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Here's exactly how a mortgage moves through our office, from "how much can I borrow?" to keys in hand. At Cross State Funding Corp., we walk every client through it step by step.
Step 1
Before you start touring homes, get a sense of what's actually in reach. Answer a few short questions and we'll size your buying power against standard lender guidelines. No hard credit pull required to start.
Prequalification is a fast estimate based on the information you share with us, and it's the right first move. A formal preapproval comes later and requires verification of your income, credit, assets, and liabilities. Most buyers benefit from getting preapproved before house-hunting because you can shop within range, negotiate from a stronger position with sellers, and close more quickly once you find the right home.
Loan-to-value (LTV) is the maximum loan as a percentage of the home's value; for strong borrowers, lenders are often comfortable up to 100%. We also weigh your monthly debt payments against your gross monthly income: as a rule of thumb, your housing payment shouldn't exceed roughly 1/3 of gross monthly income. Higher debt-to-income usually means a larger down payment is needed to qualify.
FICO scores are the credit-risk number almost every lender uses. They're built from your payment history, total borrowing, length of credit history, recent credit applications, and credit mix. Every time a lender pulls your credit, it nudges your score down slightly, so it's smart to authorize a credit pull only once you're ready to formally apply through a specific broker or lender.
Self-employed applicants often face higher documentation hurdles because lenders can't simply call an employer. Most programs require two years of personal (and sometimes business) tax returns plus a year-to-date profit & loss statement. For asset-rich, complex-income borrowers, we also have lender shelves with bank-statement and asset-depletion underwriting paths.
Lenders expect borrowers to bring enough cash for the down payment and closing costs. Most down payments come from saved funds, but gift funds from an eligible donor are allowed on most programs with a signed gift letter and proof of receipt. We'll walk through documentation requirements before you commit funds.
Step 2
Home loans come in many shapes and sizes. The right one depends on how long you plan to stay, your tolerance for payment changes, and your financial goals. Two structures cover most scenarios, and within each, programs like FHA, VA, USDA, conventional, jumbo, and our 1% Down option are available.
Most popular structure. Interest rate and monthly payment stay the same for the full term (commonly 15 or 30 years).
Best when
Interest rate is fixed for an initial period (commonly 5, 7, or 10 years), then can adjust periodically with the market.
Best when
Step 3
When you're ready to formally apply, the full application and document upload happen in our secure lender portal: encrypted, organized, and easy to keep up with from your phone.
For a checklist of the documents you'll typically need at application (covering income, assets, debt, and the property) see the document section of our FAQ page.
Step 4
Once your application is in, loan approval rests on two things: your ability to repay the loan and the value of the property. Here's what the lender (and we, alongside them) check before issuing a clear-to-close.
We verify that your income comfortably supports the proposed monthly payment using standard industry guidelines for income stability and debt ratios.
Your credit report tells the underwriter how you've managed past debt. Any lapses, late payments, collections, or charge-offs need a written explanation; we'll help you assemble it.
An independent appraiser confirms the home's value and a title company confirms the seller can legally convey the property free of liens. We coordinate both.
The lender's underwriter reviews everything together (credit, income, assets, appraisal, title) and issues conditions. We help you satisfy them quickly so the file can move to clear-to-close and scheduled closing.
At closing, the property officially transfers from the seller to you. It can take anywhere from an hour to several depending on the contingencies in your contract and any escrow accounts being set up. Most paperwork is handled by the attorneys and the title or escrow firm; your job is to bring the cashier's check or wire, sign the documents, and pick up your keys. For more detail, see “What happens at closing?” in our FAQ.
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