All underwriting guidelines address the following four criteria:

• COLLATERAL

  

  Each mortgage loan is secured by the home as collateral. To help determine the value of the loan collateral, lenders must obtain an independent home appraisal.

• Income

  

  It is very important to make sure that home buyers are able to afford the monthly payments. To determine this, lenders are required to verify current and likely future income by reviewing tax returns, W-2's, and pay statements.

• Assets

  

  The agencies require that the lenders verify that home buyers have enough money for the down payment and any closing costs associated with purchasing a home. In some cases, the agencies require some money left after closing for reserves. This is accomplished by reviewing bank statements, retirement, and investment statements over a period of time.

• Credit

  

  A mortgage is typically a person's largest financial obligation, and is designated for borrowers who have demonstrated an ability to manage their finances. To determine this, lenders are required to review a borrower's credit report. But some customers are in the process of building or re-building their credit. Not to worry. Shea Mortgage's Customer Plus+ program can help put you on the correct path, so that you may be able to buy your dream home.