Prodigy Lending Loan Requirements In Rowlett, Texas
Depending on the type of mortgage lenders you decide to work with, credit unions, mortgage companies or banks, there are some details required. This documentation helps the loan officer know your loan limit and whether your loan application will be approved.
At Prodigy Lending, there are different loan programs which are VA home loans, FHA Home Loans, USDA Home Loans, and Conventional Home Loans thus the loan requirements may vary. Below are some of the requirements needed for your loans at Prodigy Lending to be approved:
Documentation required is important since it determines your loan limit and your loan approval. The documentation needed is:
- Proof of employment-most loan programs requires that when applying for a mortgage ensure that you are able to present documents that show where you are employed and for how long you have worked in that organization. For many loan programs, two years is the period you should have worked in that particular organization.
- Proof of income-proof of income and proof of employment go hand in hand since it is enough to show that there is a stable source of income to pay up for the closing fee, down payments if needed and for loan repayment.
- Proof of residence-this is also important since it shows that you are a citizen of the United States since we the Prodigy Lending work with citizens of the United States.
- A copy of your National Identification or passport is also needed–Important since with your ID number a lot of information about you is displayed.
- Phone number details–Your phone number is also needed, this helps especially for communication purposes from the mortgage lender to the client.
Your credit scores determine the amount your loan lender will give you. The different loan programs we have at the Prodigy Lending have different requirements for credit scores. Before visiting your loan lender ensure that you check your credit scores, you can do that online then go ahead with your loan application.
An example the Federal Housing Administration (FHA), the minimum credit score a client should have is 580 so that the down payment can be 3.5% if you have a credit score lower than 580, then your down payment will be 10%.In such a case, the Prodigy Lending has a variety of loan programs so one can just switch From FHA to VA loans which doesn’t focus much on credit scores.
If your credit score is low, one can improve it by:
- If you have pending debts ensure that you pay them.
- In case you have credit cards that are unused don’t close them.
- Ensure that your bills are paid on time if need be to ensure that you set reminders so that this can be done on time.
Please contact us for more information!