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Minnesota Down Payment Assistance
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The Home Loan Process - The Home
for trusting us with the purchase or refinance of your home.
We get you pre-approved by completing an application,
pulling credit and sending us recent two years w2s, 1099s, and tax
returns (personal and business). We also need to collect the recent 30
days paystubs and recent two months asset statements (checking,
savings, 401k etc) along with a copy of your driver's license.
You will email, fax or upload to your client portal the
documents requested for your loan approval
We will go over loan programs and options for your
Purchase agreement received
We will send you an email for E-Consent for your file
You and I will discuss interest rates and a good time to
lock in your rate
Our client manager will send you an intro email introducing
our team working on your loan approval
We will send you application and disclosures that you E-sign
After E-sign of the application documents and disclosures
your file will move to our client manager and loan processor to prep
for submitting to underwriting.
You will be sent an email from our RESPA department. You
should open the email and follow the instructions.
Client manager and Loan processor may ask you to provide
Loan processor will order appraisal, title, IRS transcripts,
verification of employment etc. (Appraisal and Title work take roughly
one week to have completed)
Loan processor will send your file to the underwriter
Wait 2-3 days for underwriter to review your file
Underwriter will email the loan processor with any
additional documents they want you to provide for the final approval
Loan processor will review what the underwriter is
requesting and reach out to you with any items needed for the final
You will email the processor the additional documents the
Loan processor will review additional documents you sent, to
evaluate if they will be acceptable to the underwriter
Underwriter will (we wait 1-2 days again) re-review your
file, and if the additional documents you provided are acceptable, and
no additional documents are requested, will issue a "clear to close".
Our closing department will send your file to the title
company and get the wire for your mortgage ready to be sent for closing.
Title company will prepare your loan documents and let us
the final amount needed for cash to close.
You go to the title company to sign closing papers – Closing
will take roughly an hour.