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
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.
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
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 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.