![]() ![]() Does the borrower have enough cash to get through the settlement process.Does the credit score require the loan to be manually underwriter – if the borrowers credit score is less than 640 the file must be manually underwritten.While borrower specific information, such as credit scores, income, the bank account balance, are private and confidential, and can’t be disclosed to the home seller, you have a right to ask the following questions: Preliminary approval is run through USDA Guaranteed Underwriting System or GUS.Verifying asset documents for the last two months.Verifying income documents, including W-2’s for the last two years, recent paystubs, and tax returns for the last two years if the borrower is self employed.Obtaining a credit report from all three credit bureaus.This means Bridgeview Bank Loan Officers will perform a high level of due diligence when pre-qualifying a borrower for a mortgage, which includes: Well head must be at least 10 feet from adjoining property line and roadwayĪs the property seller you should only accept an offer to purchase your home from a home buyer that has been qualified by a lender knowledgeable about the USDA Loan Program and has completed a reasonable level of due diligence regarding the borrowers qualification for the loan program.Īt Bridgeview Bank Mortgage our focus is on getting USDA Loans approved.100 feet between well head and septic drain field.75 feet between well head and septic tank (can be 50 feet if approved by County).Appraiser must indicate lot size is normal for the area.If land value based on the appraisal report exceed 30% of the appraised value: ![]() Separate living areas with dedicated entrances.large garage with car lift being sold to an auto mechanic) Outbuildings that sync up with home buyers skill set (i.e.Single Family Homes where the land value exceeds 30% of the appraised value AND can be sub divided.New construction with permanent financing only.Existing attached & detached single family residences.
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