Atlanta Buyers, Save Time and Expense By Getting a Loan Commitment

I work with a lot of metro Atlanta buyers, and I thoroughly enjoy helping people buy their first home or new home in metro Atlanta. Times have changed in the lending arena. I recently had a problem where the pre approval was not enough to get the transaction done. To save time and expense, I now educate my metro Atlanta buyers on the importance of getting a loan commitment from a reputable lender or mortgage broker before we do any looking at homes.

While all lenders can give a metro Atlanta buyer a pre approval based on a desktop underwriting (DU) decision, the metro Atlanta buyer receives the best service when he or she goes through a more thorough process of having the lender or mortgage broker review certain documents to better ascertain the ability to get mortgage financing. I as an agent owe it to my metro Atlanta buyers not to waste their time otherwise.

Here is a list of the documents that are required by most lenders or mortgage brokers:

• Copy of driver's license, passport or an acceptable form of identification
• Copy of social security card or acceptable substitute
• Proof of Income using paystubs for the last two to three months
• Bank Statements for the last two to three months showing the income posted to the bank account and no over drafts or non sufficient funds charges
• Tax Returns and W2's for the most recent two years, three years if self employed - the tax return income will be considered the true history of income so keep in mind the affect of deductions on your tax returns. The deductions lower your adjusted gross income which may mean you do not qualify for the $200,000 home but only the $150,000 home.
• Financial Statements showing required cash for down payment and or closing costs and reserves
• Bankruptcy paperwork with papers showing discharge
• Letters of Explanation to explain gaps in employment, problems with credit and other situations that have negatively impacted the buyer's financial history