Easy Mortgage Approval....Not!

By
Mortgage and Lending with American Financial Network NMLS #196099

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

close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Gabe Sanders 05/13/2012 08:26 PM
Topic:
Mortgage / Finance
Location:
Virginia Prince William County Woodbridge
Groups:
Local Expert
Responsible Mortgage Lenders
Women And Their Business Hear The Roar
VIRGINIA
Tags:
mortgage approval
fha loan approval

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Show All Comments
Rainmaker
1,040,426
Beth and Richard Witt
Long Island Cash Home Buyer - Center Moriches, NY
Long Island Cash Home Buyer 516-330-6940

Good Info Markita... I would also add that folks should not make any large purchases after they apply... Happy Day

May 03, 2012 04:26 AM #1
Rainmaker
147,780
Markita Woods NMLS#196099
American Financial Network - Woodbridge, VA
Queen of Mortgages - FHA, VA, Conventional, USDA

Yes that is correct @ Richard Witt...I will be adding another duck.

May 03, 2012 04:31 AM #2
Ambassador
3,722,026
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

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

May 13, 2012 02:40 AM #3
Ambassador
3,246,188
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Fantastic and easy to follow advice.  It never seems as daunting when the steps are laid out and expectations are set.

May 13, 2012 03:54 AM #4
Ambassador
5,030,572
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

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.

May 13, 2012 06:22 AM #5
Rainmaker
1,280,298
Donna Foerster
HomeSmart Realty Group - Parker, CO
Metro Denver Real Estate Assistant

Hey Markita~ Love the ducks!  Very clever.  As you said, the most important step is to find a LOCAL lender to work with!

May 13, 2012 09:05 AM #6
Ambassador
4,309,874
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

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.)

May 13, 2012 01:31 PM #7
Rainmaker
1,186,273
Paula McDonald, Ph.D.
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

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!

May 13, 2012 11:27 PM #8
Rainmaker
1,561,913
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

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! 

May 14, 2012 01:39 AM #9
Rainer
284,468
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

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.

May 14, 2012 04:53 AM #10
Rainer
27,603
Alan Bercovitz
Guaranteed Mortgage Quote, LLC - Exeter, RI

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!

May 14, 2012 09:16 AM #11
Rainer
26,004
Kevin Sembrat
Diversified RCS Inc; http://www.ManhattanPropertiesGroup.com - Manhattan, NY

I agree -- super advice! Thanks for posting!

 

May 14, 2012 10:34 AM #13
Rainmaker
329,203
Sara Homan
Coldwell Banker Ellison Realty 352-209-4044 - Ocala, FL
Realtor, Homes, Farms & 55+

Your ducks are quacking out the right direction for today's buyers!  Great post.

May 14, 2012 11:43 AM #14
Rainmaker
147,780
Markita Woods NMLS#196099
American Financial Network - Woodbridge, VA
Queen of Mortgages - FHA, VA, Conventional, USDA

@ 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!

 

May 14, 2012 12:54 PM #15
Rainmaker
147,780
Markita Woods NMLS#196099
American Financial Network - Woodbridge, VA
Queen of Mortgages - FHA, VA, Conventional, USDA

@ 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.

 

 

May 14, 2012 01:02 PM #16
Rainer
164,332
Kevin O'Rourke - Keller Williams Miami Beach Realtor
Keller Williams Miami Beach Realty - Miami Beach, FL
CDPE Miami Short Sale Agent 305-520-9436
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.
May 14, 2012 02:39 PM #17
Rainmaker
59,181
Chris Jones
Blueleaf Lending - Chicago, IL
Sr. Mortgage Planner
Great post in a way that everyone can understand!
May 14, 2012 02:49 PM #18
Rainer
241,977
Justin Dibbs
Pearson Smith Realty - Ashburn, VA
REALTOR® - Ashburn Virginia Homes for Sale

I just read that about 50% of the US population can't qulaify for a mortgage today.  Sad.

May 14, 2012 10:27 PM #19
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Rainmaker
147,780

Markita Woods NMLS#196099

Queen of Mortgages - FHA, VA, Conventional, USDA
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