Getting started on the pre-approval process is easy! Just click here to begin the online loan application with our preferred lender, Jerri Southorn. Don't worry if you need to leave a field blank. Just fill in what you know and Jerri can help you gather the rest of the information later.
Having a hard time with the online app? Just call or email Jerri. She can take an application over the phone or set up an appointment to meet you in person - (209) 649-3943 or Jerri@AbilityMortgage.com.
Once you are pre-approved with Jerri, you are automatically placed on our VIP List! This gives you the opportunity to purchase one of the first few coveted homes at Dolcinea. Don't delay - priority on the VIP List is established by date of approval.
You are not required to use our preferred lender to purchase your home, but we do strongly encourage our buyers to use Ability Mortgage. Our long-standing relationship has shown great customer satisfaction and on-time closings in many of our recent communities. We also offer buyers up to $5,000 in credit towards closing costs including but not limited to buying down your interest rate or buying out/reducing your mortgage insurance. All buyers are required to be pre-approved with Ability Mortgage.
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, contact Jerri or a member of her team to see what will be needed.
Verification of Assets
Most recent statement) 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 Jerri and her team. There might be alternative credit solutions available to help you qualify.
Having these items on hand when you visit the lender or make your application online will help speed up the review process.
The Pre-Approval process is not difficult in most cases if all of the necessary documentation is provided. Once Jerri’s team at Ability Mortgage receives your application a credit check is performed and the information you provided is reviewed. If no additional documentation or verifications are needed the whole process can be done in a day or two. If Jerri’s team requests additional items from you or needs to verify anything with your employer or other third-party, the process will take a bit longer. Applications are reviewed in a first-in/first-out system. The quicker you submit a full application and any additional items requested, the faster your application will be completed!
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 not comfortable 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.