have broken the Loan Process into 4 easy to understand steps.
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.
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
Final Approval: The loan
is then reviewed by an Underwriter for final Approval and closing
instructions are sent to the title company.
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.
Refinances require less / Better credit requires less
Last three (3) months of consecutive statements (when cash
reserves are required)
Sales contract on purchase.
Check Stubs (last full month)
401K, Stocks, Bonds, Etc.
Most recent statements showing balances for the last three
(3) months or two (2) quarters (when cash reserves are required)
Name, company, and telephone number
and/or 1099's (last two years)
[needed when applicable]
Tax Returns (last two years)
Rent Checks (last 12 months)
Divorce and/or child support, fully executed.
Name and phone number(s).
Discharge List and copies of all included debt.
Current copies on each property.
is a mortgage?
mortgage is a loan secured by real property (permanently affixed
to the ground house). There are 3 main types of mortgages: Conventional,
FHA, & VA.
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.
These are loans funded by the government's
Housing Administration department.
A mortgage that is insured by the
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.