📋 Quick Checklist
For basic pre-qualification in Arizona, you'll need:
- ✓ Personal identification information
- ✓ Employment details and income estimates
- ✓ Current debt obligations
- ✓ Estimated down payment funds
- ✓ Property location preference
Note: Pre-qualification requires less documentation than pre-approval. Most information is self-reported.
Basic Information Requirements
📝 Personal Information
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•
Full legal name
As it appears on government ID -
•
Date of birth
To verify age and identity -
•
Social Security number
For credit check (if applicable) -
•
Current address
Residence history for past 2 years -
•
Contact information
Phone, email, preferred contact method
💼 Employment Information
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•
Current employer name
Company name and address -
•
Job title and position
Your current role -
•
Length of employment
Start date with current employer -
•
Previous employer (if recent)
If less than 2 years at current job -
•
Type of employment
W-2, self-employed, 1099, etc.
💰 Income Information
For pre-qualification, you'll provide estimates of your income. Documentation isn't required yet, but be as accurate as possible.
Income Types to Report:
Base Salary/Hourly Wages
Your regular gross monthly or annual income before taxes
Bonuses & Commissions
Average over past 2 years if consistent
Overtime Pay
If regular and likely to continue
Self-Employment Income
Net income after business expenses
Other Income
Rental income, alimony, Social Security, pensions, investments
🏦 Asset Information
Provide estimates of your available assets for down payment and closing costs.
Checking & Savings
- • Bank account balances
- • Credit union accounts
- • Money market accounts
- • Certificates of deposit
Investment Accounts
- • Stocks and bonds
- • Mutual funds
- • Retirement accounts (401k, IRA)
- • Brokerage accounts
Other Assets
- • Gift funds from family
- • Proceeds from property sales
- • Trust accounts
- • Other liquid assets
📊 Debt Obligations
List your current monthly debt payments. This helps determine your debt-to-income ratio.
Debts to Report:
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✓
Credit card payments
Minimum monthly payments -
✓
Auto loans
Car, truck, motorcycle payments -
✓
Student loans
Monthly payment amount -
✓
Personal loans
Any installment loans -
✓
Alimony/child support
If applicable -
✓
Other monthly obligations
Any recurring debt payments
🏠 Property Information
Provide details about your home purchase plans in Arizona:
Purchase Details
- • Estimated purchase price range
- • Preferred Arizona cities/neighborhoods
- • Type of property (single-family, condo, etc.)
- • Timeframe for purchase
Financing Preferences
- • Estimated down payment amount
- • Preferred loan type (FHA, VA, Conventional)
- • Loan term preference (15, 20, 30 years)
- • First-time homebuyer status
Special Situations in Arizona
Self-Employed Borrowers
If you're self-employed in Arizona, you'll need to provide:
- • Business name and structure (LLC, sole proprietor, etc.)
- • How long you've been self-employed
- • Approximate annual business income
- • Type of business/industry
Note: Tax returns will be required for full pre-approval
First-Time Homebuyers
Additional information that may help:
- • Interest in down payment assistance programs
- • Participation in homebuyer education courses
- • VA loan eligibility (if applicable)
- • FHA loan consideration
Credit Challenges
Be prepared to discuss:
- • Estimated credit score range
- • Recent credit issues (if any)
- • Bankruptcy or foreclosure history
- • Collections or late payments
Investment Properties
For Arizona investment properties:
- • Investment property vs. primary residence
- • Expected rental income
- • Number of properties you already own
- • Property management plans
💡 Tips for Accurate Pre-Qualification
Be Honest and Accurate
Pre-qualification estimates are only as good as the information you provide. Overestimating income or underestimating debts can lead to disappointment during the pre-approval process.
✓ Do This
- • Use actual numbers from pay stubs
- • Include all monthly debt payments
- • Be realistic about down payment
- • Mention any upcoming income changes
- • Ask questions if uncertain
✗ Avoid This
- • Inflating your income
- • Forgetting about debts
- • Guessing at numbers
- • Hiding credit issues
- • Omitting co-borrower debts
📱 Have Ready
- • Recent pay stub (for reference)
- • List of current debts
- • Bank statement (rough balance)
- • Property address ideas
- • Questions for your lender
What Happens After Pre-Qualification?
Once you provide this information, your Arizona mortgage lender will:
Review Information
Quick analysis of your financial snapshot
Calculate Budget
Estimate your purchasing power
Provide Estimate
Receive pre-qualification letter
Discuss Options
Review loan programs and next steps
Related Resources
Ready to Get Pre-Qualified?
Have your information ready? Let's start your pre-qualification today!
Questions? Email us at [email protected]