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Does my company need to be approved
as a broker prior to loan submission?
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No, however,
your company will need to be approved
prior to your loan closing or
prior to locking your loan.
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My Corporate Office is approved already.
I am a branch location. Does my branch
need to get approved? |
No. We
simply need to add the branch to our
records and obtain your license information.
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How fast can I close? |
That depends
on you – As soon as all Prior
to Doc conditions have been cleared
and you have a “Final Approval”
your
closing documents can go out within
24 hours.
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What do I need to send for closing
to draw my documents? |
You will
need a Closing
Fee Sheet, Title Commitment, Tax
Certificates, Survey (if needed), Hazard
Insurance, Flood Insurance (if needed),
Closing Protection Letter and Wiring
Instructions.
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What are your fees? |
$995 for all loans; however, this does not include the attorney review fee for the state of Texas (payable to an outside attorney firm)
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Do I have to count my student loans in the DTI if they are deferred? |
They would not be considered in the DTI if evidence is provided that they are deferred for a minimum of 12 months from the date of the note on all Government loans; they must be considered in the DTI on all Conventional products.
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How do I receive rate sheets? |
Go to classichomefinancial.com and click on 'Rates & Guidelines'. Click on the program you desire & view the rate sheets.
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What is the lowest FICO score you will accept?
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Minimum FICO on Government loans is 640
Conventional FNMA greater than 80% we must rely on the requirements from the Mortgage Insurance companies.
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When does the date start for the 12 day Notice Concerning Extension of Credit on Owner Occupied Texas Cash Out properties?
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The 12 day clock starts from the later of
1) Borrower and Coborrower (including the Non Borrowing Spouse) signs and dates the 12 day Notice Concerning Extension of Credit
OR
2) Date the Broker received the signed and dated Initial 1003.
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How do I send the loan conditions?
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E-mail conditions to: conditions@classichomefinancial.com or Fax to 713-843-7722.
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How do I send the appraisal? |
E-mail appraisal to: appraisals@classichomefinancial.com
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How will I receive notification of loan decision and updates? |
Once the full loan submission has been underwritten, a formal decision is issued by our system. We ask that you provide us with an accurate and legible e-mail address for faster responses. If you wish the decision/update be forwarded to a different # from the initial set up with broker admin, please provide legible fax # on the submission form.
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How do I lock a loan? |
Complete the Lock Request Form located within the forms library (www.classichomefinancial.com) and email to lockdesk@classichomefinancial.com
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