Prequalification/Formal Loan Application
Prior to negotiating contract (Prequalification) OR within 7 days of contract biding date (Formal Loan Application)
- Identity verification (Photo ID)
- Income/asset verification
- Bank Statements for Checking, Savings, and any other financial accounts
- Pay Stub
- W2 for the previous year
- Federal income tax returns and business tax returns (self-employed) for previous 2 years
- Credit History and Score (Good for 120 days - will likely be pulled a second time within +/- 60 days of close)
Preapproval Letter to Builder
Within 14 days of binding contract.
Lender may require additional items to confirm qualification. These will be communicated through your Loan Officer and or Community Sales Manager.
Conditional Approval Letter
Within 30 days of binding contract date.
There may be conditions applied to the loan approval that will need to be satisfied prior to closing. It is very important that these issues be cleared in a timely manner to avoid delays in closing. Receive, review, and acknowledge the Mortgage Do’s and Don’ts with your loan officer prior to the Build Cycle (Step 4).
Depends on stage of home at time of purchase 30 days to +/- 6 months
It is imperative that any changes in your financial status be communicated to your Loan Officer immediately. These would include but not be limited to:
- Change in employment
- Major purchase (Vehicle, Boat, Club Membership, etc.)
- Any change to your debt situation (Child Support, Alimony, Credit Card Debt, etc.)
- Life Change (Divorce, Marriage, etc.)
- No mortgages currently in default or deferment
+/- 60 Days from projected close
Loan Approved and Cleared to Close
+/- One Week Prior to close
1. Buyers will be sent a copy of appraisal
2. Loan documents will be sent to closing attorney
3. Closing attorney will contact Purchase with instructions for closing day and wiring of funds.
a. Purchaser will receive an Initial Closing Disclosure that must be signed at least 3 days prior to close to
meet regulatory requirements
b. The Initial Closing Disclosure will indicate the amount of funds that need to be wired to the closing attorney.
c. All funds in excess of $5,000 must be wired 24 hours prior to the close date.
d. Final Closing Disclosure will be sent within 24 hours of the closing and may have minor adjustments for
taxes, insurance, or HOA funds.
1. Bring 2 forms of ID and a checkbook to closing.
2. Your Loan Officer will be available for any questions you have during your closing.