Home Buying Process

Buying a home can be fun and exciting, but it also one of the largest purchases of your life. You need the right team to help you eliminate stress. That’s where Statewide Mortgage steps in. Not only will we help you find the best loan program to fit your needs, but we will make the process quick and enjoyable.

Loan Process

1

Get Pre-Qualified or Pre-Approved

Your loan officer will help you with this step based on your credit, your assets, and your work history.

2

Make an offer

Based on how much you are pre-approved for, you and your realtor will make an offer on the home you want to purchase. After this offer is accepted, you will…

3

Collect Documents

Tax returns, W2s and bank statements are all required before we can underwrite your loan. Your underwriter will review your file and provide a conditional approval based on the documents you provide.

4

Work through underwriting

Once a conditional approval is provided, you’ll need to provide additional documents the underwriter has requested and once all conditions are cleared, a CLEAR TO CLOSE will be issued.

5

Closing

After the clear to close is issued, your closing will be scheduled. Due to governmental guidelines, you have to review the Closing Disclosure three days prior to closing.

Loan Options

Conventional

Typically for borrowers with good credit, these loans are typically fixed in their term and rate.

FHA

FHA loans are loans that are insured by the Federal Housing Administration. These loans work well for borrowers with lower credit scores and currently have a lot of debts and obligations that need to be paid monthly.

VA

VA loans are loans specifically designed for active-duty and military veterans. For certain borrowers, they don’t require a down payment.

USDA

USDA loans are offered to rural property owners by the United States Department of Agriculture. These loans are 100% no money down for buyers in qualified rural areas.

Have Questions?

For more information on how we can help you, give us a call today!

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1 (800) 390-5525