How to Apply

You can speed up the application process up by being prepared. Your William Lyon Financial Services loan consultant will tell you ahead of time the specific documentation you will need, but here is a list of standard information and items most frequently required to expedite a loan application. Remember, if there is more than one person applying for the loan, he or she will need to provide the same documentation.

Information You'll Need to Provide

  • Social Security Number
  • Current address and phone number, plus previous addresses if at current residence less than 2 years.
  • Name and address of landlords or lenders for the past two years, plus proof of payment
  • Current housing expense details such as rent or mortgage payments, taxes and insurance
  • Two years' of W2s
  • Two most current pay stubs
  • Two most current bank statements
  • Copy of photo identification card issued by federal, state or local government agencies
  • Note that if either applicant is self-employed, he or she will also need complete, signed Federal Income Tax Returns for the past two years (personal and business), plus year-to-date Profit & Loss Statement and Balance Sheet.
  • If you receive Social Security, VA benefits, disability or a pension, we'll need a copy of your two most recent checks, your awards letter or tax returns for the past two years.
  • If you pay child support, we'll need a copy of the divorce or separation agreement and evidence of payment (cancelled checks) for the past six to 12 months.

The Approval Decision
Exactly how long your approval process takes will depend on a number of variables. Your William Lyon Financial Services loan consultant will be able to give you an approximate time frame for your application. Approval will be based on your creditworthiness, your income, your debt load, the appraised value of your home and the amount of your down payment. Depending on your financial standing, you may be able to include upgrades and options as part of your loan, however don't order them without first consulting your William Lyon Financial Services Loan consultant.

Verification and Appraisal
A qualified appraiser will physically inspect the home you are purchasing to verify that it is exactly as specified, and then prepare a written analysis or opinion of the estimated value of the property.

Closing and Funding
The closing is the meeting where you sign the documents and pay all the costs required to officially take ownership of your home. A few days before that meeting, the escrow company will review a copy of the HUD-1 Settlement Statement with you. This document tells you exactly how much money (in the form of a cashier's check or wired funds) you must present at the closing meeting.

The actual closing process usually includes:

  • A review of the final loan documents with a closing agent. A representative of an escrow/title company fills this role. The final loan documents detail all the final costs involved in the home purchase.
  • You sign all the loan documents including the mortgage, Truth in Lending statement, etc. Be sure to bring valid proof of identity.
  • You give the closing agent a cashier's check or wire transfer to cover the down payment and closing costs.
  • Your lender gives the closing agent the funds for the amount of the home loan.
  • Once all closing conditions are satisfied and documents have been signed, the instructions and documents are returned to the lender for final review. When the lender is ready to fund the loan (usually in a day or two), the closing agent records all the documents and closes escrow.
  • You receive the keys to your new home and copies of all the closing documents.

Important Tip
During the loan application process DO NOT do any of the following without first consulting your William Lyon Financial Services loan consultant:

  • Change Jobs
  • Change bank accounts
  • Make a major purchase (car, boat, motor home, etc.)
  • Purchase home upgrades
  • Obtain new credit
  • Authorize credit to be run
  • Increase credit card balances