Loan Application Instructions

PLEASE READ ALL OF THIS BEFORE CONTINUING TO LOAN APPLICATION STEP 2! THERE ARE LINKS TO FORMS BELOW THAT MUST BE PRINTED, SIGNED/DATED, AND RETURNED BEFORE WE WILL WORK ON YOUR LOAN APPLICATION. IF YOU ARE NOT GOING TO SEND THEM BACK, THEN THERE IS NO REASON FOR YOU TO COMPLETE THE LOAN APPLICATION BECAUSE WE CANNOT AND WILL NOT WORK ON IT UNTIL WE HAVE THESE DISCLOSURES BACK.

PLEASE BE SURE TO CLICK THE "FINISH" BUTTON ON THE FINAL LOAN APPLICATION SCREEN WHEN YOU ARE DONE, OR WE WILL NOT KNOW YOUR LOAN APPLICATION IS READY FOR US TO WORK ON.

Through Dream Home Funding you'll enjoy substantial savings either through lower loan costs, lower interest rates, or a combination of the two. As importantly, you'll have the guidance of a professional loan officer throughout every step of the process. With Dream Home Funding you can be sure you're saving money and getting the loan program that best meets your needs.

Before you complete the loan application please review the credit score requirements:

If all borrowers don't have at least 2 out of 3 credit scores at 500 or higher, the loan will be declined, please stop here. I'm sorry, but we will not be able to assist you with financing.

If at least one borrower is VA eligible, or you and the home you are buying are both USDA eligible (check income and property eligibility here http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do), you may qualify for 100% financing, but will need 2 out of 3 credit scores to be over 500.

If all borrowers have at least 2 out of 3 credit scores at 580 or higher and you aren't eligible for VA or USDA, you may qualify for a FHA loan with only a 3.5% downpayment. If your score is between 500 and 579, you may qualify for a FHA loan with a 10% downpayment.

We also offer conventional loans with downpayments as low as 3% for those with 2 out of 3 credit scores over 620 that qualify for those programs.

Our minimum loan amount is $60,000.00. If you are borrowing less than that, we can't help you. Please continue below if you meet the basic requirements described above. Call us at 325-651-2100 if you aren't sure.

You will pay for your credit report up front. There is no such thing as a free lunch. Many lenders don't charge you for your credit report until closing. That means that the dozens of potential borrowers who apply but never do anything don't pay for their credit reports. Somebody has to pay for them, and that somebody is the borrowers who actually get a loan. So you can pay for your credit report and only your credit report with us, or pay for your credit report and a few dozen other people's credit reports with them. That's part of the reason we are $1,000's less for exactly the same loan than our competitors.

It's Simple. Here's how it works:

Click the following link disclose.pdf and print/complete/sign/date the 6 pages of disclosures then either fax them to us at 325-651-2099, scan and email them to mfarris@dreamhomefunding.com, mail them to 4745 Rockwood Drive, San Angelo, TX 76905-7392, or bring them to that address. If you deliver them, call before you come to make sure someone will be here. Please note that signing the disclosures does not obligate you to do anything, these are just disclosures that various state and federal laws require we provide to you at the time you apply for a mortgage. We cannot and will not process your loan application until we receive all 6 pages of the signed disclosures from you.
Also, review the CFPB Home Loan Toolkit, my explanation of the new Loan Estimate and why it is completely worthless, and if you are interested in an ARM, review the ARM Handbook. If you cannot open the files referenced above, you may need to download and install the latest version of Adobe Acrobat Reader from adobe.com.
If you do not have a printer, or for some other reason cannot open/print the disclosures from the internet please call and make an appointment to come by the office to sign them or give us a fax number so we can fax them to you. We are available by appointment only during the day, in the evening, and on weekends.
After printing the disclosures finish reading these instructions before continuing to the loan application. To start the loan application click the "Loan Application Step 2" link. Complete all the information that applies to you. Do not just complete the required fields. If you get stuck, call us at 325-651-2100 and we'll guide you through. Please type normally. Capitalize the first letter of names, and type the rest in lower case. Please do not type in all caps or all lower case.
If your browser freezes while working on the application or you come back to work on it later, be sure to click "Customer Login" to access the application you started. If you click "Loan Application Step 2" instead, you will wind up starting over.
If you are applying for a FHA, USDA RD or VA loan and you are married, then you must include the information for your spouse on the loan application and your spouse must sign the disclosures you printed off in Step 2 above. Since Texas is a community property state, guidelines require us to check your spouse's credit and include your spouse's debts on your loan application even if you do not want to use his/her credit and income to qualify. Let us know if you want the loan in your name only so we can remove your spouse's information before processing the loan.
If you are applying for a loan to purchase a home and have not found one yet or are not out of the option period yet, please enter TBD for the street address, and complete the city, state and zip code.
We will need to know where you have lived for the last 2 years. Please enter the addresses for all of the places you have lived in the last 2 years and the length of time you lived there.
List all of your employers in the last 2 years. You must account for all periods of time in the last 2 years. If you were going to school, were unemployed, etc. for more than 1 month please enter a description like Student, Unemployed, Retired, etc. for the name of the employer, and enter the dates the period of unemployment started and ended. We do verify your employment dates, so please don't omit any details. Doing so could result in us telling you that you are approved, and then later denying your loan.
Sources of income that are not hourly, salary, military pay/allowances, or SSI/disability/pension earnings (such as overtime, bonuses, self-employment, commissions, tips, earnings from a second job, etc.) must be averaged out over the last 2 years. Add together the taxable amounts from the last 2 years plus your year-to-date earnings of these types of income then divide by the number of months to calculate the amount of each of these types of income that can be counted. Enter these separately on the loan application, do not just add them to your base pay.
If you are self-employed, please send your last 2 years of business and personal tax returns when you send the 4 pages of disclosures, so we can calculate your income. Please call if you have any questions about what we can count for your income. Again, we do verify your income, so please don't omit any details or guess. Doing so could result in us telling you that you are approved, and then later denying your loan.
When you are finished, make sure you click "Finish" so we will know you are finished completing the loan application. Please record your username and password because you'll need them when you come back to the site to review and/or edit the information.
After receiving both your submitted loan application from the internet and the signed disclosures your loan officer will pull a credit report and determine which loan programs are available to you.
Your loan officer will then contact you to discuss the various loan programs that we can provide. This should occur within a couple of hours of the time we receive both your loan application and disclosures. If you have not heard from us within 24 hours please call to make sure we received everything.