How does the process work?
We must verify that you have a good job and make enough income to qualify:
Before you read this it's important to know that a lot of this SOUNDS harder than it really is. Don't be intimidated. This is just to help you understand how the approval process works. If you read over this and think you are even close it's worth calling us. We may have some ideas you haven't thought of. In the end, this is still WAY easier than meeting a Bank's qualification standards.
You must have 2 years provable work history in the past two years. You can prove this with W-2s, pay stubs and previous year’s taxes, or 12 months current bank deposits. Your income from a second job can only be used to add income if you have been on that job for 2 years also.
​
If you are self-employed, we will need 2-year history of self-employment. Income documented with 12 months most recent bank statements or prior year’s federal tax return (and Corp return if applicable).
If you are a pension holder/ SS recipient, you can give us a copy of your award letter or previous yr.’s 1099 or most recent bank statement reflecting receipt.
If you are a W-2 wage earner, 2-year employment history required. Give us a copy of your most recent 2 pay stubs, plus previous year’s W-2. NOTE * Income from a second job can only be considered if the borrower has been on that same job for 2 years.
-
For 2 borrowers, or a borrower with a combination of income forms being claimed, we need each of the documents shown for the form of income they are claiming.
-
We cannot count income paid in cash and not deposited in a bank. All forms of income claimed must have the above-mentioned documentation to support.
-
We cannot count part time job income for jobs held less than 2 years.
-
Bonuses, OT and special incentives are forms of income that can only be counted if the borrower has received it for at least 2 years
Child support and Alimony can only be counted if it is shown to be continuous for the next 3 years. Must be documented with either:
-
Copy of child support order and proof of 3 months receipt, or
-
Proof of 12 months receipt if no support order is present.
​
We have to verify that you have good rental history:
If your credit score is below 620, you need to have 2 years residence history. You'll need to show that you've made your last 12 rent payments on time.
If you can not provide rent history, you may be able to use another credit reference instead. This is good news because most people have several of these. Gym memberships, Hulu or Netflix account, life insurance, daycare, landscaping, auto insurance (most people have this), utility bills, cable, dish, direct TV, cell phone, buy here pay here (auto, furniture, jewelry, etc), and ever a doctor or dental payment plan can show a good credit reference. There are many ways you can qualify!
​
Citizenship:
​
You must have a Social Security Number or ITIN. To pull credit, we need either an SSN or an ITIN. Candidates with neither, will not meet the requirements.
​
Contract and Down Payment:
​
Most of our properties require that you pay at least 20% down at closing. We will need to verify that you have the down payment funds before processing your application. Once you are pre-qualified, we will write a contract and collect $1,500 in earnest money and send your file to underwriting! It usually takes 2-3 weeks to close.