The responsible loan officer will make an appointment to meet with you to go over the application and to request for additional documents if need be. Otherwise, if all required documents are obtained and all forms are completed, your loan officer will advise you to submit your application.
A "Good Faith Estimate (GFE)" will also be prepared for you within 3 days after our receipt. The GFE describes the different fees that you may have to pay if your loan is approved. These fees include, but not limited to: insurance, mortgage life/disability insurance, inspection fees, credit report fee, origination fee, Preliminary Title Report and Title Insurance Policy.
Your application will be processed to accurately determine if you qualify or are eligible for the housing program you are applying for as well as to determine if you are able to afford your requested loan amount.
Within thirty (30) working days after issuing your AL, your loan officer will inform you of your loan status. If your loan is approved, a commitment letter (CL) will be prepared and sent to you for your acknowledgment. The CL indicates the terms and conditions of your approved loan, as well as additional information that you will have to provide your loan officer. Approved borrowers will have fifteen (15) calendar days to comply with the conditions outlined in the CL. Approved borrower who do not meet the above deadline, will have their application placed in the inactive file. Please note that all loan approvals must come before the NMHC Board.
If you would like more information about how to apply for a loan please contact us here.