Q: Why does Taylor Morrison have an in house lender?

A: Because the company understands that the financial process of purchasing a home has a significant impact on the overall purchase and having a lender that the builder can rely upon sharing the same vision enables the entire purchase process the best opportunity to be a positive experience.

Q: What is the difference between a builder’s lender and any other lending institution?

A: We all fundamentally do the same thing, lend money. A builder’s lender has a vested interest in exceeding a customer’s expectations; our service can affect a customer’s willingness to refer future homeowners. Qualification and market conditions change during construction and working with a lender that understands the builder’s construction process keeps everyone working together for a seamless transaction.

Q: How is pre-application different from pre-approval?

A: You should "pre-apply" for a mortgage before you start house hunting. This process includes analyzing your income, assets, and present debt to estimate what you may be able to afford on a home purchase. Obtaining mortgage "pre-approval" is another thing entirely. It means that you have in hand a written commitment to put together a loan for you (subject to verification of income and employment).

Q: What are the top 3 factors that determine if I qualify?

2 year stability of income
Proof of cash to close and savings pattern
Timely payment of credit and credit usage

Q: Why does my credit need to be checked prior to purchasing a home?

A: Even if you're sure you have excellent credit, it's wise to double-check at the outset. Straightening out any errors or disputed items now will avoid troublesome holdups down the road when you're waiting for mortgage approval. You may see disputed items, in addition to errors caused by a faulty Social Security number, a name similar to yours, or a court ordered judgment you paid off that hasn't been cleared from the public records. If such items appear, write a letter to the appropriate credit bureau. Credit bureaus are required to help you straighten things out in a reasonable time (usually 30 days).

Q: What financial documentation will I need to provide?

A: Documentation such as your pay stubs for the last 30 days, two years' W2s and tax returns (plus business tax returns if you're self employed), proof of other income and assets, two months' bank records, proof of where your down payment will be coming from (such as a bank statement and/or a gift letter with the gift giver's bank statement), along with a complete two year residential and employment history. Additional information may be requested.

Q: When can I lock my rate?

A: Once your loan application is approved, and Taylor Morrison provides a timeframe as to when your home will be complete, building in a cushion for construction or weather delays. This is typically done when you are within 60 days of closing.

Q: Can I use gift funds from family as down payment on my home?

A: Many homebuyers get help from family in making their down payment. The amount required to be from your own funds varies by program and loan to value. To be sure the gifts funds aren't disguised loans, "gift letters" and source of funds are required from anyone contributing money to your home purchase stating you are not obligated to re-pay the gift. This insures that your debt to income ratio disclosed on your loan application is accurate for qualification purposes.