An FHA loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender will not have to write off a loan if the borrower defaults, the FHA will pay. Because of this guarantee, lenders are willing to make large mortgage loans. Learn more about FHA loans here.
MJW Financial helped us remortgage our house for a lower interest rate. I chose MJW because they had an A rating which they definitely lived up to. First of all, they were kind and respectful, next they were always “Johnny on the spot” getting the process started right away, keeping the paper process going and always being there with an answer whenever I had a question. They were always available and approachable for questions, never made me feel bad for asking questions. I really was glad I went to them and if I had it to do over again, I would make the same choice. I totally recommend them. I give them an A+ rating.
Below is a brief summary of the mortgage loan process. Please note, this process is not concrete and certain steps of the process may change based on individual situations.
Do NOT black out or cross out any information on documents or they will not be accepted by underwriting. Additionally, please make sure all submissions via email are in .pdf format.
Must reflect the last 30 days and include: borrower name, company name, company address, pay period, pay date, salary/wages, current payment information, year-to-date information.
Must reflect the last two months (NOTE: If a retirement account is included, must be quarterly statement). Must include: borrower’s name, address, account number, bank name. All pages in numerical order, even if blank. NO ONLINE PRINT OUTS ACCEPTED!
Must include documents for the last two consecutive years (all pages/schedules). NOTE: Self-employed borrowers will need copies of all K-1s if ownership in business is 25% or more; copies of all pages of business returns will be required.
Must be legible. Must be provided by all borrowers/co-borrowers.