Mortgage 101

CHA Mortgage Company wants our borrowers to be educated and a big part of that education starts here.  This page is a work-in-process so check back often.  Our goal is to add content regularly that you might find useful.  If there's a topic you're interested in that you don't see here, please send us a message and we'll get that added.  If you have a specific question, feel free to contact us and we'll get back to you right away. 


Application Checklist

Use my Application Checklist to gather the  documentation requested by most lenders.





What's your credit score?
Do you have enough credit?
Do you have bad credit?
Do you have too much debt?

These are all questions the lender will consider when evaluating your mortgage application.  Bad credit or derogatory credit doesn't automatically make you ineligible for financing but some programs might not be available depending on your credit score or length of time since bankruptcies, foreclosures, etc.  

CHA Mortgage Company will pull your credit when you apply for a loan.  There are no upfront fees associated with applying for a mortgage.


Income and Employment

The lender will want to confirm your current gross income and have evidence of stable employment. Documentation requirements vary depending upon a number of factors - including the source of income (hourly, salary, salary + bonuses, salary + commission, commission, self-employed, etc.). 



The lender will want to see how much money you have for a downpayment and closing costs. The more money you put down, the less risky your loan will be to the lender and the better your rate will be. 


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