Easy Mortgage Approval....Not!

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

Contact Markita Aldridge-Woods at (703) 929-2274 or via email for custom tailored mortgage solutions.

 

www.queenofmortgages.com

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Powered by Fairway Independent Mortgage, NMLS#2289, Equal Housing Lender

Comment balloon 19 commentsMarkita Woods NMLS#196099 • May 03 2012 11:00AM

Comments

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

Posted by Beth and Richard Witt, Long Island Cash Home Buyer 516-330-6940 (Long Island Cash Home Buyer) over 6 years ago

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

Posted by Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA (Fairway Independent Mortgage) over 6 years ago

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

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) over 6 years ago

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

Posted by Chris Ann Cleland, Associate Broker, Bristow, VA (Long and Foster REALTORS®, Gainesville, VA) over 6 years ago

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.

Posted by Bob Crane, Forestland Experts! 715-204-9671 (Woodland Management Service / Woodland Real Estate, Keller Williams fox cities) over 6 years ago

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

Posted by Donna Foerster, Metro Denver Real Estate Agent (HomeSmart Realty Group) over 6 years ago

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.)

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) over 6 years ago

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!

Posted by Paula McDonald, Magnolia Realty ~ Granbury, TX 936-203-0279 (Magnolia Realty ~ Granbury) over 6 years ago

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! 

Posted by Carla Muss-Jacobs, RETIRED (RETIRED / State License is Inactive) over 6 years ago

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.

Posted by Steven Cook (No Longer Processing Mortgages.) over 6 years ago

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!

Posted by Alan Bercovitz (Guaranteed Mortgage Quote, LLC) over 6 years ago

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. 

Posted by Erica Ramus, MRE, Schuylkill County PA Real Estate (Erica Ramus - Ramus Realty Group - Pottsville, PA ) over 6 years ago

I agree -- super advice! Thanks for posting!

 

Posted by Kevin Sembrat (Diversified RCS Inc; http://www.ManhattanPropertiesGroup.com) over 6 years ago

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

Posted by Sara Homan, Realtor, Homes, Farms & 55+ (Coldwell Banker Ellison Realty 352-209-4044) over 6 years ago

@ 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!

 

Posted by Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA (Fairway Independent Mortgage) over 6 years ago

@ 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.

 

 

Posted by Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA (Fairway Independent Mortgage) over 6 years ago
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.
Posted by Kevin O'Rourke - Keller Williams Miami Beach Realtor, CDPE Miami Short Sale Agent 305-520-9436 (Keller Williams Miami Beach Realty) over 6 years ago
Great post in a way that everyone can understand!
Posted by Chris Jones, Sr. Mortgage Planner (Blueleaf Lending) over 6 years ago

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

Posted by Justin Dibbs, REALTOR® - Ashburn Virginia Homes for Sale (Pearson Smith Realty) over 6 years ago

Participate