[Gustan Cho]

Many borrowers are under the impression you need perfect credit to qualify for conventional loans. This is not the case. You need to have a minimum credit score of 620 FICO to be eligible for conventional loans.

[Gustan Cho]

The mortgage process is a proper step-by-step process with no shortcuts. The mortgage process starts with the applicant completing a 1003 mortgage loan application with the help of a loan officer. The loan officer then issues a pre-approval letter if the borrower meets all the credit and income requirements. The borrower shops for a home and enters into a real estate purchase contract. The mortgage process then officially begins. The mortgage processor processes the loan for the underwriter. The underwriter will issue a conditional loan approval if the borrower meets the guidelines. The processor and loan officer gather conditions for the underwriter. Once the borrower meets all conditions, the underwriter will issue a clear to close. The lenders closing department works together with the title company to prepare the closing. Keys and money from the lender exchange hands. The borrower becomes a homeowner.