In order to get your loan quickly approved, you require several items like credit items, asset items, income items, etc. Among these items, income items are very essential.
Following are some income items that should be kept ready for an easy loan approval.
o W2 forms for the last two years should be kept ready.
o The recent most pay stubs covering a period of 30 days are also required.
o Federal tax returns (1040's) for the last two years are needed only if one of the following condition is satisfied:
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If you are self-employed.
If you are earning a regular income from capital gains.
If you earn sizable interest income, etc.
If you earn more than 25% of your income from commissions or bonuses.
If you have your own rental property.
If you are in a career where you are likely to take non-reimbursed business expenses.
o In case you are self employed, a 'Year-to-Date Profit and Loss Statement' is a must.
o In case you own more than 25% of the business, corporate or partnership tax returns should also be kept ready.
o If you are a retired individual, a 'Pension Award' letter is needed.
o For those on social security, Social Security Award letters are needed for an easy loan approval.
Thus, the above listed items should be kept ready before you apply for a loan. Among other items that are needed for a quick loan approval are asset items, credit items, VA loans, FHA loans, refinances, etc. These are discussed in detail in the upcoming articles.
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