Home Loan Tips

• Determine what monthly payment fits your budget
• Determine how much money you have available for down payment, closing costs, prepaid expenses and property inspections.
• Get your financial ducks in a row before you spend a lot of your time, or your Realtors time, looking at homes - Get preapproved for a home loan.
• Know what price range you can afford so you don not spin your wheels looking at homes that you cannot afford.
• We will run your application through our preliminary underwriting process, for a detailed loan preapproval and not just a simple prequalification.
• It is not necessary for you to pull a credit report before doing a mortgage application. Lenders are required to disclose your credit scores within three days of loan application. We go beyond just giving scores and provide every applicant who completes a mortgage application a complimentary copy of their 3 bureau credit report.
• Low down payment loan programs – as low as 3.0%, and the down payment money can be a family member gift
• We have options to help you cover some, if not all, of the closing costs and prepaid expenses
• Don’t do any other major financial transactions while you are in the home shopping or buying process (i.e. buy a new car, open a credit card etc.).
• Getting a home inspection is like utilizing the services of a Realtor - Both are optional but highly recommended for most home buyers.
• For Sale By Owner (FSBO) situations may seem like a better deal but they usually are not.
• Find a Realtor to assist you with the home buying process as a good Realtor will prove to be worth their weight in gold to a home buyer. Your Realtor can help you identify properties that meet your home buying criteria much faster than you can search for homes on the internet and their service to Buyers is basically free as the Seller pays the Realtor's fee.

  

  

First Time Home Buyer Loan Options

  

Many first time home buyer loan programs advertised as "special first time buyer loan programs" are frequently just a smoke and mirrors marketing tactic. We probably have the same first time buyer loan program but we just don't put a fancy name on them for marketing purposes. Give us a call to discuss your options!

    

Conventional

Down payment as low as 5% of the purchase price and monthly PMI is not required with a 20% down payment or equity gift.

         

FHA

Down payment as low as 3.5% of the purchase price and the down payment can be a family member gift. FHA is usually a little easier on credit requirements than some other loan programs..

        

VA

As little as 0% down payment required. This is one of the best 100% financing home loan programs available today. It's only for qualifying Veterans and their spouses.

      

Rural Housing

A terrific 100% purchase program with low monthly mortgage insurance. Available for home in qualifying areas only. Household income limits apply.