1. Anatomy of Getting a
Home Mortgage
Documentation, documentation, and more documentation
Presented by
Thomas Drasler
HomeQuest Mortgage Corp.
Conventional – Non Conforming – FHA
714-478-3153
www.DraslerHomeLoans.com

2. My Background
• Experience
– Licensed California Residential Mortgage Broker;
Passed S.A.F.E. Act National and State of California
Certification Exams
– HomeQuest Mortgage Corp, a Brokerage Firm
Serving California since 1996
– Conventional and Government Loans including
FHA, VA, Teacher & State Assistance Loan Programs
Thomas Drasler
DRE#1775516 NMLS#297791 – Conventional and Jumbo Loans up to $3,000,000
714-478-3153 Direct
949-460-7799 Office – Offering Over 100 loan programs from Major
HomeQuest Mortgage National, Regional and Community lenders
Corporation
www.DraslerHomeLoans.com
Conventional – FHA - VA – Prior 25+ Career in Computer Hardware and
Software Industry

3. Loan Qualification – The 5 C’s
• Credit History
• Capacity - Income
• Capital - Assets
• Collateral
• Character

4. Prepare to Provide Lot’s of Documentation
Income Information Needed:
•Last 2 years Personal and Corporate Federal Tax Returns
•Last 2 years W2’s, 1099’s
•Most recent paystubs covering 30 day period
•Written Explanation if employed less than two years or any if gaps
in employment
•Proof of retirement income, pensions, and/or Social Security
•Proof of child support – 12 months of cancelled checks and bank
statements showing deposits

5. Documentation Needed (cont’d)
Credit and Asset Information:
•Last 3 months asset statements for checking/savings and
investment accounts
•Most recent quarterly 401k, IRA or retirement account statements
•Landlord name, phone and address (if applicable)
•Documentation of any obligations due to legal action, i.e., alimony,
child support, lawsuit judgments, taxes etc. (if applicable)
•Copy of divorce decree (if applicable)
•Copy of complete bankruptcy papers including discharge papers &
supporting documentation leading up to bankruptcy
•Credit explanation letters for any late payments, collections,
judgments or other derogatory items

6. Documentation Needed (cont’d)
Large Deposits:
• Documentation for any large deposits over $500 other than
payroll or gift of fund deposits – requires bank image of deposit
and copy of source statements
Other Information:
• Copy of drivers license
• Copy of homeowner’s insurance policy
• Copy of rental property lease agreements – if NOT on Schedule E
• K1’s
FHA/VA Loan Applicants:
• Copy of Social Security card
• Certificate of eligibility
• Statement of military service (DD214)

7. Lender Requirements You Weren’t Expecting
•Eligible Condominiums – no current or pending litigation; no
more than 10% HOA dues delinquencies; owner occupancy >50%
•Carbon monoxide detectors installed – CA law
•Cash reserves – up to 6 months PITI payments
•Use of vacating property as a rental – requires 30% equity in
prior primary residence
•Use of gross rental income – borrowers must have 2 years
landlord experience
•Deferred Student Loans-monthly payment must be included as a
liability

8. Lender Guidelines You Weren’t Expecting – (cont’d)
•Bankruptcy Rule for home purchase eligibility
Ch. 7 or 11 – 4yrs/2yrs with extenuating circumstances
Ch. 13 – 2 years from discharge date
•Foreclosure – 7yrs/3yrs with extenuating circumstances
•Short Sales – 4yrs/2yrs with extenuating circumstances

9. Benefits of Home Ownership
• Build wealth
• Not wasting money on rent
• Pride of personal ownership
• More control over finances and ability to
manage equity
• Tax advantages

10. Select a Professional Realtor
Cheryl Eagleson
The Home Search
• Understand your Needs
• Area analysis
• Multiple Listing Service
• Showings

11. Tom Drasler
Licensed Mortgage Advisor
DRE#1775516 NMLS#297791
www.DraslerHomeLoans.com
714-478-3153
25283 Cabot Road, Suite 106
Laguna Hills, CA 92653
“Your Mortgage Consultant for Life”
Serving Southern California since 1996
Knowledgeable – Experienced – Ethical
Personalized Service – Choice