1. Tax Returns: Complete a Form 4506-T and submit your tax forms for the last two years.
2. Proof of Income: Provide recent pay stubs, W-2 forms, or other evidence of income. If selfemployed, furnish two recent tax returns along with profit or loss statements.
3. Bank Statements and Asset Verification: Present documentation of your bank accounts and other assets, including investments such as life insurance policies.
4. Credit History: Provide details of your credit history, including any records of bankruptcies or foreclosures.
5. Gift Letters: If receiving financial assistance from friends or family for the down payment, include a “gift letter” confirming that the funds are a gift and not a loan.
6. Photo ID: Submit a recent passport-style photo ID.
7. Rental History: Furnish records of your rental history to demonstrate your ability to make timely rent payments.

The duration of the process varies depending on several factors. If all documentation is provided promptly and no unforeseen complications arise, the process from the initial contact to refinancing approval could be completed in as little as 10 days. However, it’s important to note that individual circumstances may affect the timeline, and certain situations could extend the process duration.

A down payment is an initial payment, typically made in cash, at the outset of a home purchase. Our down payment options start as low as 3%, contingent upon the type of loan chosen, with the exception of VA Loans, which are exclusively available to veterans and require no down payment, offering a 0% down payment option.

HOA fees, also known as Homeowners Association fees, are monthly payments made by homeowners to cover the costs associated with maintaining common areas and amenities within a shared community. These fees are typically applicable to residents of condominiums, townhouses, or other planned developments where there are shared spaces and facilities. Examples of expenses covered by HOA fees may include landscaping, community pool maintenance, building repairs, insurance for common areas, and other shared amenities or services.

The principal refers to the original amount of money borrowed in a home loan or mortgage refinance agreement. It represents the initial sum that the borrower agrees to repay over the course of the loan term.

The loan term is the duration over which a borrower agrees to repay a loan in full, with regular payments made according to the terms established by both the borrower and the lender.