- Talk to a Loan Officer: Thinking of purchasing a home? The first step in the process is to talk to a loan officer. They can provide you with information on different programs and can help you with the steps needed to qualify for a loan.
- Pre-Qualify: Once you have spoken to your loan officer, you can be pre-qualified for a loan, or use our Pre-Qualification tool to have your information sent directly to our loan professionals.
- Apply: With the help of one of our loan professionals, you will start the loan application and provide all the required documents to your loan officer.
- Documents Required: Any item below that is applicable to you is what you are to provide.
- Income and Assets
- The two most recent years of W-2’s, 1099’s, 1098’s, 1099R, or K1’s.
- The two most recent years of filed 1040’s, Partnership and corporation returns (All pages)
- All pages of the two most recent asset statements for bank accounts, 401K, IRA, Stocks and Bonds, and Money Market.
- The most recent awards, letters for pensions, SSI, and annuity.
- The two most recent pay stubs covering minimum 30 days.
- A two year address history with dates occupied.
- A two year work history that includes name of employer, address, phone number, the dates employed, and positions held.
- If you have child support or alimony, we will need divorce decree and evidence you have been receiving the support for a minimum of 3 months along with birth certificate to prove age of dependent from which support is for
- Any current lease agreements for rental income.
- Property documents
- Mortgage statements for all properties financed, which should include any second mortgage or line of credit.
- Evidence of Homeowners Insurance for any property owned.
- A HOA statements for any property that has HOA dues.
- Miscellaneous
- A copy of the front and back of your driver license.
- If applicable, a copy of the front and back of your permanent resident alien card.
- For any large deposit into your bank account exceeding one thousand dollars, an explanation letter, copy of check, and source are required. A letter of explanation is NOT required for deposits from payroll or automatic deposits from retirement/social security.
- The ages of any dependents that you claim on your tax returns.
- For VA applicants, we will need a copy of DD214 for eligibility.
- If you have had a foreclosure or short sale, we need the address and final settlement statement from escrow/title company.
- If you have had a bankruptcy, we will need the discharge and petition with all schedules.
- Income and Assets
- Credit Report: Credit reports are required for a home loan. Before beginning the application process you should have some idea of where your credit score lies. Have low credit? Speak with one of our loan professionals today for tips on how to improve your credit score.
- Appraisal: An appraisal is done by an appraiser who provides a value estimate based on their interpretation of the market. Value is not created by an appraiser. They compile data and research the site, amenities, and physical condition of the property. Before a final opinion value is given to a property, all collected research and data must be and completed.
- Underwriting: When all the documentations and verification have been completed, your loan processor will send it to the lender. The underwriters main responsibility is to go over the documents provided and state if the loan is acceptable. When more information is needed to complete a loan, you will be contacted to provide that additional information. Once the loan is acceptable, it will be approved.
- Closing: After approval, your file will be transferred to closing and funding. Once ready, the closing attorney will schedule a time for you to sign all the documentation. You should bring a cashiers check of the down payment and closing costs to the closing, as well as identification and proof of insurance. After everything is signed, the documents are sent back to the lender for finalization and funding of the loan. The mortgage note and deed of trust are then are arranged by the closing attorney to be recorded at the county recorders office. After the mortgage is recorded, the final settlement costs are printed by the closing attorney and final disbursements are made.