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.
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
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…
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 have to 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.