Obtaining a mortgage may seem confusing even to an experienced home buyer. We aim to change that at Neal Communities Funding. When you understand your path home, the smoother the experience will be.

With Neal Communities Funding, your mortgage team works hand in hand with all other Neal Communities team members involved in the construction of your home. this seamless communication is what

gives you peace of mind that your financing will be ready when your home is!

Thinking of getting started? Let us guide you home. You can also check out our Frequently Asked Questions and the Mortgage Glossary. Please remember that while there is a lot of information, your Neal Communities Funding loan consultant will help you every step of the way. 

Pre-Application

Before you make your final decision to purchase a new home let us help you decide the financing option to fit your financial goals and budget. Your loan consultant will talk to you about down payment, monthly payment, credit history, employment & income, funds needed for closing and the loan program options available to. We'll help you choose the ones that suit you and provide you with the confidence to make a sound purchasing decision.  

Loan Application

By now you have completed your Purchase Agreement and joined the Neal Communities family. Welcome! You will quickly connect with your loan consultant who will provide you with a formal, federally regulated loan application and corresponding disclosures requiring your e-signature. Addtionally we will verify, through supporting documentation, the information you verbally provided to us at the time of pre-application. This may be done face-to-face with your loan consultant, via mail or electronically.   

Processing & Underwriting

Your client coordinator will review your credit, income, employment and asset information. They may also reach out for clarification or additional information that may be needed on specific aspects of your loan. They will work hand in hand with our underwriter, the Neal Communities contract & closing coordinator and the title settlement agent/attorney.

• After the client coordinator reviews your loan, they will submit to an underwriter for a formal loan decision.
• Congratulations! Your loan as been approved with additional documents (loan conditions) needed prior to closing. This news will arrive, in writing, via your client coordinator with a conditional loan commitment. You will begin providing these loan conditions as construction continues on your home.
• As your home nears completion, we will order a property appraisal. At this time your home may not be 100% complete and a final inspection of the property will take place just before the closing date. Having a two-step appraisal valuation process avoids delays in your closing allowing time for the underwriter to review this very important piece of your loan approval. Unless you are a veteran financing your home with a VA loan, you will receive a third party notification requesting payment for your appraisal report and final inspection. This is due in advance of the appraiser's inspection.
• Typically, within 30 days of home completion the client coordinator will order your title insurance and homeowner's insurance. You will be responsible for informing us of your homeowner's insurance agent and contact information.
• If you purchased a new home to build, versus one of our inventory homes, it is likely your credit, employment, income and asset documentation may require a refresh as these items are valid for 120 days.
• Once the underwriter has reviewed and signed-off on your final documentation you are one step closer to owning your new Neal Communities home! 

Securing Your Interest Rate

News of your closing is quickly approaching! You will work hand in hand with your loan consultant to secure the interest rate for your home loan. We offer a variety of lock terms to suit your needs and we will communicate regularly with the construction team to understand the projection for your home completion and closing date. Your rate lock will be done verbally with your loan consultant and you will receive written confirmation of your secured interest rate with a Loan Estimate confirming the loan terms and lock expiration date.   

Pre-Closing & Closing

Your home loan has been cleared through underwriting and is being prepared to move to our closing team. Before this can happen, we must meet the requirements of Fannie Mae's "Loan Quality Initiative" (LQI). You can expect to have a Gap Credit Report generated within 7 days of your scheduled closing date. This policy applies to all loan types.

• The Gap Credit Report will not disclose new credit scores to the Lender. However, it will show any new debts, credit inquiries or increased balances/payments on current debt. If any new and/or additional debt or obligations are identified prior to closing, the loan may be re-underwritten to determine if the loan qualifications are still met. A final confirmation of employment is also completed within 10 days of your closing date.
• Our Closing Department will work hand in hand with the settlement agent/attorney to provide final settlement costs and closing paperwork. You will receive your Initial Closing Disclosure within 3 business days of your closing requiring your e-signature to avoid any delays in your closing.
• Your home loan has been cleared for closing, the package completed and a closing date and time are scheduled. Construction of your home is complete! The closing typically takes place at the closing attorney's office, or the title or escrow company.  
• Congratulations and welcome to our Neal Communities family of homeowners!