Get Pre-Approved

Pre-Approval:

Are you shopping for your new home?  Many lenders offer a quick Pre-Qualification, basically a review of your credit report and stated income to give you an estimated loan amount. This does not provide a firm loan commitment allowing you to shop in confidence. FDM Pre Approvals are based on review of all required documentation providing you the piece of mind that the pre-approval is solid and will turn in to a timely closed loan.

The FDM Purchase Power Program is a fully underwritten Pre-Approval with a 120-Day Lock and Shop and float down feature that lowers your mortgage rate if rates improve during the loan process.  If mortgage rates improve after you close on your new home, the FDM Purchase Power Program includes the Refinance Protection Program providing a free refinance.

The FDM Purchase Power Program allows you to shop in confidence knowing your mortgage is already approved subject only to the appraisal and title work.  Find a home… Your loan is done!

 

FDM Purchase Power Mortgage Documents Required

The mortgage process requires detailed information regarding your financial standing. This is often called 2+2+2.  Two Years Income information + Two Months Income Information + Two-Months Asset Information. 

Income:

• Most Recent 30-Days paystubs.

• Last 2-Years W-2’s

 

Self-Employed Borrowers including independent contractors: 

• Complete copies including all schedules of the most recent two years Personal Tax Returns.

• Complete copies including all schedules of the most recent two years Business Tx Returns.

• Year-to-Date business Profit and Loss and Financial Statement. 

Assets:

• Complete Copies of the most recent two months’ bank statements.

• Complete copies of the two most recent investment account statements including stock, investment, 401K and retirement accounts.

Throughout the mortgage application process, you will need to provide updated information. This is a normal part of the mortgage application.