purchase process workflow

Begin Application Process Early Lock-in (Optional) APPLICATION PROCESSING CONDITIONAL APPROVAL AFTER APPROVAL CLEAR TO CLOSE SETTLEMENT • You and your Account Executive work together to complete the application • Review of your credit report • You will be required to provide the initial documentation: Most recent 30 days year to date paystubs Most recent 2 years W2 Forms and tax returns Most recent 2 years Corporate tax returns (if self-employed) Most recent 2 months bank statements Photo ID • If you choose to lock the profit factor before approval, the early lock-in fee is waived if all initial documents & signed intent to proceed is provided • Up to 4 business days Title Work • Customer to provide title company informatiion • Or Guidance will order title from preferred provid- ers list Return Required Documents • Sign and return ALL documents and disclosures immediately to ensure a prompt response Factors Evaluated for Approval • Credit history • Income stability • Assets • Satisfactory property Pending Items Letter Hindering Approval • Account Manager will contact you to obtain more information Commitment Letter • Approval letter with closing terms and conditions will be issued • Sign and return to the Account Manager Turnaround time to Review • Account Manager to review conditions sent by customer within 24-48 hours • All conditions must be cleared 3 days prior to closing Closing Date • The profit rate must be locked • Account Manager will contact you to schedule your closing date and location File Completed • Receipt of ALL your documents • File sent to closing Closing • Documents drawn, reviewed, and sent to the settlement agency Settlement Costs • Costs required for closing are identified and available 24-hours prior to settlement Settlement • Sign the documents to enter into co-ownership of your home with Guidance Congratulations! • You have achieved home ownership the Sharia way Declining Balance Co-Ownership Program Mortgage Purchase Process www. GuidanceResidential .com Visit us online VERY IMPORTANT If any changes are made during this application process, such as employment, additional liabilities or the contract amount, your Account Executive and Account Manager must be notified immediately. • Charge $99 Application Fee • Provide ratified sales contract • Order Appraisal • Provide signed disclosures • All documents & signed disclosure must be provided with 7 days of application Turnaround time in Processing Turnaround time in Underwriting • A minimum of 4 business days Post Approval Lock-in • Lock-in the profit factor (if you have not already done so) File Undergoes Processing • Upon receipt of all of the information above including the appraisal report, the following will move to Processing stage Employment & financial information verified Account Manager to contact customer (if further documentation needed) • Consider available options for obtaining insurance • You will be required to provide: Name of carrier Telephone number Paid receipt for annual premium • Obtain condo questionnaire (If applicable) Hazard Insurance

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Declining Balance Co-Ownership Program

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Begin Application Process Early Lock-in (Optional)AP

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• You and your Account Executive work together to complete the application• Review of your credit report• You will be required to provide the initial documentation: Most recent 30 days year to date paystubs Most recent 2 years W2 Forms and tax returns Most recent 2 years Corporate tax returns (if self-employed) Most recent 2 months bank statements Photo ID

• If you choose to lock the profit factor before approval, the early lock-in fee is waived if all initial documents & signed intent to proceed is provided

• Up to 4 business days

title Work

• Customer to provide title company informatiion

• Or Guidance will order title from preferred provid-ers list

return required documents

• Sign and return ALL documents and disclosures immediately to ensure a prompt response

Factors Evaluated for Approval

• Credit history

• Income stability

• Assets

• Satisfactory property

Pending items LetterHindering Approval

• Account Manager will contact you to obtain more information

commitment Letter

• Approval letter with closing terms and conditions will be issued

• Sign and return to the Account Manager

turnaround time to review

• Account Manager to review conditions sent by customer within 24-48 hours

• All conditions must be cleared 3 days prior to closing

closing date

• The profit rate must be locked

• Account Manager will contact you to schedule your closing date and location

File completed

• Receipt of ALL your documents

• File sent to closing

closing

• Documents drawn, reviewed, and sent to the settlement agency

settlement costs

• Costs required for closing are identified and available 24-hours prior to settlement

settlement

• Sign the documents to enter into co-ownership of your home with Guidance

congratulations!

• You have achieved home ownership the Sharia way

declining Balance co-ownership Program

Mortgage Purchase Process

www.GuidanceResidential.com

Visit us online

vEry imPortAntIf any changes are made during this application process, such as employment, additional liabilities or the contract amount,

your Account Executive and Account Manager must be notified immediately.

• Charge $99 Application Fee• Provide ratified sales contract• Order Appraisal• Provide signed disclosures• All documents & signed disclosure must be provided with 7 days of application

turnaround time in Processing

turnaround time in Underwriting

• A minimum of 4 business days

Post Approval Lock-in

• Lock-in the profit factor (if you have not already done so)

File Undergoes Processing

• Upon receipt of all of the information above including the appraisal report, the following will move to Processing stage Employment & financial information verified Account Manager to contact customer (if further documentation needed)

• Consider available options for obtaining insurance• You will be required to provide: Name of carrier Telephone number Paid receipt for annual premium• Obtain condo questionnaire (If applicable)

Hazard insurance

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