Apply For a American Financing

How to apply for a loan?

To apply for financing, you need to follow a few simple steps:

1. Click on the "Get Started" button;
2. Select the state where the desired property is located, the type of property, and click "Next";
3. Choose the amount of the future mortgage;
4. Enter the amount or percentage of the down payment;
5. Fill in your name, email, and phone number;
6. Click "Continue Online";
7. Choose the type of house;
8. Confirm the entered early data and select the source of the first payment;
9. Answer questions about the realtor and the ownership of other houses earlier;
10. Enter your residential address;
11. Select the type of employment and enter data about the company name, start date, and annual income;
12. Enter information about financial assets;
13. Enter demographic information as desired;
14. Answer questions about bankruptcy;
15. Enter your date of birth and SSN.

Requirements

To obtain approval of the application, the borrower must:

• Have 580 FICO credit score for FHA loan, 620 for VA loan and for Cash-Out refinance, and 700 for 15 year-mortgage;
• Be 18+ years old;
• Be a US citizen or permanent resident;
• Have a provable source of income.

To obtain an FHA loan, the borrower must additionally:

• Have two years of stable employment;
• Have a debt-to-income ratio of no more than 43%;
• Have 30% of income available for a mortgage payment;
• Have less than 30 days of late payment of debts for the last two years.

To receive a VA loan, the borrower must serve at least:

• 181 days in peacetime;
• 90 consecutive days during the war;
• Six years in the National Guard or the Reserves.

Application details

To complete the application, the borrower must provide these additional documents:

• W2s for the last two years;
• Tax Returns for the last two years;
• Photo of the government-issued ID;
• Pay stubs covering the last 30 days;
• Wet Signed Borrower's Certification;
• Wet Signed SSA-89.

In case of refinancing, these documents are also required:

• Homeowners Insurance Declaration page;
• Mortgage statement.

The most common reasons for refusal are bad credit, no credit, high debt-to-income ratio, and insufficient down payment.