FAQ

What is a “Pre-Approved with Underwriter Review” letter?

This means we underwrite your loan before your offer is submitted. If the best loan product for you is an FHA or VA loan, we’ll have an underwriter who is trained specifically for those loans, underwrite your loan. When we underwrite you loan upfront we eliminate any surprises before closing.

What documents will I need for my loan?

Because we have such a large selection of loan products, the documentation needed can vary widely. The information below is usually required for most conventional and government loans. We do offer newer loan products that reduce the amount of documentation significantly. For more information, please contact your Loan Officer.

• Your government-issued photo ID

• Federal tax returns for the most recent two years

• W-2s for the most recent two years

• Pay stubs for the past 30 days

• Bank statements for the most recent two months

• The purchase contract to your new home

• Most recent copies of asset/retirement account statements

• The declarations page of your homeowner’s insurance

Home buying for the self-employed

Many Americans are self-employed, and many struggle to get financing when they’re ready to buy a home. We want to make it easy, but inevitably we’ll need your help. With advanced planning you can put yourself in a position to See what you can do now to set yourself up for homebuying success.

Prepare early

The earlier you start tracking your income, expenses, and savings, the easier the mortgage process will be. Other borrowers can rely on W-2s to verify their employment history and income. For the best rates, you’ll need to document your own history with 2 years of tax returns, a list of assets, and a list of debts. If you can’t document your taxes for 2 years or other items, you may be eligible for a non-traditional mortgage product that uses bank statements or other means to track your income.

Keep it professional

If you have a business expense, make sure you pay from your business account. That way, your expenses won’t impact your personal debt-to-income ratio, a key factor in determining how much you can borrow.

Check your credit score

This matters for all buyers, but it’s especially important when you’re self-employed. Lenders will look to your credit score for proof that you’ll be able to pay back the loan. You’ll typically need your score to be at least 600, with better rates available as your score increases.

Do your research

You’re already doing it! Keep reading more articles like this one. The more you know about the process, the easier it will be.