FAQ for Approved Home Buyers

TABLE OF CONTENTS

Non-Contingent Offers

Before Placing a Non-Contingent Offer

Your Loan Contacts

Accepted Offers

Earnest Money Deposit (EMD)

Buying a Condo?

Step by Step Process Details

Vesting Example

Loan Estimate (LE) & Closing Disclosure (CD) Review

Important Reminders

Ensure all income and asset documentation is submitted and cleared.
If self-employed, third-party income verification will involve your CPA or EA—please notify them in advance.
I can adjust your approval letter as needed while you shop.

your Loan Contacts

Padi Goodspeed

VP Loan Officer

916-257-9435

Michelle Chacon

Production Manager

michelle.chacon@ccm.com

510-928-4260

TBD

Processor

Assigned after initial disclosures are signed; we will notify you.

Earnest Money Deposit (EMD):

Due within 24-72 hours of contract acceptance. Must be liquid and available.

Buying a Condo?

Ensure you have an HOA approval contingency. Condos must meet agency (Fannie Mae/Freddie Mac) guidelines for standard conventional loans.
Key factors include:
- Owner-occupancy percentage
- HOA delinquency rate
- Insurance coverage
- Recent inspections and repairs
- Litigation status
- Non-warrantable condos require a 7-15 day approval process.

01

Initial Disclosures

Sent within 24 hours of receiving title fees.
Non-binding but required to begin loan processing.
Select TBD for insurance if not yet chosen.
Appraisal waiver expedites closing—review carefully.

02

Earnest Money Deposit

Provide a 30-day transaction history (PDF) once funds clear.

MUST BE A PDF. NO SCREENSHOTS!

If not a pdf - it will cause a delay

03

Home Insurance

Must include fire coverage; CA Fair Plan may be required.
Obtain a quote within 24-48 hours.

Here are some insurance companies you can contact if you don’t have coverage yet:

Rutherford One Insurance

Roy Rutherford

roy@rutherfordoneinsurance.com (916) 962-9909

Tera Insurance

408-457-3033

kim@tera-insurance.com

04

Vesting

Title company can assist with ownership record options.

05

Appraisal Order

Due back within one week.

06

Underwriting Review

Initial review takes 72-96 hours
Note: Additional items may be requested.

07

Loan Conditions

Submit all required documents within 24 hours to avoid delays.

08

Closing Disclosure (CD)

Mandatory 72-hour wait period after signing.

09

Final Underwriting Review

Takes 24-72 hours after all conditions are met.

10

Clear to Close!

Loan approved for final document preparation.

11

Doc Preparation & Signing

Docs finalized within 24-48 hours and signed with a notary at your convenience.

12

Closing Funds & Funding Review

Work with the title company for wire transfer of final funds.

13

Funding & Closing!!!

Loan funds, deed records, and you become the official owner!

Loan Estimate (LE) & Closing Disclosure (CD) Review

Verify loan amount, payment, interest rate, and fees.
Loan defaults to include taxes/insurance in escrow; discuss exclusions with your loan officer if needed

Important Reminders

No screenshots – submit PDFs only.
Do NOT open new credit cards or loans.
Avoid major purchases on credit cards.
Do NOT deposit cash or untraceable funds.
Notify us of any employment or income changes immediately.
Consult before transferring/down payment funds – additional documentation required.
Gift funds must go directly to the title company after underwriting approval.

2025 © Padi Goodspeed | Branch Manager | NMLS #191659

This individual is licensed in the following states:

AZ, CA, FL, GA, IL, IN, KY, TX, IA, KS, SD, WI, DE, LA, ME, NC, ND, PA, TN

CrossCountry Mortgage, LLC, 2160 Superior Avenue, Cleveland, OH 44114 NMLS3029 | RM.803095.000

All endorsements and testimonials are given without incentive or compensation.

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