FAQ

FAQ

Services at iApprove Lending

What states are you currently servicing?

At this time, we service California, Texas, Virginia, and Maryland.

We currently do not do Refinance Cash-Out in Texas.

What types of properties does iApprove Lending Service?

You can apply at iApprove Lending for these properties:

  • Single-family unit detached or attached
  • PUD detached or attached properties
  • Condominiums
  • 2-4 unit properties

We do not service commercial properties or mobile housing units.

Does iApprove Lending do hard money loans?

No, we do not do hard money loans.

Does iApprove Lending we do Title 1 Loans?

No, we do not service Title 1 loans.

Does iApprove Lending service Jumbo, ARM, and High Balance Loans?

Yes, we do. If it is in the borrower’s best interest, we will offer these products if there is a guarantee you will live financially comfortably and within your means.

Purchase Loan

What are the Conventional requirements at iApprove Lending?

  • A minimum 3% down payment
  • A minimum FICO® Score of 680
  • Down payments can include a gift
  • Sellers can pay for your closing costs
  • Monthly combined liabilities (e.g., credit card payments, loan payments, housing expenses) do not exceed 50% of your monthly pre-tax income.

An advisor will inform you about any additional requirements.

What are FHA Requirements at iApprove Lending?

  • FHAs are for primary properties (where you intend to live),
  • Property conditions meet housing codes
  • A minimum 3.5% down payment
  • A minimum FICO® Score of 660
  • You can finance money to cover the upfront mortgage insurance premium (UFMIP) into the loan.
  • Monthly housing expenses cannot exceed 47% of your pre-tax income
    Total Monthly combined liabilities (e.g., housing expenses, credit card payments, loan payments) do not exceed 57% of your monthly pre-tax income

We will guide you if other additional requirements are needed.

When do I want to do a Conventional Loan versus FHA Loan?

We recommend Conventional in most cases.

FHA is great for first-time buyers – its low down payment requirement is a great way to get your foot in the door of the housing market. FHA loans are only for primary residences.

Every situation is unique; our loan officers will guide you in the best mortgage program and terms that suit your needs.

Do I need to do an appraisal report?

An appraisal report is typically required on purchase transactions, although some lucky buyers might receive Property Inspection Waivers.

What documents are necessary for a loan purchase?

If you are a salaried employee or a wage-earner:

  • Two forms of identification: Social Security Card (or SSA-89 form), Driver’s License, Passport, Green Card
  • Pay stubs covering the most recent 30 days
  • W-2s for the last two years,
  • Asset information such as bank account statements, 401(K) or retirement account statements, stock or mutual funds statements

If you are self-employed:

  • Two forms of identification: Social Security Card (or SSA-89 form), Driver’s License, Passport, Green Card
  • Most recent 2-year personal tax returns
  • Most recent 2-year business tax returns if your business is incorporated
  • Personal asset information such as bank account statements, 401(K) or retirement account statements, stock or mutual funds statements

Any additional documents will depend on your loan scenario, which we will happily guide you. If you are not eligible for an FHA or Conventional product, our Loan Officer will see if you qualify for Non-QM.

Refinance Rate-Term Loans

When is a good time to refinance Rate-term?

It depends on your motivation. Our loan officers will give you financial options for the best outcome.

What are the conventional Loan requirements at iApprove Lending?

  • a minimum FICO® Score of 640
  • Monthly combined liabilities (e.g., card payments, credit card payments, loan payments, housing expenses) do not exceed 50% of your monthly pre-tax income.

An advisor will inform you about any additional requirements.

What are FHA Requirements For Refinance Rate-Term at iApprove Lending?

  • A minimum FICO® Score of 640
  • Monthly housing expenses cannot exceed 47% of your pre-tax income
  • Monthly combined liabilities (e.g., card payments, credit card payments, loan payments, housing expenses) do not exceed 57% of your monthly pre-tax income

What type of documentation do I need for refinancing?

If you are a salaried employee or a wage-earner:

  • Two forms of identification: Social Security card, Driver’s License, Passport, Green Card, or SSA-89 form
  • Pay stubs covering the most recent 30 days
  • W-2s for the last two years
  • Asset information such as bank account statements, 401(K) or retirement account statements, stock or mutual funds statements

If you are self-employed:

  • Two forms of identification: Social Security Card (or SSA-89 form), Driver’s License, Passport, Green Card
  • Most recent 2-year personal tax returns
  • Most recent 2-year business tax returns if your business is incorporated
  • Personal asset information such as bank account statements, 401(K) or retirement account statements, stock, or mutual funds statements

Any additional documents will depend on your loan scenario, which we will happily guide you. If you are not eligible for an FHA or Conventional product, our Loan Officer will see if you qualify for Non-QM.

