Many people think buying a home and getting a home loan in San Diego can be a complex process, but it doesn't have to be. With a little preparation, you can save a lot of time and headache by having all the documentation ready when your mortgage professional requires it. I am going to give you some tips to make getting a new home loan in San Diego a little easier. For a complete mortgage planning solution, feel free to check out my "mortgage concierge program" below.
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To begin with, your lender will require a detailed application so they can obtain all your personal information, it is important that all employment information can be verified for the past 3 years at least. They will also need all supporting documentation to verify all assets and debts. The following are some of the more important items your lender will require so they can execute a full loan approval. 2 most recent years tax returns, recent paystubs, most recent 2 months bank statements, copy of drivers license and social security card, 401k and retirement accounts, and letters of explanation if there are any derogatory items on credit.
With all of this documentation, your lender will now be able to run your application through the automated underwriting engine of Fannie Mae or the FHA for an automated underwriting approval. If your application gets approved, the lender can now issue your underwriting approval to the real estate agent, so they can begin putting offers in for you on the properties of your choice. Pretty much all sellers in this current market are requiring that agents submit these automated underwriting approvals with your offers.
I hope this helps you better prepare for and better understand the home loan approval process. Getting approved for a home loan in San Diego can be a lot easier than you think, preparation is definitely the key. In the meantime, let us help you evaluate your personal situation and assist you in finding the loan program that works best to meet your individual goals and needs.
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