The loan approval process generally begins with an initial interview where the prospective home buyer and the lender meet to discuss the potential loan. You will need to bring information to verify your income and long-term debts.
For your first meeting with the lender, you should bring:
* A purchase contract for the house (if you have one)
* Your bank account numbers and the address of your bank branch, along with checking and savings account statements for the previous 2-3 months
* Pay stubs, W2 withholding forms, tax returns for two years, or other proof of employment and income verification
* Divorce settlement papers, if applicable
* Credit card bills for the past few billing periods, or canceled checks for rent or utility bill payments, to show payment history and amount of revolving debt
* Information on other consumer debt such as car loans, furniture loans, student loans and retail/credit cards
* Balance sheets and tax returns, if you are self- employed
* Any gift letters, if you are using a gift from a parent or relative or other organization to help pay the down payment and/or closing costs. This letter simply states that the money is in fact a gift and will not have to be repaid.
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