Documents Required for Pre-Approval (1-4 Units)Apr 06, 2021
What documents are needed to get pre-approved for a fourplex, triplex, or duplex?
If you've ever purchased real estate before, these underwriting reviews are very similar whether you're financing a primary residence, second home, or whether you're looking to finance 1-4 units for an investment property. The documentation requirements can be almost exactly the same because it's a very similar underwrite.
After you have your discussion with FIG's preferred lender, it'll be time to fill out an application to verify financing eligibility. At that point, you'll be sent a list of things that the lender will need in order to review financial eligibility.
Residential multifamily loans are Fannie Mae/Freddie Mac fixed loans. Whenever you purchase a primary residence, it's the same underwriting standards (looking at debt-to-income ratios and determining eligibility qualify).
- Our lender does a credit check to take a look at credit scores. This allows them to verify your debt to income ratios.
- All W-2 employees will need to submit W-2s for the most recent two years alongside their federal taxes and a most recent pay stub.
- If you're self-employed, according to mortgage guidelines, we would get a copy of your business tax returns for two years as well.
Business owners will also need to submit their business tax returns. Even if you own 25% or more of your company and you pay yourself a W-2, you're still self-employed. This allows us to go in and determine a two-year average of what your business income is (after expenses).
For the most part, that's all the things that we ask for. Our preferred lender has a secure online portal for you to send those electronically. We never ask for these documents over email.