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An Overview of the Loan Process

Prequalification

Use the Prequalification sheet along with a 1003 and credit report and fax them to your AE.

Complete 1003 as accurately as possible.
Attached your credit report pulled within the last thirty days.
Attached the paystubs, if already obtained from your borrower.
Attached W-2, if already obtained from your borrower
Income Tax Returns, if already obtained from your borrower

Loan Review & Documentation

Within 24 hours you will receive Loan Review and Documentation Checklist. Depending on the borrower’s credit score, you will receive a one-page document outlining the conditions for a Pre-Approval and the required minimum documentation to submit your final loan application. The Loan Review will be as follows:

Checklist Documentation 619 is issued to all loans meeting our Manual Underwriting Guidelines.
Checklist Documentation 620-659 (Reduced Documentation Guidelines Apply.)
Checklist Documentation 660+ (Reduced Documentation Guidelines Apply.)

Register/Lock-in the Loan

Depending on your particular situation you may want Register and/or Lock-in the loan.

Use our Loan Registration/Lock-in Form and send it to us via email or fax.
Email your file directly from your LOS to avoid error and/or omissions.
We accept the following files types: Calyx Point (make sure that you tell us the password); Genesis (our Client ID is 309808); Encompass (via LoanCenter@EllieMae); or FannieMae 3.2 format.

Document the Loan

Document your loan based on the Checklist.

Use our Checklist to stack the file in our submission order
Include all appropriate documentation when documenting the employment; If using OT or Bonus Income a full VOE with Income Breakdown is normally needed.
If applicable provide paystubs or VOE for all adult members of household to correctly calculate the Loan Limit based on Household Income
If applicable, include all supportive documentation for LOX, derogatory credit.

5. Provide clear copies of Driver’s License or State issued ID.

If applicable provide a Borrower’s Education Certificate for First Time Homebuyer
Make sure that all applicable addendums/amendments are included with the sales contract.
Provide Hazard Insurance Dec Page and Title Commitment
Email appraisal to rdpackages@homestarfc.com

You may scan and email your file or ship a paper file to us.

Loan Approval

We will underwrite the loan within 72 hours of receiving the file, however if unexpected high loan volume we will contact you and tell you our current underwriting time.

Once our Underwriting Department has completed your loan approval, the loan will be submitted to the local USDA RD office where the property is located for appraisal review and issuance of the Conditional Commitment
The Underwriter will email you the approval. If the approval is subject to conditions, please submit all conditions in one file rather than piece at a time.
Normally the USDA RD office will need about 48 hours prior to issuing the CC.

Close the Loan

Once the Conditional Commitment is received and all Underwriting conditions have been met, we are ready to close the loan.

Please call our Closing Department to schedule your closing.
Make sure that you complete our Loan Closing Request & Fee Sheet and all required supportive documentation as indicated by our Closer.

Rural Development Division - 848 Jesse Jewell Pkwy - Gainesville, GA 30501
Office Phone: (770) 503-0380 Fax: (678) 677-8004 Toll Free Phone: (877) 538-3393

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This website is intended for mortgage professionals only.

Homestar Financial Corporation, a Georgia Corporation, holds the following state licenses in order to make or broker mortgage loans or operate under a licensing exemption as described. Homestar Financial Corporation is licensed as a Nationally Approved USDA lender for the Rural Development Single Family Housing Guaranteed mortgage program, a HUD Correspondent Mortgagee, License No. 1897400009, Georgia Residential Mortgage Licensee # 17368, Florida Mortgage Lender License ML# 0700287, Tennessee Mortgage Broker Certification # 0000003245, North Carolina Mortgage Lender License # L-143335, operates under exemption from licensing in Alabama, and operates as a lender in South Carolina where licensing is not required.