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Alabama Home Loans - THE PROCESS

We have broken the Alabama Loan Process into 4 easy to understand steps.

 
Alabama Pre-approval:  Apply Online, in person, or by phone. We will Pre Approve you within 15 minutes. If needed, we will present you with a letter of pre-approval that you can give to your real estate agent or to the sellers to ensure your ability to purchase that home you need in Alabama. We make the process easy.

Alabama Loan Processing:  A Alabama Title Commitment / Appraisal & Survey may  be required in Alabama. Once we have received the necessary documentation (paystubs, bank statements, rental history, etc....) from you, we will check to ensure everything is in order for expedient final Alabama loan approval.  We have many reduced documentation loans for the self employed.

That Final Approval:  The Alabama loan is then reviewed by an Alabama Underwriter for final Approval and closing instructions are sent to the title company.

Close/Funding:  This is where you will meet at the Title company to sign final documents. After closing, it takes 1-4 hours to fund purchases and 1-3 days for refinances.

Generally Required Documentation
Refinances require less / Better credit requires less

Bank Statements
Last three (3) months of consecutive statements (when cash reserves are required)
Sales Contract
Sales contract on purchase.
Pay Check Stubs (last full month)
IRA, 401K, Stocks, Bonds, Etc.
Most recent statements showing balances for the last three (3) months or two (2) quarters (when cash reserves are required)
Insurance Agent
Name, company, and telephone number
Appraisal Application Fee
$325(most homes)
W-2's and/or 1099's (last two years)

Supplemental Information
[needed when applicable]

Complete Tax Returns (last two years) Cancelled Rent Checks (last 12 months)
Final Judgement
Divorce and/or child support, fully executed.
Landlord
Name and phone number(s).
Final Bankruptcy
Discharge List and copies of all included debt.
Leases
Current copies on each property.

What is a Alabama mortgage?
A Alabama mortgage is a loan secured by real property (permanently affixed to the ground house). There are 3 main types of mortgages: Conventional, FHA, & VA.

Alabama Conventional Loans
This type of mortgage is insured by private corporations. If you conform to the private insurer's lending guidelines, you will be eligible for the best market interest rates, and the best mortgage rates in Virginia.  You can also get a conventional mortgage without insurance. There are  many conventional programs for W2 employees, self-employed, stated income and jumbo borrowers.  This is the most flexible type of mortgage.

Alabama FHA Loans
These are Alabama loans funded by the government's Fair Housing Administration department.

Alabama VA Loans
A Alabama mortgage that is insured by the Veteran's Administration. If you are a veteran or properly related to one, you can apply for this type of mortgage. These mortgages allow you to finance 100% of the purchase price of a home with less income and/or less-than-perfect credit.

 

 

 

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