USDA LOANS

We have you covered! Here is the information you’ll need when you are ready to apply for a mortgage.

STEP 1: GET PRE-QUALIFIED TO MAKE YOUR PURCHASE

Fill out a mortgage application for a prequalification. As part of this process we will obtain your credit report and request income documentation. We will then determine the amount you would be approved for and issue a prequalification letter. This letter can be used to put in an offer on a home.

STEP 2:  APPLYING FOR YOUR MORTGAGE LOAN

If you are purchasing a property,  you will want to contact your loan officer to get your mortgage application started and submitted once an offer is accepted. If you already own the property than simply reach out to a loan officer to get the mortgage application started and submitted.

STEP 3: REVIEW LOAN ESTIMATE
Once we have received and processed your submitted mortgage application, you will receive your initial loan disclosure paperwork which includes your loan estimate (a breakdown of potential closing costs associated with your transaction).

STEP 4: PROPERTY APPRAISAL

Once you have reviewed your initial disclosure package and signed your intent to proceed. The appraisal fee will be collected and your appraisal will be ordered. The property will be appraised to establish its current market value.

STEP 5: UNDERWRITING PROCESS

The Loan Processor will submit your paperwork to a Residential Mortgage Underwriter who will underwrite this file to secondary market guidelines.

STEP 6: LOAN APPROVAL PACKAGE

After underwriting has approved your mortgage, the loan approval package will be sent out to you. Typically, this package will contain any outstanding loan conditions that are needed before the closing can be scheduled with the attorney. Once underwriting has received and reviewed the outstanding conditions, the loan will be cleared to close. At that point you will begin to work on scheduling the closing with your attorney. At least three days before your closing, you will receive your initial closing disclosure. This is a very important document as it breaks down the amount needed to bring to the closing.

STEP 7: CLOSING

The “closing” is the last step in buying and financing a home. This is when you and all the other parties in a mortgage loan transaction sign the necessary documents. Before you sign, make sure you carefully read and understand all the loan documents.

Credit requirements are dependent on many different factors, including the loan program applied for. If you are unsure of how your credit history will affect your application, please contact one of our loan officers who will discuss options with you.

Closing costs are the fees you pay to complete your loan; they include but are not limited to origination fee, title insurance, prepaid escrows, and more. Closing costs will vary depending on many different factors including the loan program applied for, down payment, etc. Your loan officer will provide you with a loan estimate that will break down expected closing costs.