Loan Process

Step One: Log-in

By logging into WAHomeGrants.com you have taken the first step towards home ownership. The log-in information is used to track what areas our clients come from and what form of advertisement works best for getting the word out to all homebuyers. The #1 source of advertisement is through our current and past clients that refer their friends and families.

Step Two: Request Your Grant

The next step to becoming a homeowner is to request an approval for grant money. This easy one page application gives a brief overview of your situation and allows the company to make a decision based on the information included in your application. You will be notified within 24 to 48 hours of their decision. You must be ready to purchase within 90 days of your grant approval. If you think it might be longer then 90 days, then please wait until you are within the 90 day time frame before applying for the grant.

Step Three:

Once you have received the approval for grant funds you will be asked to fill out the secure on-line mortgage application. Careful attention is a must when filling out the application as this is what the lender will use to approve you for your mortgage loan. Incomplete applications will delay the processing of your mortgage loan. There is a $18 dollar credit report fee that must be paid when submitting your application. From the time you complete the mortgage application and submit it you can expect to wait 48 to 72 hours before a decision is made on your application. In some cases you may have to provide the lender with additional documentation to get your loan approved. This is a case by case decision and you will be contacted if more information is necessary. Interest rates are competitive and in most cases are .50% to .75% less then conventional 100% programs. Please contact us for questions regarding interest rates.

Step Four:

Once your mortgage loan is approved it is time to complete your property profile. You will be given a user name and password to access this portion of the web site. A $400 appraisal deposit will be required at this time. This is used to pay for the appraisal on the property you wish to buy. If the seller pays 100% of your closing costs this money will be returned at closing. If you plan on working with your own Real Estate Agent we need their name and phone number to give them the pertinent information needed to select a house in your price range. We encourage you to use an agent from our list of Preferred Agents to ensure a smooth and successful transaction. Time is of the essence and your loan approval is good for 90 days. After that time you will need to start the process over, beginning with requesting grant approval.

Once you have decided on a property, you and your agent will make an offer. Once the offer is accepted by the seller you will be contacted by the lender to sign any necessary disclosures and the mortgage application. You will also be asked to provide proof of income, bank statements and any other information that was necessary to get your mortgage loan approved. An inspection of the property will be done to protect you from any unknown problems. The inspection costs can run from $100 to $250, a small price to pay on such a huge investment. A residential appraisal will be done to prove to the lender that the price you agreed upon can be supported by other recent sales in the area. Properties that are over priced will be declined or you will be required to pay the difference between the property value and agreed upon purchase price. This should never happen as our Preferred Agents and Appraisers will not complete a offer on a house that can’t support the purchase price. This protects you from getting into a house for more then what the house is worth.

With in 10 to 30 days, depending on the agreed upon closing day, you will be signing the necessary documents that will place you as the new owner of the property. Time to pack and reserve that moving truck! Congratulations you did it!!!!!!