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New Home Financing

The process of securing new home financing is not as complex or intimidating as you might think. EDC Homes' featured lender, Atlantic Bay Mortgage Group, will help you finance your home in six easy steps:

1. Pre-qualification: If you don’t know how much house you can afford—or you’re not even sure if you qualify for a mortgage—meet with a mortgage lender to “pre-qualify” for a loan. Using your income, asset and credit information, the lender will determine what loan programs you are eligible for and how much you can afford. The information provided is strictly for the borrower’s use and does not constitute loan approval.

2. Application: The new home financing process actually starts when you fill out a loan application. Once completed, the lender will request the items needed to verify the information on the application, including pay stubs, tax returns, W-2 forms, bank statements and various other items, depending on the particular application. A thorough application will prevent multiple requests for additional items. Upon receipt, your application and the requested documents are compiled and turned in to underwriting.

3. Underwriting: An underwriter will review your application and verify that you meet all of the criteria for the loan program.

4. Approval: Once the underwriter verifies the loan, the lender will issue an approval letter.

5. Processing: Loan processors will verify employment, review bank statements and credit history, and fulfill any other conditions the underwriter needs to clear the loan for closing.

6. Closing: Closing is typically held at the title company where they confirm that all the funds have arrived and all conditions to the closing and transfer of title have been met. Congratulations, this is when you will receive the keys to your New Home!

For more information on financing your home, read about EDC Homes’ featured lender: Atlantic Bay Mortgage Group.

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The featured lender has an affiliated business relationship with EDC Homes. You are under no obligation to use the featured lender for financing. If you have a brokerage relationship with another agency, this is not intended as a solicitation. This communication is provided to you for informational purposes only and should not be relied upon by you. EDC Homes is not a mortgage lender and so you should contact Atlantic Bay Mortgage Group, L.L.C. directly to learn more about its mortgage products and your eligibility for such products. Information deemed reliable but not guaranteed. All loans subject to income verification, credit approval and property appraisal. Not a commitment to lend. Atlantic Bay Mortgage Group, L.L.C. NMLS #72043 ( is an Equal Opportunity Lender. Located at 600 Lynnhaven Parkway Suite 203 Virginia Beach, VA 23452.