Credit, Documents & Things You "Should" Know

Credit Guidelines:

Your credit history is important. Your rate, future mortgage company, and potential loan are partially driven by your credit report. This does not mean if you have less than prefect credit your aren’t able to get a mortgage! Don’t let the credit bug thwart your dreams of home ownership!
(Credit A) Impeccable
  • No late mortgage payments last 12 months
  • Bankruptcy discharged or settled 3+ years
  • Forclosure discharged or settled 4+ years
(Credit A-) Minor blemishes in last 2 years
  • Fewer than two 30 day late mortgage payments
  • No 60 day late payments on revolving or installment
  • Bankruptcy discharged or settled 2+ years
  • Foreclosure discharged or settled 3+ years
(Credit B) Acceptable blemishes in last 12 months
  • Up to four 30 day late mortgage payments OR two 30 day and one 60 day late mortgage payments
  • One 60 day late payment on revolving or installment
  • No 90 day payments on mortgage, revolving, or installment
  • Bankruptcy discharged or settled 18+ months with limited re-established credit
  • Forclosure discharged or settled 3+ years
(Credit C) Acceptable blemishes in last 12 months
  • Up to five 30 day late mortgage payments OR two 60 day late mortgage payments OR one 90 day late mortgage payment
  • No 120 day late payments on revolving or installment
  • Bankruptcy discharged or settled 12+ months with limited re-established credit
  • Forclosure discharged or settled 24+ months
(Credit C-) Multiple blemishes in last 12 months
  • Five or more 30, 60, or 90 day late mortgage payments
  • One 120 day late payment outside current period on revolving or installment
  • Bankruptcy discharged or settled 12+ months without re-established credit
  • Foreclosure discharged or settled 12+ months
(Credit D) Erratic monthly payments
  • Currently in foreclosure
  • Bankruptcy discharged or settled 1+ days
If you have any questions on what your credit guideline may be or have no credit at all, please contact any of our loan officers for more information.

Collect Required Documents

All mortgage lenders and financial institutions require certain documentation to begin the mortgage process. The following is a list of required documents. This list is as complete as possible for the beginning of any mortgage process, however many programs require much less documentation. Contact one of our loan officers for more information on documentation alternatives.

Each borrower must have:
  • Copy of Social Security Card and Drivers License
  • Last full month of paystubs with year to date earnings
  • Last 3 months statements on any/all bank accounts
  • Previous 2 years W-2’s and tax returns
  • Name, address and phone of Landlord. If living in an apt. complex, address & phone of manager.
  • Names and addresses of each employer for last 2 years
  • Names, addresses, account numbers, and minimum monthly payments on all open loans and/or accounts (cars, credit cards, etc.). Not needed to begin the process
  • Copy of contract on desired home/property
  • Complete copy of divorce decree signed & recorded (if applicable)
  • Money for Credit Report and Appraisal
Documentation for Specific Borrowers:
  • Addresses and value of other properties owned
  • Current statements on any and all stock and/or bond accounts
  • Certificate of Eligibility or DD214 (VA only)
  • Please contact any of our loan officers for documentation details.
  • Bankruptcy or Forclosure Papers, if applicable
Some mortgage lenders and financial institutions may have additional documentation requirements. Speak to a loan officer to discuss documentation.

Some Things You Might Not Know – But Should!

Obtaining a mortgage can be a stressful experience for any home buyer, and we at JP-Mortgage are dedicated to relieving as much of your mortgage stress as possible. You, as a buyer, can help relieve some of our stress by following these simple guidelines.
  • Please do not quit or change jobs
  • Please do not move money around to different bank accounts
  • Please do not charge on credit cards
  • Please do not make additional major purchases
  • Please do not open any new lines of credit
  • Please pay bills in a timely manner
  • Please inform your Loan Officer of any changes
Some of the best advice we can offer is for you to communicate your situation with your Loan Officer. Communication is the key to a smoother experience. Remember, just because your loan is approved does not mean it is closed. Please wait until you have left the closing table at the Title Company before making any financial changes.
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Licensed Texas Mortgage Broker #351669
Hours: 9am to 5pm Monday - Friday.
Saturdays by appointment.

11615 Angus Road Suite 227
Austin, TX 78759
Phone: 512-796-3157

Texas Savings and Mortgage Lending

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENTS WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.


THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENTS WEBSITE AT WWW.SML.TEXAS.GOV.