Residential Mortgage Info

frequently asked questions

  • Various loans in the Secondary Market (Details below)
  • Various In-House loans (Details below)
  • Home equity lines of credit

  • Conventional loans: Up to 95% LTV.
  • VA: 100% financing
  • FHA: 3.5% down payment
  • Rural Development: 100% financing & total household income cannot exceed $75,000

  • 7 year fixed rate fully amortized
  • 10 year based on a 20 year amortization
  • 15 year fully amortized

  • Per regulation, we cannot ask for financial information until preliminary disclosures are delivered
  • Completed application
  • Two years of tax returns, all schedules, W2s, and 1099s
  • Most recent pay stubs for all borrowers reflecting 30 days of earnings
  • Two most recent statements on all liquid assets stated on the application
  • Additional documentation will be determined during the course of processing & reviewing of tax returns

  • Make all payments on time.
  • Don't max out your credit cards. It is best to hold credit card balances below 30% of their limit.
  • For someone starting out and trying to build their credit, they need to maintain accounts for a long period of time.
  • If you pay off collections, be sure and ask for a letter stating the account is paid in full.
    • For a home loan, we need proof that it is paid and items get sent to your credit report when placed for collection. Unfortunately, many of them do not follow-through and report to the Credit Bureau when it has been paid.

Still can't find the answer?

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(580) 327-1122