Loan Programs

• 5% minimum down payment requirement

• Maximum loan amount of $510,400

• Seller concession is limited to 3-9% of the sales price

• PMI required over 80% LTV

• Additional options are available

•    3.5% minimum down payment requirement
•    Max loan amount will be $331,760
•    Upfront Mortgage Insurance premium financed into the loan
•    Condominiums must be on FHA approved list
•    No income limits
•    Seller concessions up to 6% of the sales price
•    Gifts allowed

•    Property must be located in USDA approved area
•    No down payment required - 100% - 102% LTV financing based on appraised value
•    Possible financed closing costs
•    Reduced monthly mortgage insurance premiums
•    New and existing homes eligible
•    Seller concessions of 6% of the sales price
•    Condominiums may be eligible for financing
•    Not restricted to first time home buyers

•    0% down payment requirement
•    Must meet VA eligibility
•    $510,400 maximum loan amount
•    No MI
•    VA funding fee financed into the loan
•    Disabled veterans can waive funding fee

•    Locks up to 120 days with no upfront lock fees.
•    Delivers flexibility to the homebuyer's experience.

•    Jumbo Loans
•    Renovation Loans
•    Construction Loans
•    Bank Statement Programs
•    Investment Property Programs

Mortgage Loan Process

The first step is to complete a full loan application, which can be done online or with the assistance of your loan officer. Once your application is received your loan officer will guide and help determine which loan program best fits your needs while informing you of the needed documentation to move forward with the process.

This is the fun part; you can work with a licensed real estate professional that will help find that house you can call home! Along the way, they will assist in making sure you are aware of any unseen or unnoticed issues to ensure you are buying with confidence. Once you find the right place they will work on your behalf for the best terms and price of the sale.

Once all parties have agreed to the terms of the sales contract, your loan officer will begin collecting information to provide the best program options and terms available. A Loan Estimate will be provided to detail the loan specifics such as the interest rate, monthly payment, and total closing costs. The Loan Estimate shows you what loan terms the lender expects to offer if you decide to move forward. If you decide to move forward, the loan officer will ask for additional financial information for the processing of the loan.

A Mortgage Underwriter’s job is to assess the risk of lending you, the applicant, money to purchase your home. They consider factors such as credit history, 
employment history and income when determining whether to approve the loan.

Your REALTOR® can recommend a capable home inspector for a thorough inspection of the property. The inspector will check for any structural and/or material defect, items you will want to know about before your purchase. After the inspection is complete your loan officer will place the order for your appraisal and a licensed appraiser will be randomly selected to complete the order.

Once the underwriter has reviewed all the documentation provided for the buyer and it meets the minimum requirements they will issue a “conditional approval.” However, this approval will still have a few items needed to get final approval.

Once the additional items from the conditional approval have been obtained the underwriter signs off giving it a clear to close. The file will now move into the closing. This is where we get the paperwork ready for you to sign and move the money to the title company to pay for the home.

Mortgage Dos and Don'ts

Keep your financial records close at hand in case updates are requested.

Underwriters require more documentation than in the past. Even if requests seem silly, intrusive or unnecessary, please remember that if they didn’t need it, they wouldn’t ask.

Be aware that underwriters typically verify your income and tax documents through your employ-er(s), CPA, and/or IRS tax transcripts. Hold onto new paystubs as received.

Changes in credit can cause delays, change the terms of your financing or even prevent closing. If you must open a new account (or even borrow against retirement funds), please consult with us first.

Continue saving account statements. Keep all numbered pages of each statement. Ex. 8 of 8.

If you’re receiving any gift money from relatives, they’ll need to sign a gift letter (we’ll provide) and an account statement evidencing the source, which must be “seasoned” funds.

Probationary periods, career or even status changes (such as from a salaried to a commissioned position, leave of absence or new bonus structure) can be subject to very strict rules.

If you’re renting, continue paying your rent on time and save proof of payment. If you’re selling your current residence, be prepared to show your closing disclosure. If you’ll be renting your home, you may need to show sufficient equity, a lease, and receipt of the first month’s rent and security deposit.

Continue making payments on time. Your credit report may be refreshed, and any negative change to your report could cause you to lose your approval and your home.

Primarily large but sometimes even small deposits must be sourced unless they are identified. Make copies of checks and deposit slips. Make sure you keep all documents on any large deposit.