General Process
Financing
FAQS
General Process
Financials
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To have a seller seriously consider an offer you make on a home,
a loan pre-qualification letter is a requirement.
The process of loan pre-qualification usually only takes 1-2 business days, but it is important to get this done before you start actively looking for houses. There is nothing more frustrating than finding the perfect home on a Saturday but you don't win the offer because you don't have a loan pre-qualification letter and someone else wins the home.
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The most common way to do a loan application is reach out to a mortgage loan officer via email and ask for them to send you their online application. They will need to do a "hard pull" on your credit that may decrease it by 5-10 points after it is pulled. Usually you can have your credit pulled and shop around for 30 days at other banks and not have it hit your credit with each pull, but this standard is constantly changing . To get prequalified, credit pulling is a must, and you should get prequalified at 1-2 reputable banks. But if you simply are looking to shop around, only your middle "qualifying" credit scores from the three bureaus is needed. Have your credit pulled once, get your qualifying score, and verbally tell other loan officers what your score is.
Drivers licenses, Work Visas required. Usually don't need copy of your social security card but will need to provide the number to pull credit
Need to see all deposits coming in your account the last 60 days. All deposits need to be sourced, cash deposits not "seasoned" and not allowed to be used.
Need 2 years of work history to qualify for loan. School counts as work history and can be used instead if you can provide transcripts of classes
Need to see the last 2 paystubs and years of W2 for your job. If this is your first job that has not started will need to give an employment contract
Jobs starting in the Future will use numbers on contract to qualify you. All employment conditions must be met before closing (Eg drug test clean)
If self employed, a contractor, or using bonus/moonlighting income to qualify - Need 1-2 years of tax returns so they can calculate and "average"
