STEPS TO LOAN APPROVAL

1. Homebuyer signs contract.
2. Homebuyer meets with lender who must fax the credit approval, an NSP Reservation Form and a contract signed by buyer and seller to the County 727-834-3450.
3. Lender orders appraisal for 1^st mortgage. (Initial "As Is" and "After Rehab" appraisals are done and paid for by Pasco County. Lender commonly needs its own appraisal.)
4. After approval, lender then submits complete loan package to Pasco County Community Development for their approval.
5. NOTE: Maximum back ratio CANNOT EXCEED 50%, even if lender receives automated approval at higher ratio.
6. After both 1^st mortgage and county 2^nd mortgage approvals are received, homebuyer meets with the County homebuyer counselor.
7. Loan is set up for closing. Allow 5-7 working days for Pasco County Community Development to order 2^nd mortgage package and transfer funds.
8. 2^nd mortgage package e-mailed to title company and 2^nd mortgage funds wired to the title company for closing.
9. Pasco County Community Development approves final HUD-1 closing statement along with 1^st mortgage lender and loan closes.