REO’s Shortsales and Prequalification requirementsWith the number of REO's (Real Estate Owned by the bank) and short sale houses on the market today, it streamlines the purchasing process if buyers have a prequalification letter from their lender. Most banks are demanding that the prequalification letter be sent in with the offer, and some require that potential buyers cross-prequalify with specific lenders (at times demanding FICO scores and proof of funds) before they'll accept an offer. With this in mind I give you a list of the 11 most common things you'll need to take to your loan officer/mortgage broker:
1. Current pay check stubs covering the past 30 (or 60) days.
2. Name address and phone number for your employers covering the last 2 years.
3. Copy of the last 2 months bank statements for all open accounts.
4. Copy of driver's license an dsocial security cards--all borrowers
5. W-2's and Federal tax return for last 2 years.
6. Mortgage statements and/or rental agreements.
7. Complete copies of divorces and final judgement.
8. Self-employment records
9. Complete copies of bankruptcy and discharge.
10. Initial award letter for social security, pension, or other income.
11. Name, address and phone number for landlord for last 2 years.