FHA or Conventional - New Client Orentation

There are 13 Steps to every mortgage loan. Every step is crucial in obtaining your home loan. This new client orientation will reveal the process step by step so your loan expectations are met or exceed at the end of this process. A FHA or Conventional refinance loan should never exceed 20 days from processing submission to the closing. In todays financial market we together face unforeseen obstacles. With this being said we will work as fast as possible in securing your new home loan.

1. Prequalification:
   • Credit History will be obtained by us
   • Debt/Income ratios are determined by requesting income documents
   • Assets will be discussed to verify minimum reserves needed
   • Loan To Value is assessed via property value reports we obtain for you
   • If you are purchasing a new home we will discuss down payments
   • Types of Financing custom tailored to your needs are discussed


2. The Application: After the above actions are taken, the application is initiated and sent out for you review and signatures
   • If you have filled out a online application we will review and add any missing areas for you
   • We will order an appraisal only after verifying minimum property value
   • Title will be ordered and a place of covenant closing with be decided upon


3. Your Loan Officer will submit the package to a Loan Processor only after receiving the signed application and requested items to complete your loan.
   • Verifications of Deposit, Assets, Employment, Rent or Mortgage history, are ordered and faxed to the appropriate institutions or       individuals
   • Your Loan Application is analyzed by the Processor.
   • Your Appraisal is received and final value is inputted
   • Your Title will be sent back and corrected for underwriting
   • A current payoff will be obtained reflecting odd days interest


4. Once all of the necessary underwriting conditions are received by the processor, your loan will be submitted to underwriting.


5. Underwriting Approval is issued ( some times with conditions)
   • The Underwriter approves the loan
   • If further conditions are stipulated the processor will contact the appropriate party’s to satisfy the out standing condition


6. Your Interest Rate will be locked- this can be locked at any time during the loan process , based on current markets your loan    officer will advise

7. Your loan is issued a Clear 2 Close

8. Your loan officer will contact you to schedule a convenient time for you to close. The loan officer will schedule with the closing    attorney and lender to insure all parties are able to meet the date and time of you closing.

9. Your Closing instructions and loan Documents will be sent via email to the closing attorney

10. The closing attorney will prepare the HUD and forward it to the loan officer for review. The loan officer will also contact you to       review the final numbers

11. Your Loan Documents will be signed by you- If you are purchasing a new home any Down Payment money must be brought via       certified funds.

12. Your signed loan documents are sent back to the lender.

13. If your loan is a new purchase and or a refinance of a 2nd home your loan funds will be disbursed immediately. If your loan is a       refinance of an owner occupied property you will have a 3 day right of rescission. (i.e. the only day that does not count as a       recession day is Sunday)