Apply In Person: Call a HomeAmerican Mortgage Consultant toll-free at 866-400-7126. They will answer any initial questions you may have and help you find a Loan Officer near you. If you’ve already been working with a Richmond American Sales Counselor, you should have received a Home Buyer Information Report (HBIR) . Be sure to bring the completed HBIR to your loan application meeting, along with the items on the Borrower’s Checklist.

Apply Online: Our loan application site is secure, so your personal financial information will be safe and confidential. The application will take about 20 to 40 minutes to complete, depending on the number of items you have to enter. (Please note that after 60 minutes of inactivity, your loan information will be automatically sent to HomeAmerican Mortgage.)

Once your loan application is complete, we will assign a Loan Processor to your file. You will be asked to provide information for the specific loan program you have applied for, such as bank statements, pay stubs and other documentation to verify the information you’ve provided. Processing also involves (deleted getting a verbal verification of employment) ordering credit reports and obtaining an appraisal report on your new property. Processing times vary from application to application, but your Loan Officer should be able to give an idea of how long this will take.  We offer a variety of loan programs ranging from full documentation to stated income stated asset, no income no asset and many others based on your qualifying criteria.

After we’ve processed your loan application, we will provide you with a preliminary loan decision. This will be based on the information we have at the time of loan application, and can be affected by changes in job status, credit, income and assets.

You will receive a Good Faith Estimate of the anticipated closing costs, including loan costs such as origination fees, mortgage insurance, title insurance, escrow reserves and hazard insurance. You will also receive a Truth-in-Lending Disclosure Statement, which shows your estimated monthly payment and the total cost of all finance charges on your loan.

After we have approved your loan, you will receive a commitment letter which sets out the terms of the loan and the length of time for which those terms are offered. If the loan does not close within the specified commitment period, the terms are subject to change. The commitment may contain conditions that you will still have to satisfy, so you should read it carefully.