A critical step in the mortgage loan application process is to verify the sources for your down payment, closing costs and assets, as well as documenting income and debts. The lender uses this step to determine your qualifications as a borrower.
Down Payment & Closing Costs
Documenting that the down payment comes from your savings and that you will have savings and/or assets over and above the down payment gives the lender confidence in your strength as a borrower and your ability to repay the loan.
Take extra care to document the sources for any monies to be used for the down payment or closing costs.
Acceptable Down Payment & Closing Costs Sources
Cash in a bank account
Mutual funds / stocks / IRA / 401(K)
Proceeds from the sale of another property
Gift from an immediate relative
Assets
Collect information about your personal assets that add to your net worth and help to prove your credit worthiness.
Common Assets Considered in a Mortgage Loan Application
Stocks, bonds, mutual funds, 401(K) and retirement accounts
Life insurance
Personal property estimate - cars, boats, antiques, jewelry, etc.
Other real estate or property
Income and Employment
As the lender will want to confirm your current gross income and have evidence of stable employment. Documentation requirements vary depending upon a number of factors - including the source of income (hourly, salary, salary + bonuses, salary + commission, commission, self-employed, etc.).
Debts
As your lender will want to review a list of all your current debts. This along with your credit report will provide the lender with a snapshot of your obligations. The lender will want to confirm that you will not be overextended when the mortgage payment is added to your current debt load.
The one idea and practice that made America GREAT is we work TOGETHER as a Nation. One Nation Under God... We the People...
In this time of struggle and rebuilding, we need to look forward to a BRIGHT future with hope and anticipation. We must look back to learn from the lessons of the past and we look today to maximize our tomorrows.
We pray for the safety of those who serve in our military and their families as we pray for peace and safety for ours, the most blessed nation on earth.
You and I need to take time to remember the true meaning of our Nation and remember those who made the ultimate sacrifice protecting our nation, our values and our freedom.
For more than 200 years, America has been blessed with men and women who gave the last full measure of devotion to assure that this country remains a “shining city upon a hill.”
We must always remember and honor those who knew their lives served a higher purpose and that their calling was to put country first.
Show your gratitude to a veteran who lost a comrade in arms or to the spouse or child of a fallen hero. And pray for those men and women who today stand in harm’s way.
For Our Freedom!!!!!
If Americans will once again be "One Nation Under God", God will Bless America, again!
We are a direct lender mortgage banker with lending authorization in the following states for Conventional, HUD, FHA, VA, USDA, Reverse, and Commercial lending with offices in various locations focusing on providing real estate loans to the people in the communities we serve throughout the United States. We are available to help borrowers achieve the dream of home ownership and assist them as they take advantage of today’s real estate investment opportunities and mortgage rates.
Our loan professionals are highly trained in all of the various loan products currently available. We are well prepared to answer any questions you may have about buying a home or to assist you with analyzing your current home loan. Simply put, they are here to help you make informed right-fit mortgage decisions.
The customer experience is our number one priority. Communication is a very important part of our business model and our unique loan process, and our investment in technology reflects just that. We have mastered the ability to effectively communicate with all parties involved on each and every transaction keeping everyone up-to-date from the first phone call through funding. Our goal is to use all of our resources to make your transaction as smooth and efficient as possible.
With the experience, resources and exceptional service standards, you will see why we deliver…simply better home loans as we are working to expand our lending in other states as well.
Alliance Financial Resouces, LLC corporate offices NMLS #142084 2155 W Pinnacle Peak Rd, Suite 201 - Phoenix, AZ 85027 Office Phone:(602) 867-6000 Fax: (602) 867-5877
*Home appraisal or closing credit will be credited at closing.
We lend in the following states: AL, AZ, CA, CO, HI, ID, NM, TN, TX & UT FHA Approved Hablamos su idoma! AL: Hud Exempt AZ: BK0909311 & BKBR0114792 CA: 4130960 CO: MB 100017823 HI: Hud Exempt ID: MBL 7349 NM: 303372 TN: 4316 TX: 78495 UT: 6399785-MLCO Veterans Affairs: 910224-00-00 FHA AZ: 2458000001 & 2458000024 FHA Direct Nationwide Lender: 2458000018 USDA
Alliance Financial Resources, LLC Attn: Korene Clopine-Seaman Scottsdale, AZ 85245
