About Maria
What is Maria's dogs name?
What is Milo?
This government-backed loan program is popular with first-time buyers and allows down payments as low as 3.5%
What is an FHA loan?
This three-digit number helps determine a borrower’s interest rate and loan approval.
This is the first step where a borrower completes an application and provides basic financial information.
What is a Loan Application?
This conversation with a borrower reviews income, assets, credit, and goals before issuing a pre-approval.
What is a Pre-Purchase Consultation?
Where did Maria meet her spouse?
What is High School?
This conventional loan program allows as little as 3% down for first-time homebuyers and follows Fannie Mae guidelines.
What is a Conventional HomeReady loan?
Lenders use this calculation to compare monthly debt payments to gross monthly income.
What is a debt-to-income ratio (DTI)?
This third-party report is ordered to determine the property’s market value.
What is Appraisal?
This letter shows a seller that a buyer is qualified for a mortgage.
Is Maria a White Sox or Cubs fan?
What is White Sox?
This loan type is designed for rural and some suburban homebuyers and is backed by the U.S. Department of Agriculture
What is a USDA loan?
This document shows a borrower’s work history and income for the past two years.
What is a W-2?
This stage of the mortgage process involves reviewing income, assets, credit, and property details to determine final approval.
What is underwriting?
This system allows loan officers to register and maintain their mortgage license.
What is an NMLS?
How long has Maria been a Loan Officer for?
This loan program is guaranteed by the Department of Veterans Affairs and requires no down payment for eligible borrowers and spouses only
What is a VA loan?
Paying this type of account 30 days late can significantly lower a borrower’s credit score.
Once all underwriting conditions are satisfied, the file moves to this stage before documents are sent out.
What is Clear-to-Close?
This familiar logo featuring a house with an equal sign represents a lender’s commitment to non-discriminatory housing practices.
What is Equal Housing Opportunity?
What did Maria major in at UK?
What is Psychology?
When a loan exceeds conforming limits and cannot be sold to Fannie Mae or Freddie Mac, it is typically classified as this type of loan.
What is a Jumbo Loan?
This type of borrower income requires reviewing tax returns instead of just W-2s.
What is Self Employed?
If a borrower makes a large purchase before closing, it could impact this qualification factor.
What is WTH why would you do that- this just messed with your debt-to-income-ratio?
On a conventional loan, putting down less than 20% usually requires this.
What is PMI?