Documents Needed for Mortgage Pre-Approval - Mortgage Document Checklist For Buying A House
Вставка
- Опубліковано 13 лип 2022
- #mortgage #firsttimehomebuyeradvice #homeloans #documents
Have Questions? Pick a time here calendly.com/jennifer-beeston...
or call me at 707-478-0637
Clearly, I love doing loans! Need a mortgage or want to chat about your scenario? I am licensed in 48 states for purchase and refinances. Here is how to contact me:
1) Book a call with me: calendly.com/jennifer-beeston
2) Apply for a mortgage now at www.zerostressmortgage.com If you apply please text me your full name and email address letting me know so I can look for your app:) TEXT 707-478-0637
3) Call me 707-478-0637
TikTok @jenniferbeeston
Instagram - jenbeeston
Facebook - jenniferbeestonmortgage
Jennifer Beeston, SVP Mortgage Lending NMLS 247743 at Guaranteed Rate, Inc. NMLS 2611
Branch Address: 4863 Old Redwood HWY, Suite D, Santa Rosa, CA 95403
Equal Housing Lender - For licensing, go to www.nmlsconsumeraccess.org
Top 1% in the nation 2016-2020
More Helpful Content:
Home Loan Basics: www.youtube.com/watch?v=Qfbvd...
Loan Programs: www.youtube.com/watch?v=iSuov...
VA Loans: www.youtube.com/watch?v=qejJO...
Real Estate Breaking News: www.youtube.com/watch?v=FTFXc...
Mortgage Rates/Refinancing: www.youtube.com/watch?v=GUOnv...
www.zerostressmortgage.com
NMLS #247743 Guaranteed Rate NMLS 2611
www.guaranteedrate.com/discla...
www.guaranteedrate.com/licens...
Equal Housing Lender - www.nmlsconsumeraccess.org
State License Numbers: AK - AK247743, AL - 72998, AR - Licensed, AZ - 1007541, CA - CA-DOC247743, CO - 100516570, CT - LO-247743, DC - MLO247743, DE - MLO-247743, FL - LO66900, GA - 70357, HI - HI-247743, IA - 33839, ID - MLO-2080247743, IL - 031.0054184, IN - 41478, KS - LO.0039219, KY - MC717200, LA - Licensed, MA - MLO247743, ME - Licensed, MI - 247743, MN - MN-MLO-247743, MO - MO-247743, MS-247743, MT - 247743, NC - I-189119, ND - NDMLO247743, NH - Licensed, NM - Licensed, NV - 66544, NY - Licensed, OH - MLO-OH.247743, OK - MLO20600, OR - 247743, PA-247743, SC - MLO - 247743, SD - MLO.08498, TN - 205478, TX - Licensed, VA - MLO-40552VA, VT - VT247743, WA - MLO-247743, WI - 247743, WV - LO-247743, WY - 8203
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
Guaranteed Rate, Inc. is a private corporation organized under the laws of the State of Delaware. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency.
documnets mortgage pre-approval,documents neeed for mortgage pre-approval,list of documents needed for mortgage pre-approval,mortgage pre-approval documents required,mortgage pre-approval documents needed,mortgage pre-approval documents,what documents are required to get pre-approved for a mortgage,mortgage pre-qualification,documents mortgage pre-qualification
I also hate how lenders will use everything against you while not allowing any good things. Examples. Won’t count OT unless it’s consistent for two years. Use the lower middle credit score. One applicant can have an 850 and the other has a middle score if 620. We’ll they’re using the 620. They take 5% of your collections as a DTI payment. Not including medical. So you can have a collection for a few grand from 5 years ago and you’re screwed. God help you if you have student loans. Even if you’re paying a smaller monthly payment. Nope. They’re using 1% of your balance. Imagine all the people who owe over 100k. They’re screwed. That means they’re holding 1000 against you as a recurring monthly payment. Not today it is more common for people to have to pay child support. Guess what. That’s held against you in your DTI as well. One can argue it’s an obligation so it should be counted. But you can buy a house and have a dozen kids and because you don’t pay “child support” nothing is held against your DTI. But obviously it cost more to raise a dozen kids than a guy who pays child support for one. So why is it held against him and nothing for the applicant who has a ton of kids. Oh and now that rates are over 6%. Good luck. On a 400k house with 5% down, going from say 3% to 6% adds another 600 or more to your monthly payment. Remember you’re only approved for a monthly payment so taxes and PMI and if there’s HOA fees. These all eat into that amount. My advice is make sure credit cards have zero balance. You want your DTI to be as low as possible.
