Getting started on the pre-approval process is easy! Just click on the lender's name to begin the online loan application with one of our preferred lenders. You'll be asked to create an account so all your information can be transmitted securely. Don't worry if you need to leave a field blank or have to make a "guesstimate" on some questions. Just fill in what you know. Our lenders will help you gather the rest of the information later.
Having a hard time with the online app? Don't be afraid to call or email! Our preferred lenders can take loan applications over the phone or set an appointment to meet you in person. Please see their contact details below.
Additionally, our lenders hold open office hours at our Sales Office. This is a great way to put a face with a name, start the pre-approval process, or pick their brains about anything and everything home loan related.
To purchase a Raymus home, you must be pre-approved by one of our preferred lenders. However, you are not required to use our preferred lenders for your new home purchase. We do strongly encourage our homebuyers to use one of our three preferred lenders. Our long-standing relationship has shown great customer satisfaction and on-time closings with our preferred lenders - just check out their reviews! To put it simply, our preferred lenders do an amazing job! Because an on-time close of escrow is everything and our preferred lenders execute at such a high level, we offer our homebuyers an incentive of up to $5,000 in closing cost credits for using one of our preferred lenders for their new home purchase. This credit can even be used towards buying down your interest rate or buying out/reducing your mortgage insurance.
Verification of Income
Most recent pay stub and W-2s for the last two years from all employers
If you are self-employed: Federal tax returns for the last two years. Include personal AND business tax returns if the business is a partnership or corporation
Additional income types: Provide your Award/Benefit Letter if you earn income from social security, retirement/pension, veteran benefits and so on. Federal tax returns for two years may also be required depending on your loan program.
If your income does not fit into one of these types of sources, don't worry! Reach out to your choice of preferred lenders to discuss what may be needed for your situation.
Verification of Assets
Most recent statements for any asset account(s) you plan to use for the purchase of your new home.
If you will be selling a property, please provide the estimated sale proceeds you are expecting.
If you will be receiving any gift money, please let us know the amount of the gift.
If additional assets are required, more documentation will be requested.
Credit and Debt Obligations
A credit report will be obtained and reviewed to see your current debt obligations.
If you own any real estate that will not be sold before you purchase your new home, we may require the mortgage statement, insurance declarations, and HOA invoice, if applicable for all properties.
If you are obligated to pay alimony and/or child support, please let us know so we can document accordingly.
If you have no established credit history, please review your options with our preferred lenders. There might be alternative credit solutions available to help you qualify.
Having these items on hand when you visit our lender onsite or make your application online will help speed up the application and review process.
In most situations, the Pre-Approval process is fairly quick - especially when all necessary documentation is provided. When our preferred lender receives your application, a credit check is performed and the information you provided is reviewed. If no additional documentation or verifications are needed, you will have your pre-approval letter in a day or two. If additional items are needed from you or information needs to be verified with your employer or other third-party, the process can take a bit longer. Applications are reviewed on a "first come, first serve" basis. The sooner you submit a full loan application and any additional items requested (if needed), the sooner your pre-approval letter will be ready!
Some inquiries affect your credit score and some don't. When you or a company trying to market to you check your report, it's considered a "soft" inquiry and doesn't affect your score. When you apply for credit, it's called a "hard" inquiry, which can affect your score. One inquiry from a loan pre-approval may not negatively impact your score, according to FICO. Multiple inquiries, however, could lower your score. FICO considers numerous credit applications within a short span of time as an indicator of high-risk behavior. This refers to hard inquiries where you apply for credit.
Pre-approvals are typically good for up to 120 days from the date of your credit report check. If more than 120 days pass, re-approval may be required.
Pre-approval is required to help ensure only buyers who are qualified to purchase are reserved on home sites as they become available. We will keep all potential buyers on an interest list to get updates from our sales team but we will go to our Priority List of pre-approved buyers first when new home sites become available. We do not want to have buyers go into contract only to find they do not qualify or are uncomfortable with the terms and requirements of the mortgage. It protects both you as the buyer and Raymus Homes by taking this step of pre-approval.
Yes! If you choose to use one of our preferred lenders for your new home purchase, Raymus Homes will credit $5,000 towards recurring and non-recurring closing costs. Are you a cash buyer who won't be utilizing financing? Awesome! Buyers who use cash for their new home purchase will receive a $5,000 credit towards options and upgrades.