A mortgage not insured by FHA or guarantee by the VA or Farmers Home Administration (FMHA).

Mortgages insured by FHA/HUD that are underwritten according to their guidelines. These loans are easier to qualify for because of the "relaxed" credit standards and they require a low down payment. They are also assumable with qualification and release of liability. The maximum loan amounts vary by state and county. MIP (mortgage insurance premium) is required in all cases and the upfront 1 year premium (UFMIP) can be financed into the loan. The MIP monthiy renewal declines annually and once the remaining loan balance is 78% of the original purchase price, is removed completely. They are only available for owner-occupied purchases and refinances on eligible properties such as single-family homes*, multi-family up to a four-plex, and approved condominium projects. FHA offers both fixed rate and 1-year ARM loans. They also offer loans on homes in rural areas, eligible manufactured housing, and homes that fall under certain parameters for low-income housing.

Mortgages insured by the Veteran's Administration that are only available to retired or active duty military people (and veteran's surviving spouse) who have served the required time to have eligibility. VA sets the maximum loan amount (including funding fee) that they will guarantee against default. Allows a veteran/active military buyer to purchase with no down payment. A one-time Funding Fee is charged based on type of military duty served and if they are first-time or repeat user. The fee is reduced in they put 5% or more down, and is charged at a lower rate if they are refinancing an existing VA loan. These loans can only be used for owner-occupied purchases and refinances on eligible properties such as single-family homes* and approved condominium projects. They are also assumable with qualification and release of liability, but the Veteran's eligibility is not restored until the mortgage is paid in full.

A commercial loan made by a bank; to be repaid with interest on or before a fixed date.

A mortgage on which the interest rate is set for the term of the loan.

Paying off one loan by obtaining another; refinancing is generally done to secure better loan terms (like a lower interest rate).

Click Here for more information on refinancing.

1. If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
2. If you own rental property, please provide rental agreements and two years tax returns.
3. If you wish to speed up the approval process, please also provide three months bank statements for each bank, stock and mutual fund account.
4. Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.
5. If you are requesting a cash out refinance please provide a letter explaining what you plan to do with the proceeds. Provide a copy of divorce decree if applicable.
6. If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

1. If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
2. If you own rental property, please provide rental agreements and two years tax returns.
3. Please provide a copy of the note on your first mortgage. This will normally be found in your closing loan documents.
4. Please provide a signed letter explaining what you plan to do with the proceeds.
5. Provide a copy of divorce decree if applicable.
6. If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

Getting qualified before you apply for a loan can help you understand how much you can borrow.

When buying a house, you may get pre-qualified or pre-approved. You can typically get pre-qualified over the phone or on the Internet in a few minutes. A pre-qualification is not as beneficial as a pre-approval where you have to go through a more rigorous process which includes verification of your credit, income, assets and liabilities. It is highly recommended that you get pre-approved before you start looking for a house. This will help you:

Find out the maximum house you can buy, so you don't waste time looking for properties you can not afford. Puts you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved. Helps you close quickly, since your loan is already approved.

To shop for a loan you will need to:

Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans. Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get.

Compare different programs. Shopping for a loan can be difficult. With so many programs to choose from, each of which has different rates, points and fees, it's hard to figure out which program is best for you. That's where an experienced loan officer can help you make a decision that's best for you.

Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:

1. Credit history
2. Employment history
3. Assets including your bank accounts, stocks, mutual fund and retirement accounts

Property value

Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval:

Fill out the loan application completely...
Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date. Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application. Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us. Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public.

Be prepared to:
Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally not accepted. Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate.

Sign the loan documents.
Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.