Resources

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.

Preparing for the Loan Process

Items Needed for Pre-approval

  • W2s from the last two years
  • 1040 Federal Tax Returns from the last two years (all pages)
  • If you are a business owner, you will need business tax returns and K1s
  • 2 most recent paystubs
  • 2 months of recent statements for all assets (checking, savings, money market, retirement, etc.)
  • Driver’s license or passport
  • Other documentation may include: offer letter for employment, school transcripts, social security or pension award letters, divorce decree, bankruptcy papers, short sale documentation.


Information Sent to Your Realtor

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.

Loan Options

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Conventional

A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), Farmers Home Administration (aka, USDA) and Department of Veterans Affairs (VA).

  • 3 or 5% minimum down payment
  • Good Credit
  • No upfront fee
  • No private mortgage insurance (PMI) with 20% down
  • PMI removed at 78% LTV (primary home)
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FHA

An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment.

  • 3.5% minimum down payment
  • Easier to Qualify, more flexible for lower credit scores
  • Monthly mortgage insurance
  • Upfront fee to FHA is 1.75% of loan, rolled into loan
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VA (Active Military & Veterans)

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).

  • 0% down payment
  • Must meet VA enlistment qualifications for program
  • Upfront fee to VA is 0.00% of Loan, rolled into loan (VA waives for certain military status/disability ratings)
  • No monthly mortgage insurance
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USDA

A USDA loan, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.

  • 0% down payment
  • Property must be located in qualified area
  • Maximum household income limit is based on number of occupants (varies by State/County)
  • Upfront fee to USDA is 1.0% of loan, rolled into loan
  • Minimal monthly mortgage insurance
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Mortgage Loan Process

Your first step to homeownership starts with applying for pre-approval. See above for what items we recommend you have on hand.

Once we receive all of your requested documents, we'll schedule a time for us to meet so we can review your mortgage options, talk about the home buying process, and issue your pre-approval!

Now for the fun part...you can start searching for your dream home! Your pre-approval will show buyers that you're serious and make your offer more appealing.

Once you find your dream home and your offer is accepted, your interest rate will be locked in.

Next, all of the appraisal and title work is ordered.


All documents are then sent to underwriting for review - you're in the home stretch!

Once underwriting is done reviewing everything, you'll receive final figures for closing.

Now all you have to do is attend the closing with your driver’s license and receive the keys to your new home. Congratulations!

Mortgage Calculator

Common Questions

  • What are your business hours?

    Describe the item or answer the question so that site visitors who are interested get more information. You can emphasize this text with bullets, italics or bold, and add links.

  • Do we need to provide all of our information to get a rate quote?

    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.

  • Do you guys do a hard credit pull/inquiry?

    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.

  • How long is a preapproval good for?

    Preapproval is good for 120 days.  After that, information will have to get refreshed to extend that time.

  • What happens at closing?

    Describe the item or answer the question so that site visitors who are interested get more information. You can emphasize this text with bullets, italics or bold, and add links.

  • How long does it take to get pre-approved?

    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. 

  • What am I approved up to?

    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. 

  • What are the closing costs?

    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. 

  • Who do I pay and when?

    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. 

  • When is my first payment?

    Typically, 30-60 days from closing.  Due on the 1st of each month with a 15 day grace period.

Homebuyers Guide

Home shopping is an exciting process, but it takes time and preparation to get ready to buy. This homebuyers guide is packed with helpful tips and essential information for every potential homebuyer. You'll learn how to begin the process, what you can afford, the different types of mortgages, and much more.