Begin your home loan process today! Our mortgage advisors are standing by. See if you are eligible for a Jacksonville FL VA Loan.

The three major items needed for approval for a refinance or purchase are as follows: CASH, CREDIT & INCOME.

1.  CASH – Cash means where is your down payment located and how much do you have. Do you have enough cash to buy the home such as 3.5% down for an FHA loan or 3%-5% down for a Conventional Loan.  These are the lowest available besides a VA Loan which is No Money Down but we may need to verify closing costs.  Therefore, we need to trust and verify where the cash is coming from whether it be a checking account, savings account, 401K, investment account, or gift funds from a family member.  This item MUST be trusted and verified through documentation.
2. CREDIT – We must pull credit and verify a credit score and a debt to income ratio among that credit score and the debts tied to that credit.  The minimum available is down to a 550 credit score although this is marketable it is nearly impossible.  Most will need to be at least 580 credit score to have a swinging chance at clearing a DU or LP approval.  In order to have the most likelihood for closing is a minimum of a 620 credit score.  A 620 is normally attainable for an FHA loan as this is a government backed loan designed to approve lower credit score buyers and offer a lower down payment of just 3.5%.  Therefore we need to pull credit and hopefully with will be a high 700 score and we can do a Conventional Loan is the most ideal situation unless you are a VA buyer.
3. INCOME – Finally income needs to be trusted and verified with tax returns, pay stubs, and W2’s.  These items detail into the most recent two pay stubs or last 30 days.  If you are paid weekly we will need 4 pay stubs.  If you are commission based we will need two years of tax returns and will average your commission among those two years.  If you are salary we will want to see your pay stubs and W2’s.