The Step-by-Step Process of Buying a New Home
The mortgage company will pull credit & obtain basic information to run debt ratios. Prequalification letter is sent to realtor/builder.
Lender will obtain 2-year history for residence & employment. Documentation such as paystubs, W-2s, Federal Tax Returns, bank statements, etc., will be obtained and file is turned in to processing department.
Verifications of employment are completed, IRS transcripts are obtained, Social Security number verified, etc. Processor will ask for any additional documentation needed for underwriting.
An underwriter will review your file & make a decision to approve or decline the loan. Underwriter will ask for conditions to be met for closing.
Processor will notify buyer of any underwriting conditions that are needed & collect these conditions for final approval.
Processor submits loan to underwriting with conditions to clear the loan for closing.
Closer will prepare final documents & send to title for signing.
Buyer signs paperwork.
FUND & RECORD