Loan Process

A loan application is, like it sounds, just an application. It allows us to get specifics about your situation so that we can get you a loan. Completing an application does not obligate you to do business with us. If you decide to do a loan with us, the only up-front costs are a $99 Loan Commitment fee and the cost for the Appraisal on your property (typically $325 - $375).

Rates depend on many factors, credit being one of those factors. Other factors include the amount of equity in the property, the level of income documentation provided and the debt level you have as compared to income. Until we have structured your loan and received an underwriting approval, interest rates can only be estimated. Our goal is to provide you with the best financing for your specific situation. Sometimes the lowest rate is not necessarily the best loan. We will provide you with a number of different loan options so that you can decide which loan is best for you.

This question depends on whether you are purchasing or refinancing. If you are purchasing a home and have completed or been in a Chapter 13 for over one year and have made all payments on-time you may qualify for a loan with a 3% down payment. If you are refinancing you may be able to pay off your Bankruptcy with a home equity loan. If the home is not in the Bankruptcy we may be able to lower your interest rate by refinancing the home while leaving the bankruptcy intact.

If you have been in a Chapter 7 bankruptcy you may qualify for a new purchase as soon as one month after the Bankruptcy. The down payment requirements are credit dependent, though it is possible to get a 0% down loan. Typically it takes two years after discharge of a Chapter 7 Bankruptcy to qualify for a 3% to 5% down loan. The preceding scenarios assume good post-Bankruptcy credit history.

Typically you need three years after a Foreclosure to qualify for a loan with a small down payment. With a large down payment, or extenuating circumstances for the foreclosure, you may be able to get into a home sooner.

Most mortgage lenders consider CCCS the same as a Chapter 13 bankruptcy. If in CCCS for at least 12 months you may qualify for a 3% down purchase. If in CCCS for only one day, you may qualify for 5% down purchase loans and 80% cash out loans on your primary residence.

We do refinance Contracts for Deed. We require cancelled checks showing the last twelve months of mortgage payments. Please call for details.

If you have kept your credit payments on time for the last two years and have established at least three lines of credit you may qualify for 0 to 5% down . It is essential that you have kept your rent or mortgage payment on-time for the last 12 months. In some cases you may qualify for 5% down with no lines of open credit.

If you are less than three months behind on your payment we have many programs to help you refinance your home. If you are over three months behind on your home the most we are capable of refinancing is 65% of the value of your home. For complicated issues such as these we recommend a personal consultation with one of our loan officers, please call the number above.

We offer several options for people who are building thier own home. We offer one-time close construction loans as well as construction to perm refinancing. We do not offer interim financing.