Pre Approval

Home Loan Pre-Approval
How to Get a Pre-Approval Letter

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The Pre-Approval Process Done in Hours not Days:

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 full Approval.

Basic Planning to Become Pre-Approved:

1. Have enough money for a down payment and closing costs. Down payment 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 50% 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.

Pre-Qualification:
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 how much money you have to buy a home, Your gross monthly income, and your minimum payments on your monthly bills and we will put you in "The Ballpark" for how much of a home you will be able 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.

Counseling:
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.

Next Clue

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.

**California 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 to helping you become Approved Today!
Call Today to Talk with a Loan Specialist
(916) 672-6130
Or
Click Here to Be Approved Today

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