FHA Easier to Qualify
Fill out the online application. You will include income, employment and credit information about yourself and the co-borower if there is one. A loan officer will contact you to go over your application. Will go over your income, liabilities and let you know exactly what you qualify for. At this stage its only preliminary based on the application.
Application is Reviewed
Loan officer reviews the application to see what programs you will qualify for. The loan officer will search multiple loan programs to find the best loans options for you to include. Talking with the underwriters to see what requirements will need to be met in order to secure the loan. The loan officer will then contact you to review your application. They will discuss your goals and will be will be discussed to match the best loan program to what you are trying to accomplish.
Loan Pre-qualification is Issued
After the review is completed an pre-qualification letter is issued. This means you have passed the preliminary requirements to secure a loan. This is not a loan commitment for a final approval. This will tell you how much you qualify for, what the interest rate should be, how much your payments are and if there is any out of pocket expenses.
We’ll underwrite your loan to verify all your information
We will gather documents from you to prepare the loan for underwriting. You will submit income documents such as tax returns, W-2’S, pay stubs, bank statements. Some programs do not require income verification. A loan application is prepared and sent to you for singing. Next, we satisfy the items they will need for closing. An appraisal and title opinion are ordered.
Once everything has been satisfied and the underwriter is finished reviewing the loan and everything is in compliance they will issue a clear to close. Only the underwriter can issue the closing. A Realtor nor a loan officer has the authority to issue a closing. They can only give you an estimate of closing. You will go to closing generally at a title company accompanied by an escrow officer. Here they will review the final closing documents with you for signing. You will sign the closing documents and your loan will fund.