Frequently Asked Questions

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I recommend getting prequalified before starting your home search. This allows me to help you determine what you qualify for so that you are looking at homes within your budget. This also allows me to provide you with options where we have time to discuss the differences between each program. This also gives you the opportunity to be well prepared when you submit an offer so there are no surprises.

To put together a strong prequalification letter it is best to complete the loan application and submit the needed documentation for your loan officer to review. To put together a strong prequalification letter we will need the following:

i. Completed application

ii. Most recent 30 days paystubs

iii. Most recent 2 months bank statements 

iv. Most recent retirement statement if using this for cash to close or reserves.

v. Copy of your driver’s license

vi. Most recent 2 years Federal tax returns will be needed if you are self employed 

vii. Additional items may be requested 

I believe getting prequalified is the most important step at the beginning of the process. This allows us to have the conversation about your goals and to come up with customized options to fit your needs. This allows you to go into the discussions with your Realtor and put in well prepared/thought out offers when you do find your dream home. 

It’s always best to get qualified for your mortgage before you start looking. This allows me to put realistic scenarios together for you while determining what you qualify for as far as monthly payment, down payment and ultimately maximum purchase price goes.

I take the documentation from FAQ 2 and FAQ 3 to put together the options that fit your needs based on reviewing those documents and your goals. I can also structure it based off the maximum purchase price you would want or the maximum monthly payment you are comfortable with. Some borrowers prefer to know that maximum they qualify for and work their way down from there. I’m here to help whichever way you prefer.

Yes, I know plenty of great Realtors that I can refer you to.

Loan to Value is the dollar amount you purchase the property for, less the down payment. For example, 95% Loan to Value results in a 5% down payment for your purchase.

Debt to Income is calculated by taking your estimated monthly mortgage payment plus any monthly obligations (car loans, minimum credit card payments, personal loans, student loans, other mortgages, child support, alimony, etc.) that are reporting on your credit report and dividing that by your usable gross monthly income. Most loan programs have Maximum DTI requirements that we cannot exceed to qualify.

i. If you are a W2 (most hourly or salary) employee, we generally take a 2 year average of your income broken down monthly. We may be able to use your currently hourly x 40 hours or salary divided by 12 if we can show a recent pay raise that wouldn’t be reflected in the 2 year breakdown.

ii. If you are self employed, we generally look at 2 years worth of tax returns to determine your income. Some programs do allow for 1 year tax returns. The overall calculation will be broken down monthly based on your tax returns.

iii. There are also alternative document programs such as DSCR for Investors and Bank Statement Loans for self employed borrowers.

The interest rate you receive will be based on many factors that include:

i. Credit score

ii. Loan to Value

iii. Debt to Income

iv. Loan Program

v. Property Type

vi. Occupancy Type

The timeframe for a prequalification varies based on each scenario. Some are as quick as 30 minutes from the time I receive all the required documentation. Some will take longer if all the documentation is not received, additional documentation is needed, or we have to do any order outs such as Verifications of Employment.

Many Escrows are 25-30 days. This allows all parties the proper timeframes for inspections and move out time for the seller, as well as for processing and underwriting the file. We can close sooner in many cases if we start with a complete file.

Yes, I have detailed spreadsheets that are easy to read that I put together for my clients. I found this to be effective since it allows clients to see each option side by side and offers full transparency into the expected costs of the loan.

Yes, I answer my phone and respond to emails and text messages after hours and on weekends. I do ask that we schedule an appointment ahead of time for more detailed conversations that way I can be in a place to talk and provide you with my full attention.

Yes, I enjoy meeting with my clients. All we have to do is schedule a time that works for both of us. I usually try to hold meetings at a local coffee shop or business to continue our support for our fellow small business owners.

The more complete a file is that is submitted to me prior to submitting an offer, there is less likelihood of any major issues or a possible decline. My closing percentage is 99% from contracts received to getting across the finish line.

We do not collect any fees up front. The title company will collect an earnest money deposit that you will discuss with your Realtor when you submit an offer. We will send a payment link to you to pay for a 3rd party appraisal. Any other fees associated with the mortgage will be collected at closing.

I have programs available for down payment assistance. Each program is unique so I would look into the programs that give you the most benefits and present those to you. You also have options to receive gifts from eligible donors or use funds from a retirement account.

The best thing to do in this case is to take a look at the credit. Often times, I’ll take a complete file so we can take a look at the whole picture up front so I can give you the best game plan to move forward. I’ve had many cases where the credit was in a position to qualify for a mortgage as is.

If credit truly is an issue, we can discuss the next steps for you to restore your credit.  This will most likely be with an experienced credit repair specialist.

I have a variety of programs that we offer including:

i. Conventional

ii. VA

iii. FHA

iv. USDA

v. Down Payment Assistance

vi. JUMBO

vii. Manufactured Housing

viii. Pre-HUD Manufactured Housing

ix. Bank Statement 

x. DSCR

xi. And more

  We offer programs for traditional rate and term refinances as well as cash out refinancing. I do the same consultation with borrowers looking to refinance as borrowers looking to purchase.  I advise based on borrower goals and what the borrower is qualified for.

We have options for Home Equity Lines of Credit.

I do not offer Reverse Mortgages

I have helped many clients when it comes to structuring files to work in their best interest and help them qualify by using creative financing.