Process
Conventional, FHA & THDA Loan Process
This is for the process on full doc loans of all types; conventional, FHA and THDA for Tennessee housing grants loans.
Pre-Qualify and get your approval letter from the bank.
- Prepare to become pre-approved for a Full Doc loan by locating the following: 1 month recent pay stubs, a copy of your current driver’s license, your most recent bank statement for all accounts, signed copies of your most recent 2 years of tax returns and W-2’s or 1099’s, and a copy of your sales contract (if available).
- A loan officer will meet with you to sign the application, collect the required documents and get a check for the appraisal.
- At this point the bank begins processing your file.
- Choose a Realtor
- Find a home and approve the property as collateral for the loan.
- Write a sales contract.
- The bank orders an appraisal, title work and other required documentation.
- Underwriters issue a full approval and (If applicable) sends the file to THDA.
- (If applicable) THDA state underwriters issue a full approval and lock your interest rate at that time.
- The bank sends the closing documents to the closing attorney and wires the funds to close.
- Closing will take place, and if at all possible, a loan officer will be with you.