Before you start shopping for a home, take the time to get pre-approved for a loan. This way, you're prepared to make an offer when you do find a home.
Assemble the following details and documents ahead of meeting with your Loan Officer or submitting an application:
- Date of birth, Social Security Number and address history for the period covering the most recent two years
- Payment instructions for the credit bureau report (CBR) fee and appraisal fee
- Paycheck stubs for the period covering the most recent 30 days of YTD earnings
- W-2 or I-9 tax forms for the period covering the most recent two years
- Additional documentation reflecting any bonuses, commissions, overtime or other sources of income
- Signed Federal tax returns for the period covering the most recent last two years (with all schedules) if you are self‐employed or receive rental income
- An idea of the state, county, city and zip of where you want to purchase a home
- Any tax, homeowners/condo dues, insurance and lien information (balances, monthly payment and mortgage company/lien holder name) for all real estate owned
- Non-Navy Federal asset statements for the period covering the most recent past two months (or recent quarterly statement) for all assets you plan to use to qualify, including Checking, Savings, CDs, 401(k), TSPs, IRAs, stocks, bonds or other securities
Pre-approvals can usually be completed within one to two business days of receiving all requested documentation.
Depending on the property type and unique circumstances of the borrower(s), there may be additional documents required if you choose to have other income considered for repaying your loan. Examples include divorce decrees to confirm child support and alimony payments, a copy of the earnest money deposit check, a gift letter for funds to be provided by a family member, etc.
After you've submitted an offer on a home, and that offer has been accepted by the seller, the conditions of the mortgage will be finalized by the lender. At that time, you'll need a ratified sales contract signed by all parties, with all applicable addendums. You'll also need to know the following information about the property you're purchasing:
- Property type (example: Condo, Townhome, Single Family, etc.)
- Purchase price and loan amount
- Source of down payment and closing costs
- Estimated homeowners/condo association dues
Navy Federal may request additional information to verify the property information and your financial condition before completing the loan approval process.