Once you have your PAS, it is vital to maintain your financial status quo until the keys are in your hand:
for the last 60 days (checking, savings, and money market accounts). Investment statements (401k, IRA, or brokerage accounts).
: Lenders often call your employer to confirm your current position and salary. If you've recently changed jobs, they may look for a consistent history in the same field. Why PAS is Essential pas requirements home buying
: Much of the heavy lifting regarding your finances is done upfront, leading to a smoother final underwriting process. Common Pitfalls to Avoid
if a family member is providing funds to help with the purchase. Once you have your PAS, it is vital
: Lenders need to verify you have a steady cash flow to cover mortgage payments. W-2 statements from the past two years. Recent pay stubs (usually covering the last 30 days).
To obtain a pre-approval, lenders generally require documentation and proof across four main categories: If you've recently changed jobs, they may look
if possible, as a career change during the process can trigger a re-evaluation.