Prequalify for a loan can be expedited
over the fax or phone or email directly. Once an application is
taken, we will run a credit report and based on the information provided
by you, we will be able to determine your credit worthiness.
We have the ability to fax or email your
prequalification letter to your agent and an original will be sent to you.
Next step will be mailing a check list to you with
an origination application to be signed and dated, or you can get the application
package online.
We will request an appraisal on the subject property
after your documentation is received and forward to the lender with their
*conditional approval.
*Conditional approval for
the lender means that the loan has been approved subject to the appraisal
value to match the purchase prior on contract and if the income on down
payment may need further documentation.
Escrow will be opened and the escrow officer will be
in communication with both the client and our company. We will
notify you if the escrow has any requests such as monies to be deposited
into a trust fund.
Once all the conditions are received by lender, i.e.
home inspections, roof certification; septic/well certificates; The
lender will draw the documents to be sign by you the client.
There is no rescission period for purchases but
there is a three day rescission or cooling off period for refinancing a
home that you own.
On an "A" customer guideline we would need
the following -
- 680 fico score (this will be on your credit
report)
- 2 years W2 or 2 years 1099
- 3 months back statements
- 1 month pay stubs
- contract of sale
- fire and flood insurance (if required)
If this is a refinance -
- copy of 1st and 2nd mortgage statements
If a cashout program up to 125% of value -
- copy of 1st and 2nd mortgage note to determine if
there is a variable rate, prepayment penalty, etc. involved