So true! The mortgage industry is a bit screwed up if you ask me. The responsible parents out there that do pay child support get hit and maybe end up in a 200K home vs the irresponsible parents that dont pay a dime and end up in a 500k home. Its so unfair but those are the rules. Buying a home its almost like a nightmare full of stress and headaches. Not to mention that it feels like you go pre approval to re approval to a final approval. Why not have just one approval and check credit and assets at the end before closing? That makes too much sense I guess. Sometimes is better to just rent and avoid all the headaches and stress
I gotta watch this again.
great artwork in the background - shepard fairey / obey giant !!! yessss
Nice spot. Yes:) Love Shepard Fairey
Hi Jenn, I'm so glad I found you here on UA-cam great info. I also saw your contact info and I left a msg on your voice-mail. Planning to buy a home and I can use your help. Thank you in advance.
Thank you for this video. Realistic, concise, and accommodating for different situations!
Glad it was helpful! Thank you for watching!! (:
Shared to my Facebook. Too good not to!! Keep growing the channel.
Thanks for sharing, Jennifer!! I appreciate it!! (:
Thx for the refresher
Hi do you have video on how to purchase rental property in different state?
I do not but I will film one;) Thank you for the suggestion
You hit it out of the ballpark! I did have two questions that pertain to rental agreement and self-employment when it comes to purchasing a home with a jumbo loan.
1.) I own a primary residence (single family) that I will be renting in the next year. Do I only need a signed rental agreement? Or does the lender need a signed rental agreement, deposit etc?
2.) My wife and I owned two businesses which were both LLC’s and converted/consolidated them into an S corp (for tax purposes). Will the lender allow me to use one year of tax returns when we had the LLC’s and the more recent year of tax return when we created the S Corp? Or from your experience, does the lender recommend two years of tax returns from the current entity (S corp)? Can we provide an LOE on this?
Thanks Jen!
Responded via email:)
Hey Jennifer, love your videos! Can you make a video about CalHFA and what the requirements are? I'm having trouble understanding the difference between CalHFA conventional and CalPlus conventional. Does the ZIP come automatically with both to help with closing costs? Thank you!
CalPlus Conv. has slightly higher interest rates and is paired with the CalHFA zip! CalHFA is not.
How do you complete the job history on the application if the company you worked for since February 2018 has changed names in June 2019 and went through two acquisitions; one in October 2020 and the other in September 2021? Then, I changed jobs in May 2022 (for the better). On the bright side, had no break/gap in employment, and current salary with new company increased. This may be too much information for this platform, however I want to start the pre-approval application using accurate information. Thank you for sharing your knowledge on a very confusing and stressful process. 😫
@Jennifer Beeston looking to at least buy next year hopefully. Just looking for guidance on what I may need to work on to get qualified to be approved. Thank you
Hi Lakisha, Happy to discuss 707-478-0637 Call me after 9 pacific tomorrow;)
Hey Jennifer! Is it a problem if one of my accounts has no activity on it for the past 2 months? So the bank statements would not show any activity. Thank you!
Is an employer profit sharing account an acceptable account to use during the underwriting process for the reserves?
Another awesome video Jennifer, I'm so excited and anxious because I'm in underwriting right now and I've missed out on some nice properties, however, I think I've found my dream home,🤞🤞all I can do is wait but it's so hard.
I've absolutely loved working with your whole team so far. Everyone is very helpful.(sometimes I can be a bit much due to my situation) I just wanted to say thank you to all of them.❣️👍🏻
Wish you were licensed in New Jersey. I really like that you fully underwrite the consumer before going under contract. Since, you are not licensed in New Jersey do you recommend a lender, licensed in NJ, that does the full underwriting before going under contract? Thank you
I am licensed in New Jersey. Call me 707-478-0637
I got my first mortgage with only bank statements no tax returns
If you are self employed they did a bank statement loan which has less favorable terms then a traditional 30 year fixed. If you are not self employed they would have used your most recent w2 or verified it electronically
What if I've been off of work for years and now I'm working as a foster for one year. Can I get started on the approval process?
Is it a problem if I am not using a Realtor?
Self employed and been in business for going on 6 yrs. My question is about company name change so we can rebrand to something more appropriate for us. Does a name change create an issue?
What if you have 2 different part time job as w2 worker in the same job filled, do you have to submit both jobs paystubs or one
Yep 2 most recent paystubs from both jobs
About how long does the process take on average? I realize there are variables such as someone who has all the papers ready vs. someone who has to dig through shoeboxes or underwear drawers or in their car. Thanks.
The underwear drawers in the car are the worst lol. Fully underwritten 5-7 business days but we do a basic preapproval while waiting if the file is clean and strong
Sorry not related to home loans, Quick question, if my credit score does not qualify me for a HELOC, can I get a cosigner?
