: You must prove you have the funds for a down payment and closing costs.
: Much of the heavy lifting regarding your finances is done upfront, leading to a smoother final underwriting process. Common Pitfalls to Avoid pas requirements home buying
: 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). : You must prove you have the funds
Once you have your PAS, it is vital to maintain your financial status quo until the keys are in your hand: W-2 statements from the past two years
: Lenders often call your employer to confirm your current position and salary. If you've recently changed jobs, they may look for a consistent history in the same field. Why PAS is Essential
: It prevents you from falling in love with a home that is financially out of reach.
To obtain a pre-approval, lenders generally require documentation and proof across four main categories: