Loan Process

Purchasing a new home is one of the biggest financial decisions you’ll make—and one of the most rewarding. Homeownership allows you to take control of your future while building equity over time.

There are many ways to finance a home, including different loan types, interest rates, and terms. Our mortgage loan originators will guide you through these options to help you choose what best fits your situation. Because programs and guidelines are constantly evolving, your options will depend on your unique financial profile. We encourage you to contact our office to discuss any specific circumstances so we can explore the best solutions together.

Below is a general overview to help you understand what to expect during the process.

Qualifying

Most loan programs require a two-year work history, ideally in the same line of work. There are exceptions, but generally:

• W-2 borrowers should have a consistent two-year employment history
• Self-employed borrowers will need to provide two years of tax returns

Credit requirements vary by program. Many loan types require:

• A minimum credit score of around 620
• No late payments within the past 12 months

However, there are exceptions. We do offer programs for borrowers with lower credit scores, though these may have stricter requirements regarding debt and assets. Please contact us for details.

Down Payment

• Not all loan programs require a down payment
• If a down payment is needed, the source of funds must be verified

Acceptable sources of funds may include:

• Gifts from family members or close friends
• Retirement accounts or 401(k) loans
• Savings or checking accounts

In most cases. unverifiable cash deposits or funds without proper documentation cannot be used.

Debt & Financial Disclosure

It’s important to disclose all financial obligations, including:

• Other properties or land you own
• Co-signed debts
• IRS repayment plans
• Alimony or child support
• In some cases, monthly childcare expenses
• Self Employment or business losses

If you’re not currently eligible to qualify, our team can help you create a plan to get there. Many of our clients successfully follow a structured path toward homeownership with our guidance.

Once you are pre-qualified, you can begin working with your real estate agent to search for a home. We will also provide pre-qualification letters to support your offers.

Underwriting

After your offer is accepted, your loan will move into the underwriting process. Here’s what to expect:

• Documentation:

  You will need to sign initial disclosures and provide any remaining required documents

• Appraisal:

  An appraisal will be ordered to determine the home’s value. Costs typically range from $600 to $1,100 depending on the loan type and state the property is located in 

• Review Process:

  The underwriter may request additional documentation after reviewing your file. Prompt responses will help keep your loan on track

Once all conditions are met and your loan is approved, your file moves to the closing department.

Closing Process

During this phase:

• Final numbers are coordinated with the title company
• Any prepaid expenses (appraisal, inspections, etc.) are verified
• You will receive a Closing Disclosure to review and sign at least three business days prior to closing

Please note that initial figures are estimates—final numbers will come from the title company.

Before closing:

• Coordinate with the title company to arrange payment of any funds due
• Bring two forms of identification to your closing appointment

Your loan originator will review all final documents with you and answer any questions to ensure you feel confident and prepared.