www.citywide-loans.com

NMLS # 120886 9400 S I-35 Service Road Oklahoma City, OK 73160

405-794-4412

Your Local Lender Serving Your Home Loan Needs

Obtain Mortgage Pre-Approval with

Citywide

Find Your New Home

Make an Offer & Obtain Accepted

Contract

Inspect the Property &

Resolve Inspection Issues

Secure Home Owner’s

Insurance

Confirm Loan Program & Lock

Your Rate

Citywide Orders Appraisal &

Underwriting

Provide Remaining Docs

Needed to Underwriter

Attend Closing & Receive Your

Keys!

Copy of driver’s license & Social Security card.

W2’s for the past 2 years. Complete copy of your federal tax

returns for the last 2 years. Most recent pay stubs

covering the last 30 days. Two most recent statements

for checking, savings & asset accounts.

Name, address & telephone numbers of employers & landlords for the past 2 years.

Complete copy of signed purchase agreement if available.

The following information is usually required during the loan process:

Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you're a first-time homebuyer. Here's some information that will keep you on track.

A home purchase may be your

largest financial transaction to date, so it's important to make the right decisions and to keep an eye on the details. With the assistance of your Real Estate Agent and Loan Officer, it should be an efficient, pleasant and ultimately rewarding experience for you.

• Keep your Real Estate Agent informed of any questions or concerns as they develop.

• Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.

• Enjoy purchasing your home, and remain objective throughout — to make the business decisions that are best for you.

• Make sure you are pre-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.

Home Buyer

• Assists you in selecting the best loan to meet your personal situation and goals. (This single decision can save you thousands of dollars through the years!)

• Keeps you informed of your loan status through the entire process.

• Keeps your Real Estate Agent informed of your loan progress. (Note: Your personal information is always kept confidential between you and us; only deal points and progress are shared.)

• Gets the appropriate loan for you at the best rates and fees. This will save you significant money "up front" and through the years to come.

Loan Officer

• Previews available homes to weed out those that are overpriced, or undesirable in some other way.

• Presents the homes that suit your needs as you've defined them.

• Helps you determine the difference between a "good buy" and a property which might be discounted if you decide to sell in the future.

• Negotiates the best deal for you. With a pre-qualification letter from us in hand, your Real Estate Agent will be able to demonstrate that you are a qualified and capable borrower. This will strongly influence the Seller, and may make the difference between the Seller accepting your offer or someone else's — even if your offer is lower!

Real Estate Agent

• It’s Good Before You Go House-Hunting, to Get Pre-Qualified: – 15–30 minute phone interview with a

Mortgage Loan Officer to determine initial qualifications.

– Pre-qualification information based on the verbal information given and your credit history.

– Please call Citywide Mortgage at (405)794-4412 or visit our website

www.citywide-loans.com to apply online.

• It’s Better to Get Pre-Approved:

– Forward any required items promptly to your Mortgage Loan Officer. After review of your documentation, underwriting may issue a pre-approval status on your loan.

– A pre-approval letter is recommended to be submitted with any offer, to possibly strengthen your position.

FHA Conventional

Veterans 184/Native American

• Great loan program for first-time home buyers, and generally easier to qualify for.

• Down payment requirement of 3.5% which can be a gift or a grant.

• UMIP Fee (up-front mortgage insurance premium) of 1.75% financed into loan.

• Monthly MI (Mortgage Insurance) of .85%.

• Seller can pay closing costs up to 6%.

• Must be owner occupied. • Only one FHA loan at a time. • Max loan amount $271,050. • If applicable, buyer must be out of

bankruptcy for 2 years.

Program requirements are subject to change.

• In general for those with higher credit scores, 5% down payment is normally required.

• MI (Mortgage Insurance) not required

at 78% LTV (Loan-to-Value).

• Buyer may choose the Fixed Rate Option (most popular 30 year) or

Adjustable Rate Mortgage (ARM). • Seller can pay up to 3% of closing

costs. • If applicable, buyer must be out of

bankruptcy 4 years.

Program requirements are subject to change.

• Must have VA Certificate of Eligibility.

• Requires a VA funding fee, which can be financed into the loan. Fee depends on type of service & number of uses.

• Funding fee may be waived if borrower is disabled.

• Offers 100% financing and no down payment.

• Allows for the seller to contribute up to 4% in closing cost.

• Can be used more than once, but normally just one home at a time.

• No monthly MI (mortgage insurance).

• Purchased home must be owner occupied.

Program requirements are subject to change.

• Tribal card with Roll Number is required.

• Down payment is 2.25%, but buyer can also contact tribe or access DPA (Down Payment Assistance) for other options.

• Buyer must have a maximum debt ratio of 41%, and maximum loan amount is $271,050.

• Guarantee fee of 1.5% financed in the loan.

• Monthly MI (Mortgage Insurance) of .15, but is not required when loan equals 78% of purchase price.

• Loan process can take up to 45 days.

Program requirements are subject to change.

Native American | 184

• Build credit with secured bank loans. • Build credit with credit cards, but

keep balance well below the credit limit. Allow no balances to exceed the credit limit.

• Make payments on time. Set up auto pay if possible.

• Avoid collections. For medical bills, make payment arrangements if necessary and pay on time.

• Monitor your credit. Some web sites & credit cards offer free credit reports.

• Do not apply for credit cards or other loans during the loan process.

• Do not change jobs. If you must, the new job should be in your field, pay should not be commission only, and do not become self-employed.

• The appraiser valuates the property and reviews recent market data of similar properties in the area to determine your home’s market value.

• You will receive a copy of the full

report upon completion. • The appraisal is ordered by

Citywide Mortgage.

• Once the appraisal is received, it is sent to underwriting to be reviewed along with the final submission of your credit package.

• The underwriter may request

additional documentation at this time.

• Upon receipt of all required

documentation and after all loan conditions are cleared, the final underwriting decision is made.

Available for all buyers based on income level.

Helps with down payment and

closing costs. Call your Citywide Mortgage

professional for further information!

(405)794-4412