How to apply for a loan?
To apply for one of the loan programs offered by Bay Equity Home Loans, a potential borrower needs to complete these steps:
Click on the "Find Your Team" button. On the loan officer map, select the branch. Choose a suitable consultant from the presented team.
Click on the "Apply Now/Log In" button. Enter the email twice, create a password, and then enter your name and phone number.
Click "Start Application". Enter your date of birth and SSN. Select capital status and U.S. citizenship status. Enter the address of residence, state, and zip code. Add employment by entering your employer's name, job title, start date, and gross monthly income.
If you own a property, add information about it.
Choose the purpose of the loan you are taking out.
Enter information about the desired property, such as purchase price, state, and property type.
Click "Continue to submit".
Requirements
Different types of loans have different requirements for credit scores:
Minimum 620 for a conventional loan
Minimum 680 for a jumbo loan
Minimum 640 for VA loan and USDA loan
Minimum 580 for FHA loan.
To get a loan from Bay Equity, the borrower must:
Be 18 years old
Be a citizen or permanent resident of the United States
Have a stable source of income that brings the borrower income for at least 2 years
Have a debt-to-income (DTI) ratio of no more than 43% for FHA loans and 36% for other loans.
In addition, a VA loan requires the borrower to be an eligible veteran. A borrower taking a USDA loan must acquire a property located on an eligible rural territory.
Application details
To confirm the identity of the borrower, Bay Equity may ask the borrower to upload some documents:
Passport
Valid state-issued ID
Driving license.
Some of these documents may be requested to confirm the borrower's income level and debt-to-income (DTI) ratio:
Pay stubs
W-2s for the last 2 years
Bank statements for the last 3 months
Federal tax returns for the last 2 years.
