Purchase Loans
Step 1
Qualifying Factors: 2yr work history or verifiable proof of continuous income Enough Income to support the purchase price Credit needed for your specific loan type Down payment secured with own funds, retirement funds, gifted funds or down payment assistance based on loan type Credit 640 mid score to go Conventional 20% Down payment needed Credit 580 mid score with VA DD 214 & 0% Down with VA Certificate of Eligibility Credit 580 mid score for FHA 3.5% Down payment needed Credit 580 mid score for USDA 0% Down payment needed Credit 500 mid score for FHA 10% Down payment needed No recent BK/Foreclosures (Chapter 7 Discharge 1 year out to go FHA. Chapter 13 2yrs out to go FHA or 3yrs out to go Conventional, 12 months current payments after Loan Modification or Forbearance or 12 months current after any late payments) No collections over $2500 No Mortgage Lates for 12 months No balances due to Property Management companies No accounts currently in active dispute status at the time of closing on your home refinance loan.
Step 2
The Purchase Process Once we have received your signed app & authorization and verification documentation we will let you know that we have received all, and my team of licensed loan officers & loan processors will go to work on preparing beneficial options for you to review & consider. We will be in touch within 48-72 hours of running your credit to go over your available loan options or provide a detailed & professional recommendation, plan of action or Pre-Approval. Once you are Pre-Approved for a home loan we will provide you a document to provide your Agent/Realtor or refer you to one of our expert Agent/Realtors so that you can start shopping for your new home. Your Approval will be forwarded to your own Agent/Realtor or our assigned expert sales Agent/Realtor who will work on locating, showing & securing an offer on the home you choose & negotiate on your behalf in order to get your offer accepted with confidence. Once you have an official offer accepted on your new home and upon receipt of the fully executed Purchase Contract which is your written authorization to proceed we will prepare to submit your loan to the preferred lender & Title/Escrow/Attorney to prepare your loan for initial loan disclosures. After your initial property inspection and your decision to proceed with this home along with proof of your earnest money being paid to your Title/Escrow/Attorney company handling your closing we will begin processing your loan. Your initial loan disclosures and loan estimate will go out to you to esign in order to get your loan conditionally approved, gathering all required documentation needed for final approval with the ultimate goal of preparing your loan for an all clear closing on or before your estimated closing date.
The first step is you will need to esign your initial loan disclosures. This is the outline of the loan, keep in mind your initial loan estimates are an outline for fees are rough estimates and the perimeter of your loan which will never exceed these initial figures unless requested, approved & redisclosed. Your actual & final figures will be determined once your final figures are all determined including principle & interest payment, taxes, lender, title, attorney fees, home owners insurances & any credits are verified well before your loan is cleared for closing.
Step 3
Your Expert/Agent Realtor will coordinate and order your initial property inspection with an inspector of your choice to be sure you wish to proceed with applying for a loan on the home. Once you decide for a fact this is the one and choose to proceed , the assigned loan processor will order & request your credit card authorization or send you a link to pay for your mandatory property appraisal. This is a Inspection that is selected by an approved appraisal company that the lender uses which we can not select or have communication with. Your Escrow opened & title work will be requested along with all other third party needs & required additional documentation, clarification & verifications required as needed until we are cleared for funding. Once your loan is conditionally approved, your preferred Lenders assigned loan processor will work directly with you to complete your final loan conditions for underwriting in order for them to sign off on your final loan approval for clear to close & to schedule your loan closing. This process can take 15-45 days depending on your loan type, program of choice, the value of the subject property or any delays with repairs needed or documentation needed always in an effort to close timely.