Applying for a mortgage can be as arduous as it is exciting; if you’re a firefighter, you’ll want to make sure you take advantage of special lending options that are reserved for first responders.
If you’re like most people, financing a home is likely to be the largest financial transaction of your life. And yes, while the process of qualifying for a firefighter mortgage will include several moving parts, if you have some understanding of the steps that are involved, the process can feel less hectic.
First things first
The first, and most obvious step in this process is deciding you’re ready to purchase a home. From there, you’ll want to contact our office so we can connect you with a mortgage consultant. The consultant, who is also referred to as a Mortgage Loan Originator (MLO) will begin the process by taking a look at three key factors: your ability to make a minimum down payment, your credit score and your income.
The next step will involve some homework on your part, because you’ll need to gather some documentation. The MLO will ask you to provide us with the following:
- 30 days-worth of paystubs
- 2 months of retirement account statements
- 2 months of investment account statements
- A copy of your driver’s license
- 2 years of 1099s and/or W2s
- Your 2 most recent tax returns
There’s always a chance we may ask you to submit additional documentation, but the list we’ve provided above will be your general starting point.
Connecting with the Loan Processor
When your documents are submitted, we’ll connect you with a loan processor (LP), who will review your application packet for completeness and from there, the LP will help schedule a property appraisal for the home you’re interested in buying.
Connecting with the Underwriter
The underwriter will evaluate the appraisal and they’ll also check your packet again to ensure all of your documents are in order. If everything looks good, they’ll grant you a conditional approval.
At this point, the underwriter will ask the seller’s agent to provide them with a title report. If the title is clean, your file will be passed to a closing agent. As soon as you and the buyer sign the loan documents, your loan will be funded.
Trusted name in firefighter mortgages
We understand that you have many options when it comes to working with a lender, but it’s also worth noting that each lender is not like the next.
At Home Loans Today we pride ourselves in our ability to make the firefighter mortgage process as easy and as seamless as possible. We’re committed to providing our clients with the highest levels of customer service and care, and we’ll work to find you the best possible interest rate. In some cases, we can even eliminate up-front fees, broker fees and the application fee.