If you’re on payroll, you’ll likely need to provide only recent pay stubs and W-2s. If you’re self-employed or receiving passive income like social security or pensions, you’ll need to submit your tax returns and other documents. Lugo-Struthers says that in her market, buyers can start shopping for a home and get an offer approved as soon as they get a pre-qualification letter. However, she adds, sellers and buyers are becoming savvier about pre-approval letters. A loan pre-approval generally means your lender has verified your stated income and assets with documentation. The typical ask is two recent W-2s, two recent pay stubs and two months’ recent bank statements.
- You can get a USDA loan with 0% down, subject to household income restrictions.
- Transfer ownership in the presence of a notary, paying the Transfer Tax on time.
- Do you want private space or close proximity to a park or community garden?
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