Getting a loan these days is a bit harder than it has been in years past. Lenders are now subject to much more regulation so they are quite a bit more careful in the way they do business. Here are 8 Items Homeowners Need to get a Loan Approval in No Time Flat…

1.  Two months’ most recent mortgage statements (if applicable)

Lenders want to see what you are paying currently.

2.  Two months’ checking account statements (all borrowers if separate)

Lenders will look at how much is going in and out of your accounts as well as what kind of balance you keep in each account.

3.  Two months’ savings account statements

These help the lender determine your level of savings.

4.  Two months’ other investment or asset account statements

If you have other investment or asset account, these will raise your borrowing power and possibly lower your interest rate.

5.  Last two  paycheck stubs (all borrowers)

Your pay stubs are a 3rd party record of your income.  They verify what you have told the lender.

6.  Last two years’ tax returns

This will show your income over the past couple of years and help lenders determine your reliability.

7.  Hardship letter (if applicable)

This outlines any credit issues, payments or situations the borrower is in.  This is really only needed in the case of a loan modification.

8.  Financial worksheet of assets and liabilities

It’s good to have your finances mapped out.  Also know your monthly expenses other than the biggies, like groceries, savings, luxury items, etc.

If you have your ducks in a row with all these documents…. getting a loan should be no problem.  If you need some help or advice compiling this list of documents to get your home loan, please contact me for more information.  I can give you a list of very reputable lenders that will do everything in their power to see that your dream of home ownership is realized.