Are you a qualified home buyer who needs to be pre-approved for a mortgage?

There are 5 basic steps to take before getting pre-approved for a mortgage with Allied Mortgage Group.  These steps are 1. Assets 2. Income 3. Credit 4. Area 5. Property type.

The first step is to obtain the most recent 2 months of bank statements with all the pages. Make copies. You will need this to give to the Allied Mortgage Group loan officer. Look at your bank statements to see if any large deposits were made during those 2 months. Exclude your direct deposit from your employer.  If you have any large deposits write a letter explaining where the deposit came from.  It shouldn't be no more than a paragraph.  Also, if you are going to use your 401k or IRA to add to the assets make sure you have the latest statements.  Make copies of all the pages to these statements as well. Next, you will want to obtain paystubs for 1 month. If you are self-employed you will need a letter from your accountant confirming your monthly income.  Along with paystubs the Allied Mortgage Group loan officer will need 2-years of W-2's or tax returns. If you are self-employed you will need to bring copies of the corporate tax and K-1 returns for the last 2-years. Remember, if you are paid on a weekly basis we will need 4 paystubs. If you are paid bi-weekly and/or bi-monthly you will be required to bring 2 paystubs.  The third step is the most important step. This should really be the first step.  If you are not completely sure and confident what is on your credit history you will need to go obtain your credit report by clicking here. This is a secure web site.  You can view your credit history online within minutes.  If there is anything on the credit history, which is not yours or should have been removed you can dispute it.  This does take time.  Items that are removed cannot be put back on your credit history.  It is against the law.  Once you are sure your credit history is satisfactory and clean then it is time to move forward onto Step 4. In Step 4 you want to zero in to an area of where you would like to live. For some, the type of job stipulates where you can live. For instance, if you work for the City of Philadelphia, the city stipulates a city employee is not allowed to live outside the city limits.  The final step is to decide what type of property you would like to live in. Remember, you will be living in a property for quite awhile. So make sure you know what you want before being pre-approved and shopping for a home.  Write down notes on what amenities you would like in your home.  Do not be afraid to let loose on the amenities. This is your house.  A good realtor can work with you in finding your dream home. 

Once you get all the above together call Allied Mortgage Group loan officer at 215-355-5626 or apply now online.

Below is the list of items needed to the road to being pre-approved:

1. 1 month paystubs

2. 2-yrs W-2s or Federal Tax returns (1040 or 1040ez) with all schedules (A,E,C)

3. 2-months Bank Statements (All pages)

4. 401k or IRA account statements (all pages)

5. Drivers license and Social security cards for all borrowers

6. Letter of explanation for large deposits (if applicable)

7. Letter of explanation for derogatory accounts on credit history

8. Name & phone number of Realtor (if applicable)