DHI Process
First Step in the Mortgage Process
What is Pre-qualification?
Number of years required for income history on a loan application.
What is two years?
The borrower is purchasing a property they plan to live in for the majority of the year.
What is a primary residence?
Number of Days after signing a contract that the borrower must be prequalified
What is 3 Days?
CA
What is a Credit Approved?
Color that means the borrower did not allow us to complete a full prequalification
What is Orange?
Number of Days before Closing that assets must be verified.
What is 14 Days?
The property the Borrower is purchasing will be used as a rental property
What is an Investment Property?
Special Interest Rate a borrower is able to get with DHI Mortgage
What is the Builder Forward?
ARM
What is Adjustable Rate Mortgage?
Person responsible for Conditionally Approving a Loan
What is an Underwriter?
DHI requests these when a borrower is self-employed
What are Tax Returns?
The borrower is purchasing a property they will occupy for some portion of the year. It is typically more than 50 miles from the primary residence.
What is a second home?
DHI's Capture Rate Goal
What is 90%?
VOE
What is Verification of Employment?
Final Status in the Mortgage Process
What is Funded?
Alimony and Child Support can be these two different things depending on the situation
What is Income or a Liability?
Borrower is purchasing a home for their elderly parent because they do not have income.
What is a Primary Residence?
Average Amount DHI Gives back to DR Horton Per Loan
$10,000
DTI
What is Debt-to- Income Ratio?
Loan Application with a Contract
What is RESPA?
DHI Reviews these to confirm no new debt has been opened
What are Credit Inquiries?
Borrower wants to purchase a home for his daughter to live in while she is in College.
What is an Investment Property?
DHI Stands For
What is DR Horton Inc?
TRV
What is a Tax Return Verification?