PACKET
NMLS 1169 | Equal Housing Lender | California licensed by the Department of Business Oversight, under the California Mortgage Lending Act
STEPS TO PRE-APPROVAL
01
APPLY ONLINE
02
GATHER DOCUMENTS
at www.pmrloans.com
. . . .
Most recent 30 day pay stubs Most recent 2 years of tax returns Most recent 2 years of W2s Most recent 2 months of bank statements
03
CONNECT WITH ME
04
HOME SEARCH
via phone or in person to review approved programs
Start the search to find your dream home!
DOCUMENTS NEEDED ALL BORROWERS: Copies of W-2s and 1099s for the past two years. Copies of the the past consecutive pay stubs showing a full 30 days and year-to-date earnings. Copies of checking and saving account statements for past two months (all pages, front and back). Copies of quarterly or semi-annual statements for checking, savings, IRAs, CDs, money market funds, stocks, 401k, profit sharing, etc. Copy of sales contract when ratified. Employment history for the previous two years (address any gaps of employment). Residency history during the past two years, with name, phone number, address and account number of land or mortgage company; for rental property, copies of leases. Canceled earnest money check when it clears or corresponding bank statement, if applicable. Commissioned income documentation if it’s 25% or more of your base income; must have tax returns. Credit card information or check for the expense of appraisal and credit report. If refinancing, current mortgage statement and current homeowner’s insurance page deck Any assets used for down payment, closing costs and cash reserves must be documented by a paper trail. If you have not paid off your mortgage in the past two years, need copies of HUD1. Copy of driver’s license for applicant and co-applicant, front and back, fully legible. Copies of your past two years’ tax returns.
SELF-EMPLOYED BORROWERS: Copies of your past two years’ personal tax returns (W-2s, 1099s, and K-1s). Copy of current profit and loss statement and balance sheet. Copy of corporate/partnership tax returns for last two years if owning 25% or more of company plus copies of W-2s and/or 1099 forms.
MAY BE REQUIRED: Relocation agreement if move is financed by employer (i.e. buyout agreement plus documentation outlining company-paid closing costs benefits). If you’ve had a previous bankruptcy, bring copies of petition for bankruptcy and discharge, including supporting schedules. Divorce decree (if applicable). Documentation supporting monies received from Social Security/retirement trust income, i.e. copies of direct deposit bank statements, awards letter or evidence income will continue.
FHA/VA BORROWERS: VA: Original certificate of eligibility and copy of DD214 discharge paper. VA: Name and address of nearest living relative. VA: Nearest living relative and statement regarding child care expenses if applicable
MORTGAGE FINANCING Always check with your lender before doing any of the following prior to closing on your home:
Change jobs, become self-employed, or quit your job Buy a vehicle Use credit cards excessively or let current accounts fall behind Spend money you saved for your down payment, get gift money for closing, or take a retirement loan Omit debts or liabilities from your loan application Buy or order furniture Originate any inquiries into your credit Make any large deposits into your bank account without alerting your Loan Officer Change bank accounts Co-sign a loan for anyone
HOW YOUR CREDIT SCORE IS CALCULATED
TYPES OF CREDIT IN USE INQUIRIES, NEW CREDIT LINES
10% 10% 15%
35%
PAYMENT HISTORY
CREDIT HISTORY
30%
AMOUNTS OWED
Always pay your bills on time. Set up automatic payments from your bank account or
program reminders into your phone if you have trouble keeping track of when each bill is due.
Keep your balances low on your credit cards and other revolving lines of credit. If your
balances are currently high, begin to pay them off (starting with the card or line of credit with the highest interest rate) until you’re debt free.
Be careful when opening new accounts. Opening several new accounts at a time may raise red flags and lower your credit score. Similarly, closing several accounts at once can lower your score.
NAME ADDRESS PHONE
BUYER QUESTIONNAIRE
DESIRED LOCATION What neighborhood? Look and feel of preferred area.
PRICING What is your price range? Or maximum price?
FINANCING If you need financing, are you pre-qualified? If so, what amount?
TIMEFRAME Do you need to sell a current home? Ideal move in time?
STYLE OF HOME What style of home would you prefer?
NUMBER OF BEDROOMS
NUMBER OF BATHROOMS
PREFERRED SQFT
PREFERRED LOT SIZE
IMPORTANT FEATURES Circle them below. FORMAL DINING ROOM
OPEN CONCEPT MASTER BATH LAUNDRY ROOM
BASEMENT
ENERGY EFFICIENT
SHED
GARAGE SINGLE STORY
PORCH
FIREPLACE
DECK
OFFICE/STUDY
MULTIPLE STORIES
PORCH
HARDWOOD FLOORS
HANDICAP ACCESSIBLE
OTHER Are there any other special features/desires to consider when you’re buying a home?
NMLS 1169 | Equal Housing Lender | California licensed by the Department of Business Oversight, under the California Mortgage Lending Act