My First Meeting w/ Local Bank / Lender, Need Your Advice!

[Nicholas Johnson]

Hey BP -- I'm working on getting my first house [hack] purchased in the next couple months and I am going in to meet a local banker / lender tomorrow morning. I plan to dress sharp and bring some information about the area I'm targeting and some of my specific goals. I'm going in with the intention of building a long term relationship. In short, I'm looking to get pre-qualified for an FHA loan.

Wanted to reach out to the community and ask for help on how to best prepare for the meeting to make it a success! Any tips or advice, please share in the comments! Thank you for your help.

Nick 

Minneapolis, MN

[Tim Swierczek]

@Nicholas Johnson As a lender I think its great you're considering how you can approach this meeting.  The best way to get the most out of a meeting with a lender is to apply before you meet as lending is complicated and you will get more questions answered if you give the lender time to digest your situation before you meet them.  That being said, how you dress will be much less important than how organized you can be and that you can provide the necessary documentation to get you pre-approved.  Here is a list of what is generally needed that we send to all clients before we meet with them.


1.Your 2 most recent months of bank statements (all pages) for all checking and savings accounts. Note, we are also required to document ALL non-payroll deposits made on these statements. So, it’s very helpful to look at all the deposits and if they are not obviously payroll please try to document what the source of the deposit was.

2.Your most recent 1 Full month of paycheck stubs including YTD totals

3.Your 2 most recent years W2’s

4.Your 2 most recent years Federal Tax returns, including all schedules, if self-employed please include all corporate returns and a YTD P&L.

5.Current Statements for any Certificates of Deposit, Stock, Bonds, Cash Value Life Insurance and/or Retirement Acct (IRA's, 401K's,401B's etc) if applicable (all pages).

6.Legible copies of your Unexpired Driver’s License, these do not copy or scan well so feel free to text or email me a clear & legible copy to this email or text (phone blocked).

7.Employer’s HR Contact Name and Number if known (if your employer uses a verification service called “The Work Number” we will need your salary key).

8.FYI PURCHASE- A copy of the purchase agreement with a copy of earnest money check. If you don’t have this I can get it from your Realtor.

9.FYI PURCHASE- We will need proof that the earnest check has cleared the bank at a later date. Which includes a copy of the front & back of the cancelled check, you can usually get this directly from your bank, and a printout on your account (online banking is ok as long as it identifies it’s your account with a name or account number) from the date of your last bank statement through the date your Earnest Money check cleared.

10.Name and phone number of your homeowner’s insurance agent- I know a great agent if you are interested in a name or a competitive quote.

11.A full copy of bankruptcy papers, divorce decree, or court-ordered child support if applicable.

12.If Gift Funds are used, a signed gift letter that we provide you and proper proof of the donor’s ability to gift the funds. Please email me for detailed instructions and a link to the gift letter for download.

My other thought is that you should consider other loan options. If you would like more than one multi-unit property then you are better served by starting with a 5% down multi-unit purchase and making your second purchase FHA. You will save your self 15% down if you do the conventional first. PM me if you would like to know more or if your lender does not allow 5% down on conventional multi-unit purchases. Most do not.

Good Luck,

~Tim