Once a home has been selected, the processing of the loan can take up to 40 days or more if you use a traditional lender such as a bank.

1. Loan Officer in branch office pre-qualifies you and collects required information and documents. Mails or faxes documents to corporate headquarters.

2. Processor, in a central office, reviews your information and requests any additional documents. Once documentation is complete, everything is transferred to an underwriter.

3. Underwriter, a person who typically has no direct contact with you before making the decision to approve or disapprove your loan.

4. Escrow or title company closes the loan.