What Does the Mortgage Application Process Look Like?

Crystal Harris is here today to talk a little more about the loan application process.

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In our last video, we talked to Evelyn about the beginning of the application process. This time, we’re here with Crystal Harris to dig into the process a little further.

Crystal has been with us for a little over a year, and this is her first job in the mortgage industry. After Evelyn gets applications sent out to clients, Crystal is responsible for helping you through the application process, answering any and every question you have.

After the application is in, she is the one who will follow up with you and request a whole lot of paperwork. Be prepared for us to ask for a lot of information. It’s not going to be an easy thing to do to track down everything we need, but it will be worth it. The process is vastly different and more complex than it used to be, but it’s worth it in the end.

The hard work is worth it in the end.

After all your questions have been answered and you get your paperwork in, Crystal will make an appointment for you with Kristin where you can go over everything in further detail.

Most people don’t know what the application process is going to be like and that’s why Crystal enjoys helping our clients by answering their questions, letting them know what to expect, and calming any fears they have.

If you are interested in getting a loan application started or if you just have any questions, give us a call or send us an email. We look forward to hearing from you.

Meet the Success Mortgage Partners Team: Introducing Evelyn

Today we’d like to introduce Evelyn, the receptionist (and your first point of contact) at Success Mortgage Partners.

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Evelyn has worked at Success Mortgage Partners since September of 2016. As a receptionist, she is your first point of contact when you inquire about an application. She makes sure that you get the application and will answer your questions as well. “What I enjoy most is learning everything that I didn’t know before,” Evelyn says. “I have been able to soak in a lot of information about the mortgage process that I didn’t know before, so it’s been a really good experience so far.” “Kristin has a lot of knowledge and she will do everything she can to help you get a new home,” Evelyn adds.

The sooner you send in your information, the better.

One thing Evelyn thinks that everyone should know about the mortgage process is that the whole process depends on you. “We will do everything we can on our end,” says Evelyn, “But it really depends on when we get your information. The quicker you send us your information, the faster we can start the whole process.” If you have any other questions for our team, just give us a call or send us an email. We would be happy to help you!

Answering Your Questions About FHA Loan Limits

How can you have a loan amount that’s higher than the FHA limit in Lake County? Can a seller hold a small note for an FHA, like a second mortgage? Today we’ll answer both of these questions.

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In the final installment of our series where we answer agents' questions, today we’re fielding a two-parter from Allison Wheatley of First Realty.

First, she asks, “Someone said that the FHA loan limit in Lake County is $274,850; however, one of my buyers has a loan amount of $285,000. How does that work?”
Secondly, she asks, “Can the seller hold a small note for an FHA, like a second mortgage?”
To answer her first question, the FHA does set loan limits per county, and they’ll change based on what county you live in. The FHA loan limit in Lake County is $274,850, but that’s not the purchase price limit. People can purchase homes for however much they want, but the FHA has stated that they will not lend any more than the $274,850 limit in that county.

FHA loan limits change based on what county you live in.

For example, if somebody wants to buy a house that costs $300,000, that’s perfectly OK; however, they’re going to have to put down the extra $25,150 to bring the base loan amount down to the FHA loan limit in our county.

To answer her second question, the FHA doesn’t allow interested party contributions such as seller-held second mortgages into the transaction. The only thing the sellers can do, per FHA guidelines, is help pay up to 6% in closing costs into the transaction.
If you or your buyers have any other questions in regard to FHA loans or their requirements, please don’t hesitate to give us a call. We’d be happy to help!