Mortgage Lenders

Loan Types

The three types of available loans are FHA, VA, and Conventional.

An FHA loan is a loan that is insured by the Federal Housing
Administration. FHA loans require borrowers to pay MIP (Mortgage
Insurance Premiums) which are paid monthly to insure the loan.

A VA loan is a loan made available for veterans and guaranteed by the
Veterans Administration. VA loans require the borrower to pay a one
time VA funding fee.

A “conforming” Conventional loan is a loan no greater than $333,700,
which is neither insured by the FHA nor guaranteed by the VA. Loans
with less than a 20% down payment require private mortgage insurance to
insure the added risk. On a purchase with 20% or more down, it may be
beneficial to choose a conventional loan, as no additional fee is
required to insure or guarantee the loan. In addition, both FHA and
Conventional loans are offered with either fixed rate or adjustable
rate terms.

Choosing the right type of mortgage can be a very easy task. However, the choice
may not always be very clear, especially if you are considering an
Adjustable Rate Mortgage (ARM). You may have to do some homework to
evaluate your personal financial situation and then determine the
features of available loan programs to analyze how they correspond with
your needs.

Required Documents

Copy of most recent two (2) years W-2 statements
Copy of pay stubs covering the last (30) thirty days
Copy of most recent monthly bank statements
Copy of most recent statement 401K, IRA, or Mutual Fund Accounts
Copy of most recent brokerage statement for any stocks, bonds or certificates of deposits (or copies of actual certificate)
Copy of the purchase agreement
If you are currently renting….either 12 months canceled rent checks or the name and address of your current landlord
If divorced…a fully executed divorce decree
For a refinance…a copy of the mortgage deed, and most recent property tax statement
For self employed borrowers: employed in sales, paid by commission, or owns rental real estate: Two (2) years signed personal tax returns - including all schedules.If self-employed through a corporation, last two years corporate returns as well as a year-to-date profit and loss statement and balance sheet

Different programs require varying amounts of documentation. The loan program you select may require more or less documentation. Please contact one of our lenders for a free, no-obligation consultation.

Sally Settle PHH Home Loans
Loan Officer
Office: (952) 435-4232
Fax: (952) 435-2935
Email Sally
Visit Sally’s Website

Gigi Shurts
Wings Financial Credit Union
Home Mortgage Consultant
Office: (952) 997-8012

Elizabeth Koehler
Wells Fargo Home Mortgage
Private Mortgage Banking
Office: (612) 316-1330
Cell: (612) 325-1764
Email Liz
Visit Liz’s Website