Generally it goes by lowest credit score between borrowers
You covered evrything except if you're retired and get pensions as income.
Good call. Will do a follow up
@@JenniferBeeston I'm 100% service connected P&T (permanent and total) I don't work and haven't worked since receiving my total rating, so no tax returns, BUT my income is $3,300 a month (in my opinion MORE THAN enough to cover a mortgage) do you think I have a chance at getting loan? I'm in Northern California.
@@JenniferBeeston hello good Afternoon to you help in Florida looking to at least buy next year hopefully. Just looking for guidance on what I may need to work on to get qualified to be approved. Thank you
I’m retired. What documents would you need from me for pre-approval?
What do i need . Since my only income is ssdi, with 20% va disability. Which is in appeal for 100% according to my attorney. Also $20, 000 in savings
I have a friend who working with the same company for 8 years, she wanted to buy a house but her boss only pay her with cash no paystubs, but she pay her taxes by herself when tax comes around so she did want to know if that's a problem from buying her a home? And she have a good savings for down payment and more..
I would need to talk to her. That is super unusual. Assuming she treats herself as self employed as without w2 and paystub she would need to.
🔥🔥🔥🔥🔥🔥🔥🔥🔥
If you are using VA disability income along with your employment income, does your VA disability income have to be documented for 2 years?
Also, if you’re using both types of income, do you still round up the VA disability income?
Yes, we would still gross up the VA disability income as it is non-taxable. You do not need a two year history of receiving disability income. Your certificate of eligibility should actually have the amount. Otherwise we can use the VA disability letter. Super super easy to use, honestly one of the easiest forms of income to use for a loan. If you want to chat about getting preapproved give me a call at 707-478-0637
Do you have a video like this but for a VA loan?
You should check out my free VA course www.nostressva.com
It has everything you could ever imagine and if you think it is missing something let me know and I will film it
Will someone lend, if you do not have 2 years of self employed income, can it be 1 or 1.5 years.
Hi Jen, if I am taking out a loan from my 401k for my downpayment; Does it have to show on my bank account that it’s taken out already or I can just tell the lender that’s my plan without taking the money out yet?
i have the same situation, I hope she can answer this 😃
What about debts ? Does any of that need verification for pre-approval ?
It depends on the type of debt. Credit cards, cars and education will be on credit report but if you are on an IRS payment plan or have child/spousal support or additional homes yes we will need to verify that as well
Bank statement including credit card statement right
No credit card statements.
What loans don't require reserves? I've never heard that.
Va and FHa and conventional in most cases. Needing reserves is more infrequent then frequent
What about truck drivers? We paid by the mile
2 year history of paid by the mile
I got my mortgage with the help of Cyber credible bank statements
Can I use my home's equity ($200k) to purchase an investment property? Can I use VA loan for investment property?
VA is owner occupied only but you could take cash out of your house to buy an investment property. Happy to discuss 707-478-0637
I'm broke and I want to buy a home using a government grant
I need a pre approve 30 year fixed mortgage letter
Can i qualify with w2 income and 1099 working as a contractor with Amazon. Also will my sons monthly disability cheque count as income
As long as you have a 2 year history of w2 and 1099 that is good. We need to look at your sons disability to see if we can use. Happy to discuss 707-478-0637
I have a client who was self employed 2 years ago but obtained a job a year ago and is no longer self employed can I pre-approve them?
If they have a salary job you should be able to use that income
@@JenniferBeeston thank you!!
What if I have 3 retirement checks and a part time job and va. Can I get a house
Sounds like good income to me. Call to discuss 707-478-0637
All those documents for a PRE APPROVAL ? And what documents are left for the REAL APPROVAL ?
An underwriter reviewing the file which we do with same day mortgage
@@JenniferBeestonwill every information be sent to irs for pre-approval? And will it hurt credit score?
Do y’all calculate gross?
Gross for everything but self employed
@@JenniferBeeston ok thanks
What if i live in mass
I am happy to help in Mass:) 707-478-0637
thought you lived in Virginia?
I do loans in Virginia but live in Florida:)
@@JenniferBeeston I could've sworn you said California in the video. I'm considering working with you. I'm a disabled veteran of 70% in San Diego (Chula Vista specifically). I feel like the agent I was working with was only interested in the commission and getting the deal done quickly.
I have $115k in my company 401k but not much saved and a bit of debt. I plan on paying off the debt this year and accelerating my savings for the next year to possibly purchase a $1 to $1.2 million dollar home.
Happy to chat. I lived in CA till 2023 when I moved to Florida. I am at 707-478-0637. Don't touch your 401k