Step 5. (Final Approval) Final approval is issued by the lender once the conditions mentioned in step 4 are received. The bank is confident the buyer is a good risk and we are approved to order loan documents. At this time your loan officer will submit final fees and loan terms to the lender. Loan documents are drawn at this time. Step 6. (Funding and Closing) Once the sellers and [...]

Step 1. (Pre-Qualify with your Loan Officer) Your first and most critical step is setting up an appointment to meet your loan officer. Whether your appointment is with a broker or representative of a direct lending institution, meeting your loan officer in person will give you an opportunity to assess his/her integrity and experience in person. At best it will create a lifetime relationship with a valuable professional you will [...]

Step 2. (Confirm/lock rate) At this stage you are already been pre-qualified by your loan officer and his file already includes your income and asset documentation which should have been collected in step 1. At this stage you have selected a property to purchase and your offer has been accepted. Now is the time to lock down your pricing and finalize your loan terms. Signatures for the application and disclosure [...]

Step 3. (Processing and Submission) The Loan process works in tandem with various 3rd parties who are handling your purchase transaction. Included with your Real Estate Agent are Escrow, Title, Pest Inspectors, Property Inspectors and Appraisers. Each of these parties provides information to your loan officer that is vital to your loan approval. Before we submit your file to the bank for a “conditional” approval we must confirm through the [...]

Yes, it is possible to purchase another home immediately after successfully short selling your home. However, you need to fit the following criteria, and utilize a Federal Housing Administration (FHA) loan in order to do this. The home which was sold short cannot have been purchased utilizing an FHA loan; At the time of short selling the previous home, payments on the mortgage must have been current; No deficiency judgment/payment(s)  for any [...]

More buyers have been able to purchase homes due to housing prices declining and closing the gap that once existed between household income and home affordability. Thus, it is no surprise that FHA Financing is the most widely used type of financing today. First time buyers as well as repeat home buyers are attracted to the favorable qualifying guidelines such as: lower down payment requirement, leniency on qualifying FICO scores [...]