The Richland Group at CFS Mortgage Corporation
 Excellence in Mortgage Lending

Rates change daily and the rate you receive will depend on your credit score and loan to value. Call us today to help you determine your interest rate.
1. How long does the process take to know if I am approved for the loan? Answer
2. How much money do I need to have to put down to purchase a home? Answer
3. I am self employed, what will I need to qualify for a home loan? Answer

Q : How long does the process take to know if I am approved for the loan?
A : Depending on your situation, it could be very quick and at the end of the application and phone conversation we may have the initial pre-approval. Once we have your employment, income, assets and credit it only takes minutes in some cases to know if you are approved. In other cases, we may need to do an income analysis of your tax returns for the last two years to determine income that can be used to qualify you for a loan. Once we receive the documentation, it may take a day to have an answer for you on your loan approval.
 
Q : How much money do I need to have to put down to purchase a home?
A : FHA: Requires 3.5% down and is a loan offered only on a primary residence. There is also Up Front Mortgage Insurance required, which is financed into the loan, and a monthly Mortgage Insurance fee on all FHA loans.

Conventional: Requires a minimum of 10% down on a primary residense which will require Mortgage Insurance. On second home and investment property, the required down payment is 20%.

VA: VA eligible borrowers can obtain up to 100% financing of a primary residence. There is a funding fee on most VA loans up to 3% that is financed into the loan.
 
Q : I am self employed, what will I need to qualify for a home loan?
A : You will need 2 years Federal Tax Returns with your business income on them. You will be qualified from the Adjusted Gross Income, plus a few other allowances, so we will need to do an income analysis before we can determine your income.