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What financial docs do I need to buy a home?

In a nutshell:

In today’s competitive real estate market, it’s important that serious buyers have all of the necessary documentation ready to make an offer at a moment’s notice. This documentation includes financial paperwork like pre-approval letters (pre-qualification letters for Texas buyers) and proof of funds (even if you’re that rare buyer that can pay in all cash).

Mortgage Pre-Approval/Pre-Qualification

This is a letter from a lender stating the loan amount for which you’ve been approved. Essentially, it’s proof of your financial ability to purchase the home.

Your pre-qualification/pre-approval letter will usually need to contain:

  • Your name (or the name of your co-buyer)
  • Issue date (ideally within 60-90 days of offer date)
  • The loan amount you qualify for
  • Name of your lender
  • Lender NMLS number

Proof of Funds

These documents show the seller that you have the liquid funds available to cover the costs associated with purchasing a home. Valid proof of funds documents could be:

  • A statement of accounts from your bank statement
  • An open equity line of credit
  • A copy of a money market account balance

Proof of funds documents, usually need to have the following information clearly visible:

  • Your name (or the name of your co-buyer)
  • Issue date (ideally within 60-90 days of offer date)
  • Name of the financial institution
  • The amount that’s currently available

Your agent can help you determine what documents will best work.

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