Think Michael Phelps was fast?
Here's what I need in order to make sure your FHA and VA loans are processed fast too!
1. Agreement of Sale contract and verification of property address making sure the individual unit numbers are accurate, if applicable.
2. All addendums and disclosures referenced in the Agreement of Sale are part of the contract and are fully executed by all parties.
3. The owner of record is confirmed and is listed as the "seller" indicated on the Agreement of Sale contract. If the property is bank owned, the power of attorney may be needed.
4. If there are any seller concessions, the seller can pay prepaid expenses, discount points and closing costs. Money for repairs, etc., cannot be included.
5. Only permanently affixed personal property is included in the Agreement of Sale (FHA Loans Only).
6. The real estate certification is signed by buyers, sellers, and selling agent (FHA Loans Only).
7. The FHA Amendatory Clause is signed and dated by both the buyer and seller (FHA Loans Only). The exact sales price must be indicated on the form.
8. VA Amendatory Clause must be signed and dated by both the buyer aqnd seller (VA Loans Only). It is acceptable to use the words "sales price" instead of listing the exact sales price.
9. VA Appraisals require a legal description of the property (VA Loans Only). The lot and block number are required to place an order for a VA appraisal.
10. For both FHA and VA loans, any changes must be initiated by both the buyer and seller. Addendums and disclosures referenced in the Agreement of Sale must be part of the contract and fully executed by all parties.
Call me for your quick Govie closings and once we get these items collected, we will be able to close them almost as fast as your conforming loans!
Senior Mortgage Advisor
PHH Mortgage - 843-230-7929
Senior Advisor - Helping you GROW your business!
www.activerain.com./luckydog1 - SC
www.activerain.com/luckydog2 - NC
