Bob Northern & Company
12540 Patterson Ave
Richmond, VA 23238
Tel: 804-708-9463 • Fax: 804-708-9467
 
Financial Information
 
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What is the difference between Pre-Qualified and Pre-Approved?

The difference is critical in whether you get or don’t get the home
of your dreams.

 
Pre-Qualified vs. Pre-Approved (continued)
 
You can be pre-approved in less than one day if you know what you're doing!
 
Faxing to your lender a copy of:
1.
Your most recent 30 day pay stubs (your social security number must be on your paycheck)
2.
Faxing a copy of your two most recent checking and savings account statements
Your lender can then:
1.
Obtain a copy of your credit report
2.
Determine which (if any) of the following normal loan processing information will be needed based on your credit scores
3.
If your credit score is high enough, they can approve you the same day, contingent only on a satisfactory appraisal evaluation
Normal information needed to process your loan application includes
1.
Past two years w-2's & most recent 30 day pay stubs
2.
Past two years payment history for landlord/mortgage payments
3.
Past two years employment information
4.
Real estate contract (faxed to lender by Bob Northern & Company once the contract is accepted)
5.
Bank name, checking and saving account numbers & balances or copies of most recent
two months statements
6.
Other asset account locations, account number(s) and balance(s) or copies of last two months of account statements
7.
Open loans-names, addresses, account numbers, balances and monthly payments
8.
Loan information on any other real estate owned
9.
Certificate of eligibility for veterans or DD-214
10.
Check for credit report and appraisal
Credit report: approximately $50.00 per person or approximately $50.00 for a married couple
Conventional appraisal fee: $350.00
FHA appraisal fee: approximately $400.00
Veterans administration appraisal fee: $350.00
11.
Self-employed: last year’s tax returns with schedules, YTD P&L’S
12.
Divorce decree: to document court ordered child support payments or income
13.
Bankruptcy discharge: to include full set of papers
 
(Please note all amounts listed as approximates are estimates only and may vary up or down)