DirectHomeFunding

The Process

We are the link between you and your lender. We work with hundreds of lenders all over the country to get you the best deal on a home loan. Think of us as your detectives.

When you come to Direct Home Funding for an interview, we will analyze your unique credit situation and compare it to our lenders to find the best fit for you. This will find you a loan tailored to your finances.

Once the investigation is complete and we have found one or more lenders to be a fantastic fit for your needs, the application is submitted to the lender(s).

After the applications are submitted, we work with the lenders to ensure you get the best deal until the loan closes. Everyone at Direct Home Funding prides him or herself on being able to find a lender for just about any type of credit.

The advantages to using a broker instead of a bank:

• We work for you.
• We have access to a broader variety of loan sources.
• Each one of us is an expert at matching you with a lender.
• We are up-to-date on trends in real estate and mortgages.
• We understand how trends affect your financing.
• Mortgage brokers help to keep mortgage rates low.
• By letting us do the detective work, you will save time and mone.

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What to Bring to Your Loan Interview

When you come in for your interview, you must bring several things along with you. These items are listed below and will help us determine the lender and loan that is right for you. Please contact us if you have any questions about what to bring with you.

For Basic Loans

List of all checking, savings, and retirement accounts (including the name of the financial institutions, complete mailing addresses, account numbers, and copies of the most current statements).

List of liabilities (include the full mailing address, account numbers, required monthly payments, and the balance outstanding). Make sure to include all mortgage loans, installment loans, credit cards, student loans, and child support.

Complete addresses for all residences in the past two years (include name and contact information for landlords).

Contact information for all employers for the past two years.

W-2s from the past two years.

Current pay stubs from the last complete month.

Driver’s license or photo identification and proof of social security numbers.

In addition to the basic information, you may need to bring the following depending on the type of financing you seek.

First Time Homebuyer
Complete addresses for all residences in the past three years (Include name and contact information for landlords), tax returns and W-2s from the past three years.

VA
Original certificate of eligibility, copy of the DD 214 discharge papers, and a driver’s license or photo identification and proof of social security numbers.

Refinances
Name, address and loan number of current mortgage holder, current mortgage balance and escrow balance, and annual property taxes.

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Your Credit Score



Credit scores, commonly referred to as FICO scores, range from 300 to 850; the higher the better. Your score will determine the types of loans you qualify for and the interest rate you will receive. Below are some frequently asked questions and answers.


Where does my credit score come from?

Payment History: 35%
This includes all of your accounts.

Amounts Owed: 30%
Revolving credit accounts with high balances have an especially negative effect.

Length of Credit History: 15%
If you have a long history with a good payment record this will help improve your credit score.

New Credit: 10%
Each time you open (or attempt to open) new lines of credit it lowers your credit score.

Types of Credit Used: 35%
Numerous accounts with many different types of credit can damage your score.


Who keeps track of my credit score?

Your credit score is monitored by three agencies:

Experian
475 Anton Blvd.
Costa Mesa, CA 92626
1-888-397-3742

TransUnion
555 W Adams St.
Chicago, IL 60661
1-800-916-8800

Equifax
P.O. Box 740241
Atlanta, GA 30374
1-800-685-1111


How can I improve my credit?

No quick fix for bad credit exists. It takes time to rebuild your credit history, but making payments on time has the greatest effect on your history and thus, your score.

Here are several things you can do to help improve your credit score over time:

Pay your bills on time.
Late payments and collections can have a very damaging effect on your credit.

Keep balances low.
Do not "max-out" credit cards and other types of revolving credit.

Do not transfer balances.
Don’t keep transferring balances from account to account.
Pay off your debt instead.

Monitor your credit.
Check your score regularly and monitor for any mistakes.