Our Process

1. Prequalification

Prequalification is the term used to explain the short mathematical equation that determines how much of a loan you can afford. This may be performed by going to the Loan Advisor or by contacting one of our 30 Loan Originators on staff at (888) 250-6522. Prequalifying for a loan usually takes less than 5 minutes.

2. Apply For Your Loan

Applying for a home loan with USDA RD Loan could not be easier. You may call to set up a convenient time to meet face-to-face with one of our professionally trained Loan Officers or, if you prefer, have your loan application taken over the phone, which usually is completed in less than 15 minutes.

If you prefer to apply online, you can start our quick, easy and secure online application here. You can also print the very application Loan Officers use for your private completion. If you wish to utilize facsimile to send us your completed application, please feel free to transmit it at (314) 628-2035.

3. The Processing Of Your Loan Application

Processing a loan may be better described as verifying information. One of our courteous processors will contact you shortly to discuss the facts presented on your loan application. Typically, the processor will ask for three items to verify these facts:

1. Your last two pay check stubs (a year-to-date P & L if self employed)

2. Your last two W-2 forms (personal and/or corporate returns will only be requested if needed)

3. The last two statements you received in the mail from any institution with which you have money on deposit (checking, savings, investment, 401k, etc…)

While this information is being collected, your processor will order your credit report and the appraisal on the property being financed. If you are purchasing this new home, please submit a copy of your purchase contract, too.

4. Appraising Your Home

The appraiser will contact you (your Real Estate Agent if you are purchasing a new home) to set a mutually agreed upon time to spend 15 minutes exploring the inside of the property being financed. Then the appraiser will spend hours researching “comparables”, like-homes in size and lot that have sold as geographically close in proximity as possible to the subject property and within the last six months.

5. Underwriting

Simply put, an underwriter is the brain trust of a lender. They determine if a loan is approved or rejected and under what terms. If your loan is not approvable under the terms for which you have applied, then a counter offer is usually made if possible. For example, if you applied for a 15 year fixed rate mortgage, but the underwriter felt the larger payment would be overly taxing based on your other debts and as a function of your income, then they may offer a 30 year fixed rate mortgage instead.

USDA RD Loan is different than almost every other lender in that our underwriters are in-house and on campus in our headquarter facilities in St. Louis, Missouri. As a result, your file does not leave our office unless there are special circumstances. The result is a faster approval as a result of human interaction.

6. Closing

The name speaks for itself. Usually your closing will take place at the title company of your choice or at our offices if you prefer.  A closer will call you usually 24 hours prior to your closing to make sure everything has been properly coordinated between you, your home owners insurance agent, your real estate agent (if applicable) and your title company.

web
analytics