buying a home
Take the first step and start your preapproval

See if you prequalify—without impacting your credit.

Getting prequalified is free and only takes a few minutes. This step involves a soft credit check and will not affect your credit score.


Prequalify
Start your application

Buying a Home with Illuminus Bank is designed to make homeownership more accessible, seamless, and financially rewarding. Here’s a step-by-step breakdown of the process and requirements:

🏡 Home Buying Process with Illuminus Bank

1. Pre-Qualification

  • Get an Estimate: Use the Illuminus Bank Mortgage Calculator to assess affordability.
  • Check Eligibility: Submit preliminary financial details for pre-qualification.

2. Loan Application

  • Choose Your Loan Type: Explore options like fixed-rate mortgages, adjustable-rate mortgages (ARM), and jumbo loans.
  • Submit Financial Documents: Provide income statements, credit reports, and employment details.

3. Home Search & Appraisal

  • Find the Perfect Property: Work with real estate agents and use Illuminus Bank’s property network for exclusive listings.
  • Home Appraisal: Illuminus Bank assesses the property value to ensure fair pricing.

4. Loan Approval & Terms Finalization

  • Underwriting Review: The bank evaluates financial risk and approves loan terms.
  • Loan Offer: Receive a formal offer outlining loan duration, interest rates, and repayment details.

5. Closing Process

  • Final Documentation: Sign agreements, pay closing costs, and complete title transfers.
  • Funds Disbursement: Loan funds are transferred to the seller, finalizing the home purchase.

📄 Requirements for Home Buyers

✅ Credit Score: Minimum required varies by loan type but typically starts at 620+ for conventional loans.
✅ Income Documentation: Recent pay stubs, tax returns, and bank statements to verify financial stability.
✅ Down Payment: Standard down payment ranges between 5%–20%, though Illuminus Bank offers low down payment options for qualified buyers.
✅ Debt-to-Income Ratio (DTI): Must be within acceptable limits to ensure repayment capability.
✅ Property Insurance: Proof of insurance to protect the home investment.

🔥 Limited-Time Home Buying Perks

💰 Zero Closing Cost Option: Select mortgage plans come with waived closing fees for qualified buyers.
🔑 Exclusive Homebuyer Rewards: Earn cashback and points redeemable for furnishing, renovations, or property tax payments.
📅 First-Time Buyer Special: Lower interest rates and down payment assistance for first-time homeowners.



Disclosure

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through Illuminus Bank National Association. Deposit products are offered through Illuminus Bank National Association. Member FDIC.

A prequalification request is an inquiry only, not a loan or line application or a commitment to lend and no interest rate is promised or secured. An assessment will be performed to determine whether your income and debt-ratio may fit a current Illuminus Bank loan or line program. A credit decision will be made only after you submit a complete application, and we are able to verify and fully evaluate your application request in accordance with the loan or line program you have selected and all underwriting criteria.