Loan Approval Letter – Century 21 on Target

In order to get your offer accepted a comprehensive Loan Approval Letter is imperative.

Key items are needed to show your strengths in the best possible light when negotiating on your behalf when financing will be obtained for your purchase.

Items for a Lender’s Approval Letter:

Every Borrower

2 most recent bank statements for all accounts (all pages)
Most recent retirement statements i.e. 401K, IRA (all pages)
Personal income tax returns for the last 2 years (all pages)
Drivers license
Social security card
Wage Earners
– 2 most recent pay-stubs
– all W2’s that correspond to the tax returns
Self Employed
– Sole Proprietors: Year-To-Date Profit and Loss Statement
– Corporations: corporate tax returns (last 2 years) with 1120 / 1065 forms

Notes and Additional Situations:

Access to Items

Keep all of these and incoming paycheck stubs, new bank statement, tax items etc. in one EASY location throughout the transaction, such as a file drawer or in a file on the kitchen counter

Alimony

Check or copy

Bankruptcy

Complete set of bankruptcy papers
Discharge letter

Child Support

Check or copy

Divorced

Final divorce decree or copy

Non-Citizen

Resident alien card or copy of front and back
Birth certificate or copy

Real Estate Currently Owned

Payment coupons with lender’s name, address, zip code
Loan numbers
Balances, both original and current

Renting Now

Landlord Information: name, address, phone, rental amount

Sale of Another Property

Closing statement if closed
Escrow instructions if still in escrow
Lender letter for buyer purchasing the property if still in escrow

Access to Items
Keep all of these and incoming paycheck stubs, new bank statement, tax items etc. in one EASY location throughout the transaction, such as a file drawer or in a file on the kitchen counter