Doc 01
Two years of W-2s + recent paystubs
Standard W-2 income docs. Self-employed: two years of returns + YTD P&L. Lenders verify income with the IRS via Form 4506-T.
Pre-Approval · the document that wins offers
Pre-qual is talk.
Pre-approval is documented.
A pre-approval is a lender's documented commitment that you qualify for X amount, based on credit pulled + income/asset verification + automated underwriting (DU/LP) approval. Sellers take it seriously. Pre-qual gets ignored.
· What real pre-approval requires
Five docs.
One evening.
Doc 02
Two months of bank statements
Every page, every account. Lenders check for: large deposits (need sourcing), patterns of overdraft, NSF fees, transfers from undisclosed accounts.
Doc 03
Government ID + SSN
Driver's license + SSN for the credit pull. Pre-approval requires a real pull — not the soft pull from online 'pre-qual' tools.
Doc 04
Tax returns (if self-employed or commission-heavy)
Last 2 years. Schedule C, K-1, 1099s, anything that shapes income beyond W-2 wages.
Doc 05
Special situations docs
Divorce decree (if support counts as income). Bankruptcy discharge papers. Gift letters. The list expands based on your file.
· Watch-outs
Four pitfalls
in the pre-approval flow.
Pitfall 01
Confusing pre-qual with pre-approval.
If the LO didn't pull credit and verify docs, it's a pre-qual. Sellers know the difference. Always ask: 'Did you run my file through DU/LP?'
Pitfall 02
Showing your max amount on offers.
Your pre-approval letter says $400K. Your offer is $325K. Always ask your LO for a CUSTOM letter at the offer amount. Don't show your ceiling.
Pitfall 03
Letting the pre-approval expire.
Most expire in 60-90 days. Document age matters too. If you're hunting >2 months, plan for re-verification.
Pitfall 04
Changing financial behavior mid-process.
New credit card, new car loan, new job, large unexplained deposit — any of these can blow up your pre-approval BEFORE you even get to closing. Stay frozen.
Pre-approval is the unlock.
Get it before you tour.
Five minutes for the readiness check. Then we route you to a network LO for the actual pre-approval document.