"Pathway to Home Ownership" is an easy-to-follow guide on obtaining a mortgage. Published by Citywide Mortgage, Oklahoma City, OK - Equal Housing Lender / NMLS #120886

1. Pathwayto
Home Ownership
Your Local Lender
Serving Your Home Loan Needs
405 -794 - 4 412
w w w.cit y wide -loans.com

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Pathway to Home Ownership
Find Your
New Home
Inspect the
Property &
Resolve Inspection
Issues
Secure Home
Owner’s
Insurance
Confirm Loan
Program & Lock
Your Rate
Citywide Orders
Appraisal &
Underwriting
Provide
Remaining Docs
Needed to
Underwriter
Attend Closing
& Receive
Your Keys!
Obtain Mortgage
Pre-Approval
with Citywide
Make an Offer &
Obtain Accepted
Contract

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Mortgage Checklist
The following information is usually
required during the loan process:
Copy of driver’s license & Social Security card.
W2s for the past 2 years.
Complete copy of your federal tax returns for the
last 2 years.
Most recent pay stubs covering the last 30 days.
Two most recent statements for checking, savings
& asset accounts.
Name, address & telephone numbers of
employers & landlords for the past 2 years.
Complete copy of signed purchase agreement.

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Home Purchase Basics
Congratulations on your decision to buy a new home!
There are many important things to consider throughout
the process, especially if you’re a first-time home buyer.
Here’s some information that will keep you on track.
A home purchase may be your largest financial transaction
to date, so it’s important to make the right decisions and to
keep an eye on the details. With the assistance of your Real
Estate Agent and Mortgage Loan Officer, it should be an
efficient, pleasant and ultimately rewarding experience
for you.
Home Buyer____________________________
• Keep your Real Estate Agent informed of any questions
or concerns as they develop.
• Keep the process moving by providing documentation
and decisions as soon as reasonably possible. By doing
so, many of the details are taken care of early in the
process so you can comfortably concentrate on any last-
minute details or events that require your attention.
• Enjoy purchasing your home, and remain objective
throughout — to make the business decisions that are
best for you.
• Make sure you are pre-approved as early as possible.
This will put the power of financing behind you so you
can concentrate on selecting your home.

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Mortgage Loan Officer___________________
• Assists you in selecting the best loan to meet your
personal situation and goals. (This single decision can
save you thousands of dollars through the years!)
• Keeps you informed of your loan status through the
entire process.
• Keeps your Real Estate Agent informed of your loan
progress. (Note: Your personal information is always
kept confidential between you and your Mortgage
Loan Officer.)
• Gets the appropriate loan for you at the best rates and
fees. This will save you significant money “up front” and
through the years to come.
Real Estate Agent _______________________
• Previews available homes to eliminate those that are
over-priced or undesirable in some other way.
• Presents the homes that suit your needs as you’ve
defined them.
• Helps you determine the difference between a “good
buy” and a property that might be discounted if you
decide to sell in the future.
• Negotiates the best deal for you. With a pre-qualification
letter from us in hand, your Real Estate Agent will
be able to demonstrate that you are a qualified and
capable borrower. This will strongly influence the Home
Seller and may make the difference between the Seller
accepting your offer or someone else’s — even if your
offer is lower!

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It’s Best to Get Pre-Approved
It’s Good, Before You Go House-Hunting,
to Get Pre-Qualified:
• 15–30 minute phone interview with a Mortgage Loan
Officer to determine initial qualifications.
• Pre-qualification information based on the verbal
information given and your credit history.
• Please call Citywide Mortgage at 405-794-4412 or visit our
website www.citywide-loans.com to apply online.
It’s Better to Get Pre-Approved:
• Forward any required items promptly to your Mortgage
Loan Officer. After review of your documentation,
underwriting may issue a pre-approval status on your loan.
• A pre-approval letter is recommended to be submitted
with any offer, to possibly strengthen your buying position.

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Popular Loan Programs Available
FHA
Veterans
USDA Rural
Development
Conventional
184/Native
American

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FHA
• Great loan program for first-time home buyers
and generally easier to qualify for.
• Down payment requirement of 3.5% which can be
a gift or a grant.
• UMIP Fee (up-front mortgage insurance premium)
of 1.75% financed into loan.
• Monthly MI (Mortgage Insurance) of .85%
• Seller can pay up to 6% closing costs.
• Purchased home must be owner occupied.
• Only one FHA loan at a time.
• If applicable, buyer must be out of bankruptcy
for 2 years.
Program requirements are subject to change.

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Conventional
Program requirements are subject to change.
• In general for those with higher credit scores,
5% down payment is normally required.
• MI (Mortgage Insurance) not required at 80%
LTV (Loan-to-Value).
• Buyer may choose the Fixed Rate Option
(most popular 30 year) or Adjustable Rate
Mortgage (ARM).
• Seller can pay up to 3% of closing costs, 6% if
LTV is 90%.
• If applicable, buyer must be out of bankruptcy
4 years.

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Veterans
• Must have VA Certificate of Eligibility.
• Requires a VA funding fee, which can be financed
into the loan. Fee depends on type of service &
number of uses.
• Funding fee may be waived if borrower
is disabled.
• Offers 100% financing and no down payment.
• Allows for the seller to pay closing costs.
• Can be used more than once, but normally just
one home at a time.
• No monthly MI (Mortgage Insurance).
• Purchased home must be owner occupied.
Program requirements are subject to change.

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USDA Rural Development
• 100% financing.
• 1% upfront fee rolled in.
• Monthly MI .35, life of loan.
• Household income limits apply.
• Minimum credit score 640.
• Debt to Income 41%.
• Visit www.usda.gov/eligibility and enter
property address to determine eligibility.
Program requirements are subject to change.

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184/Native American
• Tribal card with Roll Number is required.
• Down payment is 2.25%, but buyer can also
contact tribe or access DPA (Down Payment
Assistance) for other options.
• Buyer must have a maximum debt ratio of 41%
or less. Call for maximum loan amount.
• Guarantee fee of 1.5% financed in the loan.
• Monthly MI (Mortgage Insurance) of .25, but
is not required when loan equals 80% of
purchase price.
• Loan process can take up to 45 days.
Program requirements are subject to change.

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Helpful Tips for the Buyer
• Build credit with secured bank loans.
• Build credit with credit cards, but keep balances well
below the credit limit.
• Make payments on time. Set up auto pay if possible.
• Avoid collections. For medical bills, make payment
arrangements if necessary and pay on time.
• Monitor your credit. Some websites & credit cards offer
free credit reports.
• Do not apply for credit cards or other loans during the
loan process.
• Do not change jobs. If you must, the new job should
be in your current field of employment. Do not switch
from salary or hourly to commission only or become
self-employed.

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Appraisal Process
• The appraiser evaluates the property and reviews
recent market data of similar properties in the area to
determine your home’s market value.
• You will receive a copy of the full report upon
completion.
• The appraisal is ordered by Citywide Mortgage.

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Underwriting Process
Gift Funds & Grants
• Once the appraisal is received, it is sent to underwriting
to be reviewed along with the final submission of your
credit package.
• The underwriter may request additional documentation
at this time.
• Upon receipt of all required documentation and after
all loan conditions are cleared, the final underwriting
decision is made.
• Available for all buyers based on income level.
• Helps with down payment and closing costs.
• Call your Citywide Mortgage professional for further
information!
405-794-4412

16. N M L S # 120 8 86
94 0 0 S I -35 Ser v ice Road
O k lahoma Ci t y, OK 73160
4 05 -794 - 4 412
w w w.c i t y wide - loans .com