Whether you're a first time home buyer, you're looking to refinance, or have a unique situation, we'll help you understand all your options, so you can have the home of your dreams.
We will send an email to your realtor, explaining the program you are approved for, closing costs needed and any other details they may need to know.
Preparing for the Loan Process
Items Needed for Pre-approval
W2 forms spanning the previous two years
Your 2 most recent paystubs
Complete 1040 Federal Tax Returns from the last two years (inclusive of all pages)
If you hold a business, ensure you have business tax returns and K1 forms on hand
Bank and asset statements, covering the past 2 months, for all accounts (checking, savings, money market, retirement, etc.)
Additional documents that may be necessary: offer letter from your employer, academic transcripts, social security or pension award letters, divorce decree, bankruptcy records, or documents related to a previous short sale.
A copy of your driver’s license or passport
Loan Options
Conventional
A conventional mortgage stands as a home loan devoid of government backing, eschewing any guarantees or insurance from entities like the Federal Housing Administration (FHA), the Farmers Home Administration (commonly known as USDA), or the Department of Veterans Affairs (VA).
- 3 or 5% minimum downpayment
- Good Credit
- No Upfront Fees
- No PMI (Private Mortgage Insurance) with 20% Down
- PMI removed at 78% LTV (primary home)
FHA
An FHA mortgage, on the other hand, is a home loan granted by lenders certified by the Federal Housing Administration (FHA) and protected by its insurance. These loans are tailored for individuals with moderate-to-low incomes who may struggle to make substantial down payments.
- 3 or 5% minimum downpayment
- More accessible qualification criteria, offering flexibility for those with lower credit scores
- Monthly PMI (Private Mortgage Insurance)
- An upfront fee to the FHA equating to 1.75% of the loan amount, which can be rolled into the loan
VA Mortgage (For Active Military & Veterans)
- Zero Down Payment Required
- Must Satisfy VA Enlistment Criteria to Qualify
- No Monthly Mortgage Insurance
- Upfront Fee to the VA, Equivalent to 1.75% of the Loan Amount (can be included in the loan)
USDAMortgage
- No Down Payment Required
- Property Must be Situated in an Approved Rural Area
- Maximum Household Income Limits are Determined by the Number of Occupants and May Vary by State and County
- An Upfront Fee to the USDA Amounting to 1.0% of the Loan Amount (can be incorporated into the loan structure)
- Minimal Monthly Mortgage Insurance
Conventional
- 3 or 5% minimum downpayment
- Good Credit
- No Upfront Fees
- No PMI (Private Mortgage Insurance) with 20% Down
- PMI removed at 78% LTV (primary home)
FHA
- 3 or 5% minimum downpayment
- More accessible qualification criteria, offering flexibility for those with lower credit scores
- Monthly PMI (Private Mortgage Insurance)
- An upfront fee to the FHA equating to 1.75% of the loan amount, which can be rolled into the loan
VA Mortgage (For Active Military & Veterans)
- Zero Down Payment Required
- Must Satisfy VA Enlistment Criteria to Qualify
- No Monthly Mortgage Insurance
- Upfront Fee to the VA, Equivalent to 1.75% of the Loan Amount (can be included in the loan)
USDAMortgage
- No Down Payment Required
- Property Must be Situated in an Approved Rural Area
- Maximum Household Income Limits are Determined by the Number of Occupants and May Vary by State and County
- An Upfront Fee to the USDA Amounting to 1.0% of the Loan Amount (can be incorporated into the loan structure)
- Minimal Monthly Mortgage Insurance
Our MortgageLoan Process
1. Begin withPre-Approval
The first step is as simple as clicking the “Apply Now” button located at the top of this page. Your journey to homeownership begins here.
2. SubmitDocuments
3. StartSearching!
4. Lock in Your Rate
5. Appraisal &Title Process
The wheels are set in motion as we initiate the appraisal process and place an order for the title work.
6. UnderwritingReview
7. The FinalStretch
8. ClosingDay
Our MortgageLoan Process
1. Begin withPre-Approval
The first step is as simple as clicking the “Apply Now” button located at the top of this page. Your journey to homeownership begins here.
2. SubmitDocuments
3. StartSearching!
4. Lock in Your Rate
5. Appraisal &Title Process
The wheels are set in motion as we initiate the appraisal process and place an order for the title work.
6. UnderwritingReview
7. The FinalStretch
8. ClosingDay
1. Begin withPre-Approval
The first step is as simple as clicking the “Apply Now” button located at the top of this page. Your journey to homeownership begins here.
2. SubmitDocuments
3. StartSearching!
4. Lock in Your Rate
5. Appraisal &Title Process
The wheels are set in motion as we initiate the appraisal process and place an order for the title work.
6. UnderwritingReview
7. The FinalStretch
8. ClosingDay
Mortgage Calculator
Common Questions
We are open from 9-5 Monday thru Friday. However, we are generally always available by phone or email, even during the weekend!
We can make assumptions but prefer not to since once we get your information it can change. There are over 25 different variables that go into the rate. Top variables are credit score, loan amount, loan compared to value, occupancy, and how much or if you want to pay what is called “discount points” to buy the rate down.
Yes, we have to do a hard credit inquiry so we know your credit score. Lenders use a mortgage model which is most of the time different from what the free services give you. The free credit services give you an idea of where you might be, but the score may not be accurate. Credit is one of the major factors that affect interest rates.
Preapproval is good for 120 days. After that, information will have to get refreshed to extend that time.
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Preapproval can get done as quickly as one day or may take up to a week depending on how long it takes to receive your required information.
People are approved up to a certain monthly payment amount: Having to back into that amount by taking into consideration monthly insurance, taxes, etc. Then we also back into purchase price based on down payment. It is always more important to find out what your ideal maximum monthly payment comfortable level is versus your maximum monthly payment qualification amount.
The closing costs are mostly fixed costs associated with getting the loan. In addition, there are some variable items to set up escrow to pay for taxes and insurance at closing. Also, potential points to buy down a better interest rate or lender credit for a higher rate. General rule of thumb of 3% of the purchase price can be a good gauge for homes in the $275K to $375K range.
Inspections will have to be paid at the time of the inspection. Earnest money is usually paid at the time that your offer is accepted. Sometimes appraisals are paid at the time of the appraisal (other times it will be collected at closing). The remaining items are paid at closing.
Typically, 30-60 days from closing. Due on the 1st of each month with a 15 day grace period.
