Unless a buyer is paying cash, the buyer must qualify for a loan in order to complete the purchase. A buyer should complete a loan application with a mortgage broker or a mortgage banker before making an offer on a property if at all possible and, if not, immediately after making an offer. It will be the buyer’s responsibility to deposit any down payment and insure that the buyer’s lender deposits the remainder of the purchase price into escrow prior to the close of escrow date. Therefore, make sure you get all requested documentation to your lender as soon as possible. For information on loans and the lending process, visit the following websites:
Ginnie Mae: www.ginniemae.gov/2_prequal/intro_questions.asp?Section=YPTH
HUD: www.hud.gov
Mortgage Bankers Association: www.mbaa.org
National Association of Mortgage Brokers: www.namb.org