What are some of the documents a client should bring to the meeting with the loan officer?
Bring last two years most recent tax returns, including all pages of the returns and W2 forms.
The most two recents months’ bank statements on any bank account they may have – checking, savings 401k, any kind of liquid asset account.
Most recent one month of pay stubs.
Driver’s license and social security cards because we have to verify they are who they say they are.
What credit score does a person need?
Seems these days to be a very moving target. In general, our minimum credit score is 640 but we have some investors that have seen some loosening down to 620. With additional down payment down to 580 under certain circumstances. Borrowers need to be prepared to work with a loan officer. We do everything we can to try to get them on a credit repair schedule to get them to 640 because obviously we have more options for products at that level.
What should clients be concerned about during underwriting process?
Underwriting is a subject that frightens a lot of people. If you’re working with a true mortgage partner like Cendera Funding, you don’t have nearly as many concerns.
To avoid hurdles make sure that you’re explicitly honest in telling your story to the loan officer. Tell us your job history for last 2 years, where you’ve lived for last 2 years, and accurate information about your debt situation.
Make sure that you’re providing us with all theinformation we need. Make sure after you’ve been prequalified that you begin gathering the documentation that’s been requested of you. That will help the process go much quicker and make it much more smooth.
Once you prequalify, do NOT put anything on your credit cards, buy a new car, or do anything that would jeopardize your debt situation. Any additional debt could negate the pre-qualification.
Make sure you pay all your bills on time every month.
If during the process you’re asked for additional documentation, don’t be alarmed. That’s normal, sometimes we miss things or documentation you already provided brings up additional questions, so please don’t be alarmed.
Your loan officer is on your side. We’re working hand in hand with your real estate professional to get you to the closing table, and get you there on time as expected.