A Few FACTS about getting a Mortgage APPROVED in Today's World

Let's start with the following basic premise;

Whatever you did, to get your mortgage approved 1 year, 2 years, 3 years ago, or maybe even 3 months ago, does not matter. All that matters are the processes and guidelines

TODAY

Okay, REQUIRED Documentation

require; to demand, to need...so says Websters

Upfront

the last 2 years of tax returns (all schedules; all meaning ALL)

the last 2 years w2's

the most recent 30 days of paystubs

the most recent 2 months of bank/asset statements (all pages; all here still means ALL)

retirement statements

copy of drivers license(s); social security card(s)

copy of executed, legible contract (if purchase)

legible; that can be read...once again websters

Upon submission to processing

any and all documentation required by the processor

Upon Underwriting

any and all documentation required by the underwriter

Here's some simple FACTS

not providing the processor with needed documentation will prohibit the submission of your mortgage request to the Underwriter

not providing required documentation by the underwriter, to the underwriter will cause your request to be delayed, suspended, or denied

In today's market you are best served if you don't fight with and/or continually question the underwriter.

they don't like this, it is detrimental to your goal; that being getting your mortgage request approved!

just do it

Rational

Maybe this is easier for me as I live in a market that has beed clocked by foreclosures and other nasty things; declining market values, fraud, stuff like that.

This has caused the investors to feel uncomfortable, a bit uneasy...scared to death. So

they are overdocumenting files

that's a fact Jack!

If you want/need a mortgage these are the rules TODAY. You may fight them if you want.

You will not win

So, work with the loan officer, work with the processor, massage the Underwriter, and in the immortal words of that great world renown philosopher; Larry the Cable Guy

git er done

I realize that some of this sounds rather harsh. It does to me too! It's not overly sugar coated.

In my opinion it's just some basic information or a few FACTS about

Getting a Mortgage APPROVED in Today's World