Refinance Cash-Out Loans

May I still refinance if I have a second mortgage?

Typically, the refinance pays off second mortgages. We will consolidate both loans into one new first mortgage, and you will only have one payment each month. Otherwise, you can subordinate the current second mortgage to refinance only your existing first mortgage.

How much Equity from my house am I allowed to borrow?

You can take at least 80% on the house equity.

What are the Conventional Loan requirements at iApprove Lending?

  • A minimum FICO® Score of 680
  • You must have been on title for at least six months.

An advisor will inform you about any additional requirements.

What are FHA Requirements for Refinance Cash-Out at iApprove Lending?

  • FHAs are for primary properties (where you intend to live).
  • Property conditions meet FHA standards
  • A minimum FICO® Score of 660
  • Monthly housing expenses cannot exceed 47% of your pre-tax income
  • Total monthly combined liabilities (e.g., credit card payments, loan payments, housing expenses) do not exceed 57% of your monthly pre-tax income
  • Maximum Loan-to-Value is 80%
  • Payment history requirements:
  • Proof that borrower(s) completed the last 12 monthly payments or ever since the borrower obtained the loan, they completed a minimum of 6 monthly payments

What type of documentation do I need for Cash-Out?

If you are a salaried employee or a wage-earner:

  • Two forms of identification: Social Security Card (or SSA-89 form), Driver’s License, Passport, Green Card
  • Pay stubs covering the most recent 30 days
  • W-2s for the last two years
  • Asset information such as bank account statements, 401(K) or retirement account statements, stock or mutual funds statements
  • You are on title for at least six months.

If you are self-employed:

  • Two forms of identification: Social Security Card (or SSA-89 form), Driver’s License, Passport, Green Card
  • Most recent 2-year personal tax returns
  • Most recent 2-year business tax returns if your business is incorporated
  • Personal asset information such as bank account statements, 401(K) or retirement account statements, stock or mutual funds statements
  • You are on title for at least six months.

Any additional documents will depend on your loan scenario, which we will happily guide you. If you are not eligible for an FHA or Conventional product, our Loan Officer will see if you qualify for Non-QM.

Conventional Loan Products

When do I want to do a Conventional Loan versus FHA Loan?

We recommend Conventional if the borrower has optimal credit.

FHA is great for first-time buyers and those building up credit – its low down payment requirement is a great way to get your foot in the door of the housing market. FHA loans are only for primary residences.

Every situation is unique; our loan officers will guide you in the best mortgage program and terms that suit your needs.

What are the Conventional requirements For a Purchase loan at iApprove Lending?

  • A minimum 3% down payment is possible
  • A minimum FICO® Score of 620
  • Down payments can be from a gift
  • Sellers, real estate agents, or lenders can pay for your closing costs
  • Monthly combined liabilities (e.g., credit card payments, loan payments, housing expenses) do not exceed 50% of your monthly pre-tax income

What are the conventional Loan requirements for Refinance Rate-Term at iApprove Lending?

  • A minimum FICO® Score of 620
  • Monthly combined liabilities (e.g., card payments, credit card payments, loan payments, housing expenses) do not exceed 50% of your monthly pre-tax income.

What are the Conventional Loan requirements for Refinance Cash-Out at iApprove Lending?

  • A minimum FICO® Score of 620
  • You must have been on title for at least six months.

FHA Loan Products

What are FHA Requirements for a Purchase at iApprove Lending?

  • FHAs are for primary properties (where you intend to live),
  • Property conditions meet housing codes
  • A minimum 3.5% down payment
  • A minimum FICO® Score of 580
  • You can finance money to cover the loan’s upfront mortgage insurance premium (UFMIP).
  • Monthly housing expenses cannot exceed 47% of your pre-tax income
  • Total Monthly combined liabilities (e.g., housing expenses, credit card payments, loan payments) do not exceed 57% of your monthly pre-tax income

We will guide you if other additional requirements are needed.

What are FHA Requirements For Refinance Rate-Term at iApprove Lending?

  • A minimum FICO® Score of 580
  • Monthly housing expenses cannot exceed 47% of your pre-tax income
  • Monthly combined liabilities (e.g., card payments, credit card payments, loan payments, housing expenses) do not exceed 57% of your monthly pre-tax income

We will guide you if other additional requirements are needed.

