Your Guide to Getting Approved

The following is a list of helpful information provided by Alpha Mortgage regarding the mortgage process and loan approval.  Save this information as a guide to help keep you on course when getting approved.

INFORMATION/DOCUMENTATION NEEDED TO OBTAIN A PRE-APPROVAL LETTER

• Full name & Social Security # for all borrowers that will be on the loan
• Residency:  address for last 2 years & monthly mortgage or rent payment
• Employment history for the last 2 years; name & address of employer; title/position 
• Most resent 30 day pay stub(s)
• Other forms of income:  retirement; pension; social security. i.c.:  awards letter
• If Salaried Employee or commission income or retired (must have 2 year history to use commission income):  Most recent two years federal tax returns, including all schedules as well as W2's and/or 1099's
• If Self Employed (must have 2 year history):  Most recent 2 years federal tax returns, personal & business, including all schedules and attachments
• Most recent two months bank statement(s), all pages, for all asset accounts including documentation for other funds that will be used for closing - i.e.:  sale of current home; gift etc.

The above documents can be faxed to your Alpha Mortgage loan officer's secure, private e-fax line.  Please note additional documentation may be required depending on the file.

DOCUMENTATION NEEDED FOR FINAL APPROVAL

• Signed loan application, disclosures (Mortgage Consultant to provide and go over with client) & copy of valid driver's license
• Check made payable to Alpha Mortgage for $500 for the credit report & appraisal
• Fully executed legible Purchase Contract including all addendums
• Copy of canceled check(s) or bank statement showing Earnest Money & Due Diligence funds have cleared your bank account
• Copy of recorded separation agreement and/or divorce decree, if applicable
• Fully executed Gift Letter & specific evidence gift funds have been given, received and now in clients bank account, if applicable 
• Contact information for landlord, if applicable
• Current mortgage statement, if applicable
• Letter of explanation for any derogatory accounts and/or credit inquires on credit report, if applicable
• Letter of explanation for gaps in employment, if applicable
• Evidence of source of odd deposits on bank statements, if applicable
• Satisfactory appraisal -if appraiser notes any repairs are needed they will have to be complete prior to closing on this mortgage - Alpha will order appraisal
• Contact information for how owners insurance & closing attorney
• Copy of Pest Inspection, if applicable
• Copy of any other inspections, if applicable