Royal Mortgage›Loan programs›Purchase
Purchase
Before you fall in love with a house, see where you stand.
It is easy to pick a price out of the air, tour for a month, write an offer, and only then find out what was actually true. That order is backwards, and it is an expensive way to shop for a house.
Get Started takes you to our secure application site at my1003app.com.
A Royal purchase file starts with your real numbers, reviewed by people, before you spend a Saturday on a house you were never going to be able to structure.
Who this is for
And, just as usefully, who it is not for yet.
This is your page if
- You want to know what you can actually carry before you start touring
- You are writing an offer soon and need a letter a seller will take seriously
- Your income is not a straight paycheck and somebody has already told you no
- You are buying a second home or an investment property
- You are trading up and the current house has to be part of the plan
This is not your page if
- You are keeping the house you own and only changing the loan — that is a refinance
- You want money out of a home you already own — start with a line of credit
- You are more than a year from buying. A review goes stale; come back nearer the time
- Your credit is mid-repair and a few months would genuinely change the answer. We will tell you if it would
Pre-qualification is not pre-approval
The two words sound alike. The documents behind them do not.
- A quick online pre-qualification is based onWhat you typed in
- A reviewed pre-approval is based onDocuments somebody read
- Who looks at a Royal fileA Loan Expert, then the lender’s underwriter
- What Royal asks of you up frontDocuments, not a guess
Neither one is a commitment to lend. The difference is how much of the truth has already been checked when you hand the letter over.
How a purchase runs here
Five moves, in this order, every time.
- Your real numbers, first Income, assets, credit and the payment they actually support. Run on a guided call with your Loan Expert or through our secure online application, whichever you prefer.
- A pre-approval that has actually been reviewed Every file runs the Deal Protection Checklist before a letter goes out: undisclosed debts, income complexity, IRS obligations, asset sourcing, and property and program eligibility. That is the work that stops a deal from falling apart in week five.
- The offer, structured deliberately The down payment, the credits and the loan structure get chosen together rather than one at a time, because moving one of them moves the others.
- Under contract, with a cadence Title and escrow documentation goes out ahead of time rather than on the day. Every party gets the same update on the same beat, and you can have milestone messages sent to your phone if you want them.
- Closing You will know the date before it arrives, and you will know what is left to do to hold it. We do not loosen underwriting to hit a calendar.
What to have ready
Nothing exotic. We ask for these as your file needs them.
Income
Recent pay stubs, the last two years of W-2s, or returns if you are self-employed, and any other income you want counted.
Assets
Recent statements for the accounts your down payment and reserves come from. Large deposits will need a short explanation.
Identity
A government photo ID, and your authorization to pull credit.
Obligations
Anything that hits your monthly budget: student loans, child support, an IRS payment plan, a co-signed car.
The property
Once you are under contract: the executed contract, the HOA if there is one, and the insurance quote.
Nothing else, yet
We ask for documents when the file needs them, not all at once on day one.
The honest trade-off
Doing it in this order costs you something. Here is what.
The work comes first, and the number can be smaller than the one in your head. You hand over documents before you have found a house. You authorize a credit pull. And what comes back is the true figure rather than the hopeful one.
- The smaller number is the real number, and it is far cheaper to hear it now than in week five of a contract
- A review is not a promise — it is not a commitment to lend, and it can change if your income, debts, credit or the property change
- A review has a shelf life. If you buy much later, some of it gets refreshed
- If waiting is genuinely better for you, we will say so, even though it means we do not write the loan today
What you can buy with
The program is chosen for the file, not for the shelf.
Conventional
Fixed and adjustable, primary residence, second home or investment. Down payments start low, and mortgage insurance comes off once the equity is there.
FHA
A low down payment, flexible credit guidelines, and gift funds allowed. Often the right answer when the credit score is still climbing.
VA
For eligible veterans, service members and surviving spouses. The VA benefit is the reason this program exists. What it means for your file depends on your entitlement, and we will walk you through it.
USDA and everything else
USDA is built for rural and suburban buyers who meet the area and income rules. Plus condo and complex property financing, land and construction-to-perm, renovation lending, and the whole non-QM shelf when the income does not fit a W-2.