| MORTGAGE
PROCESS We
have broken the Loan Process into 4 easy to understand steps. Pre-approval:
Apply
Online, in person, or by phone. We will Pre Approve you within
15 minutes. If needed, we will present you with a letter of pre-approval that
you can give to your real estate agent or to the sellers. Loan
Processing: A Title Commitment / Appraisal & Survey
may be required. Once we have received the necessary documentation (paystubs,
bank statements, rental history, etc....) from you, we will check to ensure everything
is in order for expedient final loan approval. We have many reduced documentation
loans.
Final Approval: The loan is then reviewed
by an Underwriter for final Approval and closing instructions are sent to the
title company. Close/Funding:
This is where you will meet at the Title company to sign final documents. After
closing, it takes 1-4 hours to fund purchases and 1-3 days for refinances. Generally
Required Documentation
Refinances require less / Better credit requires less
Bank
Statements
Last three (3) months of consecutive statements
(when cash reserves are required) | Sales
Contract
Sales contract on purchase. |
| Pay
Check Stubs (last full month) |
IRA,
401K, Stocks, Bonds, Etc.
Most recent statements showing
balances for the last three (3) months or two (2) quarters (when cash reserves
are required) | Insurance
Agent
Name, company, and telephone number |
Appraisal
Application Fee
$325(most homes) |
| W-2's
and/or 1099's (last two years) |
Supplemental
Information
[needed when applicable]
| Complete
Tax Returns (last two years) | Cancelled
Rent Checks (last 12 months) |
Final
Judgement
Divorce and/or child support, fully executed.
| Landlord
Name and phone number(s). |
Final
Bankruptcy
Discharge List and copies of all included
debt. | Leases
Current copies on each property. |
What
is a mortgage?
A mortgage is a loan secured by real property (permanently
affixed to the ground house). There are 3 main types of mortgages: Conventional,
FHA, & VA. Conventional
Loans
This type of mortgage is insured by private
corporations. If you conform to the private insurer's lending guidelines, you
will be eligible for the best market interest rates, and the best mortgage rates
in Virginia. You can also get a conventional mortgage without insurance.
There are many conventional programs for W2 employees, self-employed, stated
income and jumbo borrowers. This is the most flexible type of mortgage. FHA
Loans
These are loans funded by the government's
Fair
Housing Administration department. VA
Loans
A mortgage that is insured by the Veteran's
Administration. If you are a veteran or properly related to one, you can apply
for this type of mortgage. These mortgages allow you to finance 100% of the purchase
price of a home with less income and/or less-than-perfect credit. | 
