Your Questions Answered
What documentation will I need?
Documentation will vary based on loan product, typically you will need:
W-2's for 2016 and 2017
Tax Returns for 2016 and 2017
Social Security Card
Recent Bank Statement
Additional documentation may be required depending on what loan product we determine is best for you.
What if I don't have any money for my downpayment?
Not a problem! We offer down payment assistance for those who qualify, in addition we work directly with your Realtor to let them know that we will need seller contributions in order to reduce your cash to close.
If I filed bankruptcy how long will I need to wait to purchase a home?
You will need to wait a minimum of 2 years from the date the bankruptcy has been discharged for an FHA loan.
What is an escrow account?
An escrow account is set up to collect your payments for property taxes, homeowners insurance and possibly other items, in equal amounts over a 12-month period, to be paid on your behalf when those bills come due.
What is Hazard Insurance?
Also known as Homeowners Insurance, this insurance protects you, the property owner against damage to youe home. The final cost of the insurance policy is determined bu the insurance company you pick.
What are HOA dues?
HOA dues are a charge from the community your home is located in, these funds are used for everything from maintenance of the community common areas t managing the neighborhood. These fees are separate from your mortgage payment but must be included in your debt to income ratio for qualification.
What is a discount point?
These are are fees paid directly to the lender at closing in exchange for a lower interest rate. This is also called “buying down the rate,” which can lower your monthly mortgage payments. One point costs 1 percent of your mortgage amount
What is an appraisal and do I need to order it?
An appraisal is a written analysis prepared by a qualified appraiser and estimating the value of a property, we will order the appraisal for you within 3 days of recieving your contract.
What is debt to income ratio?
Your debt-to-income ratio is all your monthly debt payments divided by your gross monthly income. This number is one way lenders measure your ability to manage the payments you make every month to repay the money you have borrowed.
What if I don't have a Realtor?
Not a problem! We work with the best Real Estate Agents in Texas and will work hard to find one that fits your needs.
Can I have a co-signer?
YES! Your co-signer will be required to provide the same documentation that you are throughout the process.
What is Underwriting?
Once your loan is prepared by one of our Loan Partners they will then submit your loan to an underwriter who will then review everything we have gathered from you and approve it.