Frequently Asked Questions

 

Whether this is your first home loan or you are a seasoned real estate investor, we understand that the mortgage industry can often be complicated to navigate. As such, if you're going to be responible for a 30-year term loan we feel it's best that you know exactly what you're signing up for. In addition to repaying the principal, a borrower is obligated to make interest payments to the lender, and the home and the land around it serve as collateral.

Homeownership will allow you to build equity and earn tax breaks. You'll need to set money aside for unexpected expenses. But owning a home can be one of the most rewarding decisions you will make, and we want you to be as prepared as possible for what lies ahead. If you have any questions, browse through our extensive list of FAQs for help. If you still can't find answers to your questions, feel free to contact us anytime. We're happy to help.

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Can I apply for a loan before I find a property?

Yes, applying for a mortgage loan before you find a home may be the best thing you could do. When you apply in advance, we issue a pre-qualification letter subject to you finding your new home. You can use the pre-qualification letter to assure real estate brokers and sellers that you are a qualified buyer. The pre-qualification process helps assure that you are looking in the right price range to comfortably fit in your budget. Having been pre-qualified for a mortgage may also give more weight on any offer you make.

Is there a fee for completing an application?

There is a non-refundable $40 credit report fee for completing our online application.

What do you need to process my loan?

We use an automated underwriting system that allows us to request as little information as possible to verify the data you provided during your loan application. The system compares your financial situation with statistical data from millions of other homeowners and uses that comparison to determine the level of verification needed. In many cases, a single W-2 or pay stub can be used to verify your income or a single bank statement can be used to verify the assets needed to close your loan.

What if I want to buy a manufactured home?

A&D Mortgage Group defines manufactured housing as a housing unit that is factory built with a steel undercarriage that remains as a structural component and limits the structure to a single story. These types of manufactured homes are sometimes known as mobile homes.


We do not consider other factory-built housing (not built on a permanent chassis), such as modular, prefabricated, panelized or sectional housing to be manufactured housing. If your home is one of these types, please complete the application indicating that your home is a single family home. In order to qualify for our loan programs a manufactured home must:

  • Be built on a permanent chassis and attached to a permanent foundation system.

  • Be a one-family dwelling that is legally classified as real property.

  • Have been built in compliance with the Federal Manufactured Home Construction and Safety Standards that were established June 15, 1976. (Generally, compliance with these standards is evidenced by the presence of a HUD Data Plate that is affixed near the main electrical panel of the home or in another readily accessible and visible location.)

  • Be at least double-width, 24 feet wide, and have a minimum 600 square feet of gross living area.

  • Be acceptable to typical purchasers in the market area.

  • The towing hitch, wheels and axles must have been removed and the home must be permanently attached to a foundation system that meets state and local codes as well as the manufacturer's requirements.

  • The foundation system must be appropriate for the soil conditions for the site and meet local and state codes.

  • The land on which the manufactured home is situated must be owned by you. We do not provide financing for manufactured homes located on rented or leased land.

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Arnett & Devoe Mortgage Group

Casey Arnett

Vivian Devoe

1803 N. Taft Ave.

Loveland, CO 80538

970.663.9879

Income

 

Will overtime, commission, or bonus income be considered with my application?

In order for bonus, overtime or commission income to be considered, you must have a history of receiving it and it must be likely to continue. Usually, we will request copies of W-2 statements for the previous two years and a recent pay stub to verify this type of income. If a major part of your income is commission earnings, we may need to obtain copies of recent tax returns to verify the amount of business-related expenses, if any. We then average the amounts you have received over the past two years to calculate the amount that can be considered a regular part of your income. If you have not received bonus, overtime, or commission income for at least one year, it probably will not be given full value when your loan is reviewed for approval.