TYPES OF MORTGAGES AND RATES WE OFFER:
FHA: 3.50% of the purchase price, plus closing costs
Conventional: 3% to 5% of the purchase price, plus closing costs
VA: Down payment depends on VA Eligibility, possibly 0% plus closing costs
St. Louis Community Credit Union’s MLO number is 616755.
Carrollton Bank’s MLO number is 719258.
RATE LOCK POLICY:
We are able to lock a rate only after the following conditions have been met:
- You have found a property and have accepted the sales contract
- You are approved for the mortgage amount after first being pre-qualified
- We have reviewed all required documentation
We currently offer 30, 45, 60, and 90 day locks – which means you must close and disburse your loan during the Rate Lock period. We must lock your rate 10 days prior to close.
Please note that extensions of the rate lock-period due to delays in providing documentation for the review process may result in additional closing costs.
APPLYING FOR A HOME LOAN:
Documentation for all borrowers, including:
- Social Security Number
- Contact and employment information
- Best estimates of income, assets, and liabilities
It is helpful to have pay stubs and prior year’s tax returns available to assist in answering these questions.
Yes! In fact, we strongly recommend that you get Pre-Qualified for a mortgage loan before you find a home. Once an application is completed and all necessary documentation is provided and reviewed, a Pre-Qualification Letter will then be provided.
The Pre-Qualification letter outlines the type of loan & amounts you are Pre-Qualified for.
PROCESSING YOUR LOAN:
Initially Eligible: You have been qualified for the mortgage amount requested subject to verification of the information in your application including the home.
Pre-Qualified: We have verified the information you provided and approved you for a specific loan amount subject to determining the value of the home you wish to purchase or refinance.
Approved: We have verified the information you provided including the value of the home securing the loan and you are authorized to proceed with a loan closing.
The maximum percentage of your home’s value that you can borrow will be determined by the purpose of your loan request. If you are purchasing a new home, we can lend up to 97% loan to value* requiring a down payment as low as 3%* of the purchase price.
If you are refinancing your home we have programs that would allow up to 97.75% loan to value*.
*Subject to loan program and qualifications
A previous bankruptcy or foreclosure may negatively impact your ability to get a new mortgage.
We generally require that a minimum of 2 years have passed since the bankruptcy and/or the property has been removed from your name, and generally require 3 years’ passage for foreclosure and short sales.
In addition, it is important to re-establish acceptable credit history with new loans and credit cards after the event.
We will require:
- Paystubs from the previous 30 days
- Tax returns from the last two years
- W2’s and bank statements from the last 60 days.
If you are refinancing, we’ll also need your most recent mortgage statement(s) and homeowner’s insurance bill.
There are usually additional documents needed during the loan process, so please expect to provide additional items as the review moves forward.
A home loan often involves many fees, such as the appraisal fee, title charges, closing fees, and state or local taxes which vary between Missouri and Illinois.
The cost is based on the loan amount.