Pre-Approval Process Done in Hours:
As you start the process of looking for a home you should be Approved for a loan amount before you start your home search. The pre-approval will establish a price range to start looking in. Even if you are Approved for more than you really want to spend it is great to have as a negotiating tool. Having the Approval Letter in your hand will make your offer more attractive to a seller as they will see you have already met with a lender and started the loan process.
We start by pre-qualifying you over the phone or by the information you have emailed us. Then you can gather the documents needed for the full Approval.
Basic Planning to Become Pre-Approved:
1. Have enough money for a down payment and closing costs. Downpayment requirements vary per the different loan type you are applying for. A Conventional loan will require a minimum of 3%-5% just for the down payment not including closing costs which could be up to another 2% of the sales price. An FHA Loan will require a minimum of 3.5%. A VA loan requires NO Money at all.
2. Have good enough credit: Know your credit score and what it takes for the loan you are qualifying for. For a Conventional Loan, you will need a minimum score of 640 in most cases. For FHA you can go as low as 550 and the same for a VA loan.
3. Have enough income to qualify. This means that your income should be able to support your new house payment and your existing bills. The rule for qualification is that your overall debt to income ratio should not exceed 43% which means your house payment plus the bills, that show on your credit report, and the estimated taxes and insurance for the new house divided by your income. Click here to use our qualification calculator or simply call us and we can do it over the phone for you.
4. Have the ability to prove that you can manage all the above. The way in which you have saved for the down payment and the way in which you handle your credit and the ability to hold a good job is all looked at when qualifying for a mortgage. Sometimes if there are deficiencies in one area or another we have you write letters explaining what happened or how you are fixing it. A Motivation Letter is always a good idea as underwriters never meet you, so knowing where you have come from and where you are going financially in your own words is a great tool to use to be approved where you might have been otherwise.
The Pre-Approval Letter states clearly in the body of it that we have checked your credit and have run the file by an underwriter, either automated or a real person or both. This is acceptable for all Agents to make an offer on a house with. If you are thinking about buying a home in the next several months then this is what you need to do first, so start today. When working with one of our Licensed Realtors you will receive a Home warranty with your purchase.
In most cases, your Agent will not show you homes until you have gone through this process. Once we have run a credit report, checked your income, and verified cash-to-close you will receive a Pre-Approval Letter that you can use to submit with any offer you make in your price range. We work closely with your Agent and the Seller's Agent to make sure your offer is accepted. The process is easy and starts here and we can have it to you within 24 hours in most cases.
| Items you will Need:|
The following items you will need to present in order get approved for an owner-occupied home loan; Click here for a printable list of items
1. Current Pay-Stubs for the last 30 days of employment for all borrowers
2. Last 2 months Bank Statements and Retirement account statements (if applicable) and Investment account statements (if applicable), or a gift letter (if applicable). There are many ways to show you have enough money to close so if you are confused give us a call and we will walk you through it over the phone.
3. W2s for the last 2 years
4. Last 2 Years of Federal Tax Returns (For Standard "A" Paper Loans)
5. If you have had a Bankruptcy in the last 6 years we will need that paperwork.
7. If you pay or receive child support we will need your complete divorce documents or court order.
OR Call us to be qualified for an Alternate Income Qualifying loan. All we would need for that loan is your bank statements for the last 12 to 24 months and your personal info.
This is a simple process where we can take your information over the phone or on the attached form without verification. You simply tell us your how much money you have to buy a home with, Your gross monthly income, your minimum payments on your monthly bills and we will put you in "The Ballpark" for how much of a home you will be abe to buy. This might help you determine if you need to get all the items listed above or if you need to work on some things before getting formally approved.
If you need help putting together a plan for purchasing a home in the future we will make a plan for you to save the money you need for a down payment or clean up your credit, or pay bills off. Use our knowledge of how the game is played so you can get into a home faster than trying to guess your way through. We work with clients sometimes over several years before they have the ability to purchase a home, but when they are ready we help all the way through the transaction and save them money in the process.
Special For You: We will tailor each approval letter for each offer you make so you can get the best Real Estate deal possible. For example, if you qualify for a $350,000 loan and you only need to show an approval letter for $250,000 we issue it for $250,000 so the seller doesn't think you qualify for more and try to up the offering price you are trying to get. We will issue the letter for every home you make an offer on working with your Agent to get the best deal possible without tipping your hat to the seller on what you really qualify for. That little trick can save you thousands of dollars, we are here to help you get the best deal possible. We hold your hand through the whole process and try to make it informative and helpful.
Click here to see the total Real Estate Process Flow
Or click here to get a checklist of items we will need
There may be other information we need based on your financial situation, but the above documentation will allow us to approve you for a mortgage. We will run your credit report for you free of charge to determine your credit score. If you can complete the information below that will give us enough information to give you a loan amount you will qualify for before you gather all the documents.
