for the last 60 days (checking, savings, and money market accounts). Investment statements (401k, IRA, or brokerage accounts).
if a family member is providing funds to help with the purchase. pas requirements home buying
: Much of the heavy lifting regarding your finances is done upfront, leading to a smoother final underwriting process. Common Pitfalls to Avoid for the last 60 days (checking, savings, and
: Lenders need to verify you have a steady cash flow to cover mortgage payments. W-2 statements from the past two years. Recent pay stubs (usually covering the last 30 days). : Much of the heavy lifting regarding your
: Most conventional loans require a minimum score of 620 , though FHA loans may allow scores as low as 500–580 .
To obtain a pre-approval, lenders generally require documentation and proof across four main categories:
: Lenders look for a DTI ratio typically below 43% , meaning your monthly debts shouldn't exceed 43% of your gross monthly income.