What are the requirements for FHA Refinance Cash-Out at iApprove Lending?

  • FHAs are for primary properties (where you intend to live).
  • Property conditions meet FHA standards
  • A minimum FICO® Score of 580
  • Monthly housing expenses cannot exceed 47% of your pre-tax income
  • Total monthly combined liabilities (e.g., credit card payments, loan payments, housing expenses) do not exceed 57% of your monthly pre-tax income
  • Maximum Loan-to-Value is 80%
  • Payment history requirements:
  • Proof that borrower(s) completed the last 12 monthly payments or ever since the borrower obtained the loan, they completed a minimum of 6 monthly payments

We will guide you if other additional requirements are needed.

What are FHA Requirements for a Purchase at iApprove Lending?

  • FHAs are for primary properties (where you intend to live),
  • Property conditions meet housing codes
  • A minimum 3.5% down payment
  • A minimum FICO® Score of 580
  • You can finance money to cover the loan’s upfront mortgage insurance premium (UFMIP).
  • Monthly housing expenses cannot exceed 47% of your pre-tax income
  • Total Monthly combined liabilities (e.g., housing expenses, credit card payments, loan payments) do not exceed 57% of your monthly pre-tax income

We will guide you if other additional requirements are needed.

What are FHA Requirements For Refinance Rate-Term at iApprove Lending?

  • A minimum FICO® Score of 580
  • Monthly housing expenses cannot exceed 47% of your pre-tax income
  • Monthly combined liabilities (e.g., card payments, credit card payments, loan payments, housing expenses) do not exceed 57% of your monthly pre-tax income

We will guide you if other additional requirements are needed.

What are the requirements for FHA Refinance Cash-Out at iApprove Lending?

  • FHAs are for primary properties (where you intend to live).
  • Property conditions meet FHA standards
  • A minimum FICO® Score of 580
  • Monthly housing expenses cannot exceed 47% of your pre-tax income
  • Total monthly combined liabilities (e.g., credit card payments, loan payments, housing expenses) do not exceed 57% of your monthly pre-tax income
  • Maximum Loan-to-Value is 80%
  • Payment history requirements:
  • Proof that borrower(s) completed the last 12 monthly payments or ever since the borrower obtained the loan, they completed a minimum of 6 monthly payments

We will guide you if other additional requirements are needed.

Non-QM Products

What Makes Non-QM Different from typical mortgage loans?

Non-QM programs have different rates and rules from Conventional and FHA loans that allow self-employed borrowers (who typically aren’t on a traditional payroll system) to apply for a loan.

There is no emphasis on tax returns and pay stubs in the processing phase. Our adaptable lending process allows us to permit alternative documentation instead of pay stubs, tax returns, and W2s.

A Non-QM loan can help qualify borrowers with many income tax write-offs and alternative documentation. The program usually allows for higher loan amounts than Conventional and FHA loans.

What are the conventional Loan requirements at iApprove Lending?

We have different Non-QM Loans for primary, secondary, and investment homes.

Premier Alt-Doc: commonly used amongst business owners (self-employed) and wage earners.

DSCR: aka Investor Alt-Doc, this program is specifically for investment properties. DSCR helps borrowers qualify based on rental income versus combined monthly payment obligations of the property (principal and interest + property tax + insurance). The investor’s incomes are not relevant to obtaining a loan.

ITIN: Individual Tax Identification Number (ITIN) loans are for people not eligible for Social Security numbers. ITINs apply to both resident and nonresident aliens for tax-reporting purposes. There is no seasoning for Refinance Cash-Out.

Foreign-National: this program is for borrowers who are non-resident aliens, legally visiting the U.S. periodically, and want to purchase a secondary property or investment property during their visits to the states.

This program differs from ITIN because ITIN is for resident and non-permanent resident aliens who live in the states, while Foreign National is for visiting aliens.

A loan officer will happily guide you on the best option to choose.

Jumbo Loans Products

What are the benefits of taking out a Jumbo Loan at iApprove Lending versus a bank?

Doing a loan at iApprove lending is more secure than other banks or lenders. Most lenders will take your loan to an off-site processing center because they have no personal knowledge of doing a Jumbo loan. We keep your loan in-house.

How are your interest rates compared to the large banks?

iApprove Lending can often match or beat large banks’ prices.

What are some of the requirements for a Jumbo Loan?

Typically, Jumbo Loans would require higher standards in credit and income levels. You can contact our loan officers for further elaboration.