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Initial Documentation
These documents will be necessary to approve your mortgage application. And will help your mortgage application go as quickly and smoothly as possible. It’s common that we’ll ask you for more documents as we review your mortgage application.
– 2 Most Recent Pay Stub for All Jobs
– Last 2 Years W2’s for All Jobs (2018 & 2019)
– Last Two Years Full Tax Returns (2018 & 2019)
– 2 Most Recent Bank Statements for all Accounts
– Copy of Driver’s License
– Copy of Social Security Card
Received New Mortgage Application
Thank you for submitting your mortgage application. We appreciate it takes time and effort to get to this stage, but now you’re well on the way to buying a property or refinancing an existing one. We have a simple step-by-step guide to help you understand how we deal with your application at every stage.
Assessment
My processor and I will thoroughly assess your mortgage application and any supporting documents to build up an overall picture of how you manage your finances. This is an important part of the mortgage application processes. We’ll take a look at the received documentation that supports your work history, income, credit report, savings, assets, down payment, etc.
To help understand your mortgage application more clearly and move your application forward, we will ask you additional questions and for supporting documents.
My processor or I will email you about any additional questions we might have about your mortgage application. We will include in the email the additional documentation we will need to support the information provided on your mortgage application. Please, make sure all submitted documentation is clear to read and includes all pages on numbered documents. When we email you, we will attach to the email additional document(s) we will need for you to sign to start the pre-approval process. A borrower’s authorization to sign and date for us to use to order additional documentation to verify your mortgage application.
Once, we’ve assessed your mortgage application and received all documentation. We then move to the next stage to pre-approve your mortgage application.
Verification
We can start the approval process once we have a completed mortgage application and all documentation. Usually, it takes 3-to-5 business days to verify a mortgage application work history, income, assets, reserves, down payment, etc. A very complicated (difficult) mortgage application could take 5-to-30 days to verify. Because, third parties (other people) are involved with verifying a mortgage application. It takes time to thoroughly review a mortgage application and documentation.
Getting pre-approved is much more involved than getting a pre-qualification. A pre-qualification is based on a mortgage application and documentation that has not been verified. An pre-approval is an extensive check on your financial background. From this, we can tell you the exact amount for which you are approved. This way, you don’t waste time looking at properties that are beyond your means.
Approval
Once, the mortgage application and documentation has been verified. We will run mortgage application through an Automated Underwriting System (AUS), like Desktop Underwriter (DU).
The loan data is entered into this program, and the mortgage application is approved through Fannie Mae. Because, the DU approval is based off verified documentation our pre-approval is solid. The verified documentation is usually good for 60, 90 to 120 days. Sometimes, the underwriter will ask for more documentation than what is required by a DU approval.
Because, we have verified the mortgage application and documentation before the file is sent to the underwriter. The underwriter is able to quickly give us a conditional loan approval following the loan program guidelines. This means your approval will not change in underwriting.
Pre-Approval Letter
From the date of acceptance on a real estate purchase contract. Usually, it takes 30-to-45 calendar days for a mortgage file to close. A complicated mortgage file or a property that has issues could take 30-to-45 calendar days to close. We require a 30 calendar day contract to process a loan.
Appraisal
Once, an appraiser submits the appraisal report to the lender and they require repairs to be completed. Those repairs on the appraisal report needs to be fixed and the appraiser has to go to the property and complete a final inspection on the property. They charge an additional fee to go back and re-inspect the repairs on the property. It’s the buyers agent’s responsibility to make sure the property will meet the loan programs guidelines before the appraisal is ordered.
Let Us Help
We use a borrowers middle credit score in approving a mortgage application. On a FHA loan a 580 is the lowest credit score allowed to obtain financing.
We are here to help!
We’re available 6 days a week,
8 am to 9 pm MST.
Home Loans Made Simple!
Jeffrey Carlston
Mortgage Broker NMLS#315077
Direct (801) 548-2627
jeff@lendhomeloans.com
lendhomeloans.com
Augusta Lending LLC NMLS#352774
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Mortgage Application
If you have any questions about completing our online mortgage application.
Call or text 801-548-2627
Documents
We need the following basic documents. Last 2 months pay stubs and bank statements, last two years W2’s, photo ID, & social security card.