* If you are unsure of your credit or just want a quick consultation of what you might qualify for before gathering all the documents complete the form below or call us directly at 916-672-6130.
**Califonia Properties Only**
Click here to download the HUD Home Buyers Booklet
Click here to learn about Debt-to-Income Ratios
"We know the tricks that can save you thousands and get the best deal possible."
We Look Forward helping you become Approved Today!
Call Today to Talk with a Loan Specialist
Complete the form below and we will start the approval process for you. Safe and Securely
keywords: Loan approval, preapproval, prequal, prequalify, home loan approvals, loan qualification, loan pre-qualification, home loan qualifications, mortgage pre-approval, mortgage prequel, prequalify for a home loan, pre-approval for a home loan, loan process. home loan process, pre-approval letter, pre-qualification letter, pre qualify letter, lender letter, notice of loan approval, loan approval letter, what is a loan approval letter, where to start to buy a house, approval letter, qualification letter, mortgage letter, mortgage approval letter, pre-qual letter, prequel letter, pre approval letter, get qualified for a home loan, real Estate approval letter, letter of approval, Pre-approval letter or PAL, need a PAL, how to get a PAL, who issues a PAL, approval to buy house, house loan approval, approve my loan, loan approval, home loan approval process, how to get a home loan approved, real estate loan approvals, home loan approvals, who approves loans, how to get a home e loan approved, tricks to getting a home loan, special loan approval, quick pre qualification, online home loans pre qualification, online home loan approvals, quick home loan approvals, 24 hour loan approvals, fast home loans, quick home loans, loan approval, who issue home loan approval letters, where do I get approved for a home loan, how can I get approved for a home loan, where do i go to get an approval letter, who issues pre-approval letters, PAL, Broker approval letter, Lender letters, how to get approved for a home loan, where to get an approval letter to buy a home, what is pre-approval, who does pre-approval letters, who does pre-qual letters, Letter needed to buy a home, letter needed to purchase a home, what is a PAL, Free PAL, Lender PAL, What lenders can issue a PAL, PAL for New Construction, PAL for a new purchase, First time buyer approval letter, approval letter for first time home buyers, contract negotiation tricks, letter to buy home, where to start to buy a home, home loan letter, home loan approval letter, mortgage loan approval letter, mortgage loan pre qualification letter, mortgage pre-qual letter, need an approval letter, home loan approval, how to get loan approved, I need loan approval, I need a loan approval letter, my approval letter, my pre-approval letter, my qualification letter, need a pre qualification letter, I need a loan approval, I need to be pre-qualified, how to get pre-qualified, how to get pre-approved, home loan approval letter, what is a pre qualification letter, what is a pre approval letter, what do I need to do to get pre-approved for a home loan, pre qualification items need, pre approval items needed, items needed for loan approval, items needed to get prequalified, how to get approved for a loan, where to get a pre-approval letter, notice of loan approval. loan approval notice, loan approval letter, mortgage preapproval process, home loan pre-approval, home loan pre-approval process, FHA loan preapproval, Va loan approval, conventional loan pre-approval, qualifying for a loan, qualify for home loan, home loan qualifications, mortgage application, quick loan approval, getting a home loan, home loan qualification, starting a home loan, where to start to be approval for a loan, how to get a loan, what i need for a loan, how to get a home loan, loan qualifications, Start a loan , lender letter Roseville ca, lender letter Rocklin ca, lender letter Sacramento ca, qualifying for a loan, qualifying for a home loan, qualifying for a mortgage, how to be qualified for a loan, how to get qualified for a home mortgage, mortgage loan qualifications, begin a pre-approval, begin to be preapproved, need a home loan, I want a home loan, can i get a home loan, pre-approval information, pre-approval information, need a loan, I want to start a loan, I want to start a home loan, I need a mortgage, how do i get a mortgage, how do i get a home mortgage, qualifying mortgage companies, a company to pre qualify me, local loan companies California, mortgage letter, qualification letter, loan qualification letter, I need a lender letter, lender letters, where do i get a lender letter, how do i get a lender letter, I need a lender letter, lender letter for home loan, lender letter for home purchase, home buyers lenders letter, lender letter Sacramento, lender letter Roseville ca get approved for a home loan, Home loan approval process, how to get loan approval, pre-qual letter, qualification process, letter for approval, approval letter from lender, process of getting a home loan, start point for home loan, loan approval, can i be approved for a mortgage, mortgage approval. FHA approval, VA approval, local lender approvals, what is the difference between being pre-qualified and being pre-approved, letter needed to buy a house, Approval Letter for home, where do I start when buying a home, qualifying with a mortgage broker, Mortgage Broker Information to qualify for a loan, First step in the home buying process, how do I get pre-approved for a home loan, quick loan approval, quick approval letters, Loan Approval Letters Fast. Loan Approvals, fast loan approvals, loan approval today, Same day Loan Approvals, home loan approval process, letter of approval for a home loan