I am sure you have heard the news that mortgage approval has become difficult in today's real estate market.

If you bought a home prior to 2007, when mortgages were given to just about anyone with a pulse and a credit score then getting a mortgage in today's real estate market will seem difficult.

So here is the "skinny"..... Mortgage Approval is EASY if you have all ducks in a row....Easy mortgage approval with your ducks in a row

 

Duck 1- Work with a local and knowledgeable loan officer. Call your FHA Mortgage Lender @ 703-497-3936.

Duck 2- Gather W-2's and Tax Returns with all schedules for two years.

Duck 3- Provide your pay stubs for a full thirty days. (no gaps)

Duck 4-Submit bank statements for two months with all the pages. Make sure your name and account number are showing on the statement. (With the increase in online banking this has actually become difficult for some who no longer receive paper statements)

Duck 5- Be able to explain any large deposits outside of your normal payroll such as bonuses, child support, tuition refunds. Also be able to show the proof of each item such as check stubs, gift letters, or child support order, etc.

Duck 6- If you had credit challenges in the past, write a detailed explanation about the (negative) accounts and any steps taken to not happen again.

 

 

Easy button for mortgage approval

If you follow these steps and work with knowledgeable, local loan officer, mortgage approval will be EASY....

Ready to get started? Contact your Woodbridge Mortgage Lender for a no- obligation credit and income consultation.

Remember, never find your new home without first finding you new loan!


Here are a few other hot topics

1. Are closing costs the same as down payments?

2. Appraisers are Home Inspectors right?

3. Seller paid off my car to buy their home!

 

Photo credit www.staples.com

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Learn more about FHA and VA Loans in Virginia and Maryland.

Contact Markita Aldridge- Woods at (703) 497-3936 or via email for custom tailored mortgage solutions.

 

 

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This post has been included in Virginia Real Estate News Prince William County, VA Real Estate News Woodbridge, VA Real Estate News
Post is included in group: VIRGINIA
Post is included in group: Women And Their Business Hear The Roar
Post is included in group: Responsible Mortgage Lenders
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19 Comments on Easy Mortgage Approval....Not!

MAY
03
2012
304,644 Points 27 Featured Posts Outside Blog Called Shot Master

Good Info Markita... I would also add that folks should not make any large purchases after they apply... Happy Day
11:26am • #1
120,836 Points 9 Featured Posts Outside Blog Attended Rain Camp

Yes that is correct @ Richard Witt...I will be adding another duck.
11:31am • #2
MAY
13
2012
1,914,851 Points 386 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Hey, Markita!  I included this post in Last Week's Favorites.  So welcome to Active Rain, and have a great week.

9:40am • #3
1,521,703 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Fantastic and easy to follow advice.  It never seems as daunting when the steps are laid out and expectations are set.
10:54am • #4
424,610 Points 16 Featured Posts Called Shot Master

Markita, thank you for putting together this quick summary for first time borrowers, I will forward this to my son who is trying to buy his first home now.
1:22pm • #5
553,738 Points 20 Featured Posts Outside Blog Called Shot Master

Hey Markita~ Love the ducks!  Very clever.  As you said, the most important step is to find a LOCAL lender to work with!
4:05pm • #6
882,314 Points 10 Featured Posts Attended Rain Camp Called Shot Master

Markita, you made it sound very EASY...(though afraid the graphics for EASY is for Staples - and I'd recommend give due credit to them...just a thought.)
8:31pm • #7
MAY
14
2012
761,637 Points 61 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Excellent advice!  Things are really getting tight in the lending world.  I have seen some solid deals that have gone south at the 11th hour!
6:27am • #8
982,789 Points 114 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Pat's pick of the week was spot on with this Markita.  I am so glad she does this weekly so I can meet some AR members I hadn't met before! 
8:39am • #9
229,179 Points Outside Blog Attended Rain Camp Called Shot Master

Markita -- that is a great list.   We recommend that under your duck #4 - any 401K, IRA account information last quarter information also be provided.   Then, we ask them to bring 2 pieces of ID - so we can comply with the Patriot Act ID process.
11:53am • #10

You gave me a good laugh.  One of my investor customers gave me an Easy Button for a gift after he was lured away by another mortgage company for one of his loans-it didn't turn out to be so easy!
4:16pm • #11
1,126,750 Points 90 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Yes it is easy if you just follow the rules and be patient. Anything out of the ordinary though and you are so messed up. 
5:19pm • #12
2 Featured Posts Outside Blog Attended Rain Camp

I agree -- super advice! Thanks for posting!

 
5:34pm • #13
281,205 Points 10 Featured Posts Called Shot Master

Your ducks are quacking out the right direction for today's buyers!  Great post.
6:43pm • #14
120,836 Points 9 Featured Posts Outside Blog Attended Rain Camp

@ Pat thanks for including as a fave, woohoo!

@Chris the expectations being set early mean everything!

@Bob hope your son has EASY MORTGAGE APPROVAL.

@Praful done, you are correct I know better!

 
7:54pm • #15
120,836 Points 9 Featured Posts Outside Blog Attended Rain Camp

@ Paula I hate when that happens which seems to be more often these days.

@Carla thanks for popping by....nice to meet you as well.

@Steven nice additions to the list will be made.

@Alan  if only they knew better.

 

 
8:02pm • #16
106,766 Points 2 Featured Posts Outside Blog Attended Rain Camp
Great advice for anyone looking to purchase a home using a mortgage. Hopefully they wont have to deal with the ugly duckling roaming around right now, also called the low appraisal! Buyers should be prepared to cover the difference if the sellers are not willing to reduce the price.
9:39pm • #17
Outside Blog
Great post in a way that everyone can understand!
9:49pm • #18
MAY
15
2012
221,610 Points Outside Blog

I just read that about 50% of the US population can't qulaify for a mortgage today.  Sad.
5:27am • #19

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Markita Woods Queen of Mortgages FHA, VA, Conventional, USDA Loans

Woodbridge, VA

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WestStar Mortgage NLMS#196099

Address: 3350 Commission Ct, Woodbridge, VA, 22192

Office Phone: (703) 497-3936

Cell Phone: (703) 929-2274

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Timely and relevant information about obtaining a mortgage, credit scores, FHA, VA, and VHDA financing in Woodbridge, Stafford, and surronding areas.


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