At Manhattan Mortgage, we're knowledgeable about the mortgage programs of over one hundred lenders. Our expertise means we can guide you to the lender best suited to your needs and most likely to underwrite your loan. Lenders review your full financial picture when considering your loan. The appraisal must show that the property has sufficient value, prior to the bank appoving a loan. A licensed appraiser is sent to make an inspection of the property and compare it to recent sales of similar properties in the area.
Processing generally takes two to three weeks.
As long as you furnish full and correct information, the process should be smooth. As the last step, the bank s underwriter reviews everything to confirm that your loan meets the bank s guidelines, and either approves or declines your loan. When you receive the commitment letter, you're well on your way toward closing on your new home. Income Most recent two years Federal tax returns with all schedules. Pay stubs covering a one-month period.