Our Qualification Process

Your Old Virginia Mortgage Licensed Mortgage Originator will calculate your loan amount based on information that you provide. This information includes your income, expenses and debts. If you add the earnings of a spouse or parent as a borrower, your pre-qualifying amount will be higher.

Think of this as a preliminary estimate of the loan you might receive. If the information you provide is incomplete or inaccurate, the loan amount will change.

Your loan officer will use the information you provide to calculate your qualifying ratios. These ratios and any compensating factors will help determine which Loan Programs and financing are best for your situation.

Different loan types have different guidelines for qualifying ratios. However, once lenders determine qualification ratios, they have a preliminary idea of which loan types to recommend.

To pre-approve you for a loan, your loan officer will calculate the loan amount you can receive based on information that a third party provides. Old Virginia Mortgage, Inc.will verify your information via a credit report. The credit reporting agency acts as a neutral third party. Consider this a firm estimate of a certain loan amount. Final approval depends on whether the property also meets requirements for a loan. Final approval is contingent on an underwriting approval which includes an acceptable appraisal.