Pre-Qualification Checklist
Answers to the questions I hear most from buyers, homeowners, and investors.
What You'll Need to Get Pre-Qualified
Gathering these documents before you apply speeds up the process significantly.
Required for All Loan Types
✓ Government-issued photo ID (driver's license or passport)
✓ Social Security number
✓ Last 2 years of W-2s
✓ Last 2 years of federal tax returns (all pages)
✓ Most recent 30 days of pay stubs
✓ Last 2 months of bank statements (all pages)
✓ Last 2 months of retirement/investment account statements
✓ Landlord contact info or 12 months of rent payment history
✓ Explanation letters for any credit inquiries or derogatory items
✓ Social Security number
✓ Last 2 years of W-2s
✓ Last 2 years of federal tax returns (all pages)
✓ Most recent 30 days of pay stubs
✓ Last 2 months of bank statements (all pages)
✓ Last 2 months of retirement/investment account statements
✓ Landlord contact info or 12 months of rent payment history
✓ Explanation letters for any credit inquiries or derogatory items
Conventional Loans
Fannie Mae / Freddie Mac
✓ Minimum 620 credit score
✓ 3–20% down payment (gift letter if using gift funds)
✓ Proof of reserves (2–6 months PITI in savings for investment properties)
✓ Condo: HOA questionnaire, budget, insurance, and reserve study
✓ 3–20% down payment (gift letter if using gift funds)
✓ Proof of reserves (2–6 months PITI in savings for investment properties)
✓ Condo: HOA questionnaire, budget, insurance, and reserve study
FHA Loans
Federal Housing Administration
✓ Minimum 580 credit score (500 with 10% down)
✓ 3.5% down payment minimum
✓ 100% of down payment can be a gift (gift letter + donor bank statements)
✓ Explanation for any collections or judgments over $2,000
✓ If applicable: divorce decree, bankruptcy discharge papers
✓ 3.5% down payment minimum
✓ 100% of down payment can be a gift (gift letter + donor bank statements)
✓ Explanation for any collections or judgments over $2,000
✓ If applicable: divorce decree, bankruptcy discharge papers
VA Loans
Department of Veterans Affairs
✓ Certificate of Eligibility (COE) — we can pull this for you
✓ DD-214 (discharged veterans) or Statement of Service (active duty)
✓ VA disability rating letter (if applicable — may exempt funding fee)
✓ No minimum credit score (most lenders overlay at 580–620)
✓ 0% down payment
✓ DD-214 (discharged veterans) or Statement of Service (active duty)
✓ VA disability rating letter (if applicable — may exempt funding fee)
✓ No minimum credit score (most lenders overlay at 580–620)
✓ 0% down payment
Self-Employed Borrowers
Additional Requirements
✓ 2 years of personal AND business tax returns
✓ Year-to-date Profit & Loss statement
✓ Business license or CPA letter confirming 2+ years in business
✓ Last 2 months business bank statements
✓ If applicable: K-1s, partnership/operating agreements
✓ Bank statement loans available: 12–24 months of personal or business statements (no tax returns)
✓ Year-to-date Profit & Loss statement
✓ Business license or CPA letter confirming 2+ years in business
✓ Last 2 months business bank statements
✓ If applicable: K-1s, partnership/operating agreements
✓ Bank statement loans available: 12–24 months of personal or business statements (no tax returns)
DSCR / Investment Property Loans
Non-QM — No Personal Income Required
✓ No W-2s, pay stubs, or tax returns needed
✓ Current lease agreement or market rent analysis (Form 1007)
✓ Property insurance quote
✓ 20–25% down payment
✓ 660+ credit score (most programs)
✓ Entity docs if purchasing in an LLC (articles of organization, EIN letter, operating agreement)
✓ Current lease agreement or market rent analysis (Form 1007)
✓ Property insurance quote
✓ 20–25% down payment
✓ 660+ credit score (most programs)
✓ Entity docs if purchasing in an LLC (articles of organization, EIN letter, operating agreement)
Start Your Pre-Qualification
Not sure what you need? Call Brainy at (949) 665-0909 — he'll walk you through it.
Still Have Questions?
I'm always happy to chat — no pressure, no obligation.