M illieJ Welch, Real Estate

LOVE working for you!

What to Expect...

Applying for a Home Loan:

  • Pay stub for 1 month
  • 2 Year’s of W-2’s: Buyer should have copies of W-2’s, but if needed, the lender can request at the cost of around $20.00 per W-2. The buyer can also request copies of W-2’s from employers. The IRS will not have previous year’s W-2 until August. Example: It’s 2014. Then, W-2 for 2013 will not be available for request from IRS until August of 2014.
  • 2 Months of Bank Statements
  • If Self Employed, 2 Years of Tax Returns
  • If  Military, LES: leave and earning statement/military pay stub
  • Name, address, date of birth, SS#, how long in the military and rank


How to get Pre-qualified for a Loan:

  • Call your preferred lender.
  • You can get pre qualified in 10 minutes over the phone, online or in person. 
  • A good place to start is where you bank: checking, savings, car loans, bank cards
  • It’s always good to get three estimates when you are deciding upon your lender.
  • You will need to know your weekly income: hourly rate and how many hours you work per week
  • The lender will pull your credit. Your credit report will show any debt or outstanding debt you owe.
  • After the lender knows your credit score and weekly income, they'll let you know the amount you're pre qualified for.  Now...it’s time to shop for that perfect home!!