The FLOW of the PROCESS - from application to close
1. Grant Application and Loan Request (Contact Page)
NOTE: There are NO Fees associated with FundMyHome.org;
NO Application Fee, NO Approval Fees, NO Broker Fee or other added fees of any kind.
Nevertheles, there are certain up front costs associated and needed to initiate the buy/sell of Residential Real Estate, which must be paid out of Homebuyer's own funds (Credit Report, Earnest Deposit, Appraisal Report and Property Inspection Report) FundMyHome.org recommends that Homebuyers have a minimum of $1,875.00 saved in their bank accounts for a minimum of 2 months before they begin their Homebuying process, as FundMyHome.org does NOT advance funds prior to close.
a. Homebuyer completes the online questionnaire located in the "Application" page which is used for approvals of his/her Down Payment Assistance Grant and Mortgage Loan
b. Homebuyer emails or uploads his/her Supportive Documentation listed in the "Documents" page of this website to Applications@FundMyHome.org along with $24.00 payment information to order credit report
c. FundMyHome.org contacts Homebuyer to review Grant application package
d. American Residential Lending contacts Homebuyer to review Loan application package
e. Assure America Title Company contacts Homebuyer to review title and closing details
2. Pre-Approval Period
NOTE: FundMyHome.org and American Residential Lending DO NOT work with mortgage "Pre-Qualification Letters" ; We ONLY work with actual government backed Pre-Approvals obtained directly from the actual Fannie Mae - Freddie Mac interfaces which specify the exact terms and conditions of the mortgage loan and what is needed to process it and close it.
a. FundMyHome.org pre-approves your Down Payment Assistance Grant within 3-4 days of application
b. American Residential Lending pre-approves your Mortgage Loan within 3-4 days of application:
b(i) American Residential Lending submits your loan application and supportive documentation DIRECTLY into the Fannie Mae, Freddie Mac interface (Conventional – FHA, USDA or VA) to obtain a D.U. Approved Eligible Loan Pre-approval.
b(ii) The findings of the D.U Eligible Loan Pre-approval specify the terms and conditions of your loan approval and what is needed to process and close your Mortgage Loan in 30-45 days.
3. Needs Analysis
a. Once your Down Payment Assistance Grant and Mortgage Loan request are pre-approved, FundMyHome.org contacts you and sets an appointment to conduct a "Needs Analysis" either by phone or in person at our office in order to review your wishes and establish the specific details of your Homebuying requirements:
i. Type and description of property
iii. Price point
iv. Distance from work and school
v. Special needs for worship and hospitals
4. Meet your Team
a. FundMyHome.org assigns you to one of its participating Realtors from United Realty Group. Your Realtor searches and emails you listing information on available properties that closely match your buying criteria and sets up appointments for you to visit and view your selected properties
b. FundMyHome assigns you to one of its participating Mortgage Loan Originators from American Residential Lending who will complete and process your loan application.
c. FundMyHome.org assigns you to one of its participating Title Agents from Assure America Title Company who will arrange for and process all the details pertaining to Title work and close the purchase transaction between you and your seller.
5. Shop for your New Home
a. Visit and view selected properties with Realtor
b. Choose the home you wish to purchase
c. Negotiate terms and conditions of sale.
d. Sign Purchase Agreement
e. Give Seller Earnest Deposit:
e(i) Earnest Deposit deposited directly with Assure America Title Company
e(ii) Earnest Deposit paid for out of Buyer’s own funds
e(iii) Earnest Deposit protected by terms and conditions of the contract
e(iv) Earnest Deposit is suggested to be a minimum of $1,875.00
e(v) FundMyHome.org DOES NOT receive or handle Earnest Deposits
6. Submission of the Signed Purchase Contract to Bank
a. The fully counter-signed Purchase Agreement along with the Loan Application, All Supportive Documentation and DU Eligible Mortgage Loan Pre-Approval are promptly submitted to bank for processing and closing.
b. Bank emails Homebuyer Loan Disclosures / Loan Estimate
c. Homebuyer acknowledges receipt of Loan Disclosures / Loan Estimate
d. Bank is now authorized to order the "Appraisal Report"
e. Mortgage Loan processing time frame is typically 30-45 days
7. Appraisal Report
a. Bank orders Appraisal Report at an approximate cost of $450.00 (paid for by Homebuyer)
8. Property Inspection Period
NOTE: With the exception of new construction, Residential Real Estate is typically bought and sold "As is with the right to inspect" which means that Buyers purchase the property AS IS and Sellers are exempt from any obligation to warrant the condition of their properties, and are exempt from any obligation to repair them. As such, it is highly recommended that Buyers hire a professional home inspector to inspect the condition of the subject property during the "Property Inspection Period" of the contract.
a. Property Inspections are optional, yet highly recommended
b. Realtor orders a Property Inspection Report at an approximate cost of $350.00 (paid for by Homebuyer)
c. As per the covenants of the "Property Inspection Period" clause of the contract, Homebuyers have the right to cancel the Purchase Transaction and be released from all of its contractual obligations provided that they cancel the contract within the "Property Inspection Period" at which event, Homebuyers are also entitled to be refunded the full amount of their Earnest Deposit.
d. The "Property Inspection Period" is typically seven (7) calendar days.
9. Final Loan Approval
a. Homebuyer notifies Seller of Homebuyer’s receipt of Loan Approval within the "Loan Approval Period" as stipulated within the Purchase Agreement.
b. The "Loan Approval Period" is typically 30 days
10. Clear to Close
a. Your Mortgage Loan is "Clear to Close" upon the Bank's satisfactory completion of their underwriting process
b. The closing of the purchase of your new home takes place at the offices of Assure America Title Company in 3-4 days after the loan is "Clear to Close"
11. Loan Closing
a. FundMyHome.org wire transfers to Assure America Title Company the funds allocated for Down Payment Assistance on behalf of HomeBuyer
b. Bank wire transfers funds to Assure America Title Company and emails Funding Docs
c. Homebuyer wire transfers to Assure America Title Company what remaining funds are needed to close
d. Seller signs Seller’s Docs
e. Homebuyer signs Buyer's Docs, Mortgage and Note
f. Assure America Title Company Closes Purchase Transaction