The majority of first time home buyers and new home shoppers realize they almost certainly qualify for a conventional home mortgage. Their focal point is obtaining a mortgage pre-approval immediately, and benefit, by using their pre-approval to better negotiate the purchase price of their dream home. With today's advanced automated underwriting systems in place, Beechtree Mortgage, Inc. is able to obtain mortgage approvals in minutes of receiving the loan application.

This quick method for loan approval is endorsed through the Desktop Underwriter and Originator programs from Fannie Mae (FNMA) and the Loan Prospector program from Freddie Mac (FHLMC). The prime prerequisite for this automated approval system is the "strength" of the buyer. Credit worthiness ranks highest of these strengths followed by down payment or remaining equity, liquid asset reserves, debt-to-income ratios and other compensating factors. The documentation on this type of underwriting can be reduced to simply obtaining a property appraisal, a pay-stub, and a "verbal" verification of employment. Results will vary depending on various criteria but the pre-approvals are immediate.

The most recent streamlined approvals have yielded documentation reduced to standard disclosures and a verbal verification of employment. Sometimes even a property appraisal can be waived. These types of approvals with BeechTree clients allow us to close loans within a few days if necessary.

Back To Mortgage Information Center
Ask A Question