Applying for a mortgage can be as exciting as it is stressful, especially if you’re not familiar with all of the documentation requirements. The good news is that when you work with Home Loans Today, we have several attractive lending options that are especially tailored to meet the needs of first responders.
Buying a home is, in most cases, the single largest financial transaction you’ll make in your life, and yes, the process of qualifying for a police officer mortgage includes a few moving parts.
The good news is that if you take some time to familiarize yourself with how the process works, you’re likely to feel more at ease.
Congrats! You’ve decided to purchase a home. Once you’ve made the decision to start down that path, you’ll want to call Home Loans Today as quickly as possible so we can connect you with a Mortgage Loan Officer (MLO.)
Not only can the MLO help you obtain a pre-approval, they can also gather more information on how much money you have available for a down payment, your income level and your FICO score. This will be helpful in getting you ready for the second step.
Step 2- getting your documents in order
During this step, the MLO will ask you to gather and submit the following:
- One month’s worth of pay stubs
- A copy of your driver’s license
- Two years of 1099s
- Two years of W2s
- Copies of your two most recent tax returns
- Two months of investment and/or retirement account statements, if applicable
You’ll want to keep in mind that the above stated list is just a starting point—you may be asked to provide additional documentation as the process moves forward.
Step 3 – moving onto the loan processor
When the MLO feels your initial packet is complete, they’ll connect you with a loan processor (LP). The LP will also review your application and they’ll help schedule a time for a property appraiser to go out to the property you’re interested in purchasing.
Step 4- underwriting
When the appraisal is submitted to our office, your packet will be given to a loan underwriter, who will check it for completeness. Remember, there’s always a chance the underwriter will ask you for additional documents, so if you are asked to submit additional items, don’t worry. This is normal.
When the underwriter finishes reviewing the application, they’ll provide you with a conditional approval, at which point they’ll ask the seller’s agent to submit the home’s title report.
As long as the title is clean (ie: there aren’t any liens against the home), your final paperwork will be sent to the closing agent.
This is the most exciting part of the police officer mortgage process; once you and the seller sign the docs, your loan will be funded.
Trusted provider of police officer mortgages
Whether you’re in the market for a first home, or you’re searching for a vacation or investment property, we can help.
Call Home Loans Today at 866-919-2064 to learn why we’re the most trusted name in police officer mortgages.