Requirements
Key requirements for conventional loans include a minimum threshold of FICO credit score of typically 620. Commonly, for an FHA loan, down payment of 3.5% is required. Nonetheless, there is no down payment requirement for VA or either USDA loans.
Application details
Generally, a customer should attach to the application current pay stubs, two years W-2s and tax returns, personal bank statements, asset statements, including 401(k), brokerage accounts, mutual funds, purchase agreement and identification. Other documents may be required depending on a specific lender.
How long are applications considered? Movement Mortgage claims that the whole application process takes no more than 30 minutes.
The reasons for rejection commonly include incongruity of clienteles’ credit score and documents to the requirements, insufficient experience operating in business.
How to apply for a loan
- Click the Apply button.
- Sign up for an account on Movement’s EasyApp and fill out all the necessary information including contact info, SSN, date of birth, purchase price, down payment, loan amount, asset and income information and veteran status.
- After completing all these questions, a loan officer will contact customers to discuss what type of loans they might consider.
Nowadays Movement Mortgage offers the convenient tool — EasySign. With it, buyers can sign many of the documents online with an attorney or closer present.
