typical loan process

STEP #1

CONTACT A LOAN OFFICER

STEP #2

PRE-QUALIFICATION AND CREDIT CHECK

STEP #3

GATHER APPROVAL ITEMS NEEDED

STEP #4

GET PRE-APPROVED, THEN SEARCH FOR A HOME

STEP #5

OFFER ACCEPTED

STEP #6

LOAN PROCESSING AND APPROVAL

STEP #7

SIGNING FINAL LOAN DOCUMENTS

STEP #8

LOAN CLOSING PERIOD

STEP #9

FINAL FUNDING PERIOD BEFORE GETTING YOUR KEYS

STEP #10

CONGRATULATIONS! YOU ARE NOW A HOMEOWNER

CENTRAL VALLEY Recommended loan officers

Sarah Stallcup

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Mortgage Loan Originator 

Scenic Oaks Funding, Inc.

NMLS Lic. No: 303296


209.872.0686

sarahs@scenicoaks.com

Veronica Galindo

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Mortgage Loan Originator

Scenic Oaks Funding, Inc.

NMLS Lic. No: 178124


209.485.2142

vgalindo@scenicoaks.com


Typical paperwork needed

  • Copies of pay-stubs for each applicant, reflecting a minimum of 30 days of income
  • Names/Addresses of Employers for two years
  • W-2s for two years
  • One or Two years of tax returns
  • A completed and signed Form 4506-T or 4506T-EZ, provided by MLO (Mortgage Loan Originator/Officer)
  • Bank statements for two or three months (all pages)
  • If self-employed; year-to-date profit and loss statement; plus signed returns for last two years
  • Proof of pension income, if applicable
  • Social Security and Disability payments, if applicable
  • Dividend Earnings
  • Bonuses
  • Information on debts, such as car loan(s), student loan(s) and credit cards
  • Security accounts (stocks, bonds, life insurance)

BAY AREA RECOMMENDED LOAN OFFICERS

Conrado Perez

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Mortgage Loan Originator

Sterns Home Loans

NMLS Lic. No: 483483


209.606.2362

conradop@stearns.com

Joey Tabares

Private Mortgage Banker

Wells Fargo Home Mortgage

NMLS Lic. No: 915751


415.542.8186

joey.tabares@wellsfargo.com

Types of Loans

FHA Loan

The Federal Housing Administration (FHA) offers loans with as little as 3.5% down payment, which are pretty popular among many first time home buyers. They aren't as strict on requirements like credit, which makes it easier to qualify. They do require mortgage insurance which will increase the monthly payment. Another great plus; if a family member wants to offer you money for your downpayment as a gift; this loan allows for it.

Conventional Home Loan

If you have managed your credit wisely, then you may qualify for a conventional mortgage with a lower interest rate. You can pay as little as 3% for your downpayment, and one you've paid 20% of your loan (AKA 80% Loan-To-Value), your mortgage insurance (which increases your monthly payment) goes away.

USDA Loans

The United States Department of Agriculture (USDA) rural loan won't limit your home choices to a farm. In some cases, properties zoned "rural" are just a few miles away from the nearest city. USDA loans don't require a down payment and offers easier credit qualification, which makes them very attractive to first time homebuyers.

VA Loan

The Veterans Administration (VA) offers qualified veterans, active duty military and your family members many benefits to get into your first home. First time home buyers may not require a downpayment, allowing you to get into the home without years of saving. You're also exempt from mortgage insurance, lowering your monthly payment. Lastly. Basic Allowance for Housing (BAH) can be counted toward income qualifications, increasing the amount of income you claim.

FHA 203k

Buying a fixer-upper/distressed property. A Federal Housing Administration Rehabilitation loan (FHA-203K) makes it easy for borrowers to afford a new home - and its renovations.

Jumbo Mortgage

Looking to buy San Francisco or want to build a custom home? A jumbo loan are available to qualifying borrowers who want to finance properties from $453,100 up to $3 million. Jumbos come with flexible rates and terms.

PLEASE CONSULT A LICENSED MORTGAGE LOAN ORIGINATOR/OFFICER TO DISCUSS YOUR LOAN OPTIONS.


JOE P. PEREZ & ASSOCIATES IS NOT A LICENSED MORTGAGE LOAN ORIGINATOR/OFFICER.

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