Many buyers assume the home buying process starts with finding a home. Often, buyers will get excited about a specific home they’ve driven by or found online, only to be disappointed when the home is out of their reach.
An important and necessary first-step when buying a home the pre-approval process helps you determine exactly how much money you are qualified to borrow, as well as the terms you can be offered. And, while your pre-approval is not a binding agreement, it allows you the means to make an informed offer on a home.
The process of obtaining pre-approval requires several steps, however; if you are looking to close on the perfect home before another buyer makes an offer, then you need a Validated Pre-Approval from RP Funding.
More than a basic pre-approval, an RP Funding Validated Pre-Approval has proven to be the gold standard when it comes to showing real estate agents and sellers your qualifications as a buyer. RP Funding’s dedicated Validation Team conducts extensive research to pre-approve you as a qualified home-buyer. Having an RP Funding Validated Pre-Approval is critical in backing up your offer and showing the seller and seller's agent that you are a serious buyer and your offer is strong.
A Validated Pre-Approval from RP Funding gives you a clear picture of how much you can borrow and at what terms. This information can guide you while you search for your next home.
Your dream home might also be another buyer’s dream home and a Validated Pre-Approval can help you stand out and move quickly when you’re ready to submit an offer.
A Validated Pre-Approval in hand helps sellers feel confident in your offer as an interested buyer. In fact, many agents and sellers reject offers from buyers who haven’t been pre-approved.
Proof of Income
To get a validated pre-approval from RP Funding, you will need W-2 statements for the past two years, your most recent pay stubs showing year-to-date income, proof of any additional income, and your two most recent tax returns. We will also contact your employer to verify your income and employment status.
Proof of Assets
While your down payment amount will depend on the type of mortgage you qualify for, you will need to prove you have the required funds available to receive your Validated Pre-Approval, based on your two most recent bank statements. If your down payment is coming from a friend or family member, you will also need a letter that proves those funds are not a loan.
Every mortgage lender has unique credit score requirements for each loan type available. To qualify for a Validated Pre-Approval, your credit score must meet the minimums set by RP Funding. For applicants who don't get approved right away, don't give up! We offer a unique Approval Butler program designed to help you reapply in 6 months.
Aside from your driver’s license and social security number, we may also request additional relevant documents to help secure your Validated Pre-Approval. These may include proof of child support or alimony income, retirement account statements, personal and business tax returns (if self-employed), etc.
As you can see, an RP Funding Validated Pre-Approval requires a thorough, quality-controlled process. We take the necessary steps of obtaining your accurate financial documentation to ensure your approval is as strong as possible. Because of our commitment to due diligence, you will have the strongest pre-approval on the market and the best chance of securing your future home.