Home Buying Process
Buying a home is fun and exciting! But, it can also be one of the largest purchases of your life, and you need the right team to help you eliminate the stress that it brings. That’s where Statewide Mortgage steps in. Not only will we help you find the best loan program to fit your needs, but our team will also work to make the process quick and enjoyable!
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.
Make an Offer
You and your realtor will make an offer on the home you want to purchase based on how much you have been pre-approved for. After your offer is accepted, you will...
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.
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.
After the clear to close is issued, your closing will be scheduled. Due to governmental guidelines, you must review the Closing Disclosure three days prior to closing.
Typically for borrowers with good credit, these loans are typically fixed in their term and rate.
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 loans are loans specifically designed for active-duty and military veterans. For certain borrowers, they don’t require a down payment.
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.