Delta Trust & Bank - Moore Mortgage -

1. What documents do I need when I apply?

2004 & 2005 W-2 forms
Most recent 30 days of pay stubs
Most recent two months bank statements

2. What is definition for a First Time Homebuyer?

Someone that has not owned a home in the past three years.

3. Do I need to be a First Time Homebuyer to obtain 100% financing

No.

4. How long do I need to be self-employed to qualify for a home loan?

A minimum of one year with two previous years in the same line of work. However, there are loans available with no income verified at a slightly higher rate.

5. How much money do I pay at time of application?

$35 for credit report/pre-approval. When the property is purchased $325 will be collected for appraisal.

6. If I have a cosigner, will that offset my poor credit history?

No, however, a cosigner will offset insufficient income. It must be a blood relative.

7. If I have no job but excellent credit, is there a home loan for me?

Yes, the No Income No Asset loan requires no employment verification

8. If I have collection accounts on my credit, do they always need to be paid in full before I am approved?

Depending on loan type, some collections may remain outstanding.

9. If I do not intend to live in the property I am purchasing, what type of loan can I obtain?

There is non-owner occupied financing up to 100% of sales price.

10. How long does it take to obtain preapproval?

If documents are received at first interview, preapproval letter can be given at application.