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Finding the right loan program for you will depend upon many factors such as the amount of money you have to work with, your credit history, income & employment history, payment comfort level and how long you think you will own the home. This can easily be done over the telephone is just 5 – 10 minutes. Just call me for a no cost, no obligation home loan pre-qualification!
FHA:
Great for low down payments (3% minimum) and buyers who have had bruised credit in the recent past.
VA:
With VA eligibility, you can purchase a home with no down payment at a great interest rate and the seller can pay the closing costs.
-0- Down Payment:
Many options available depending upon your credit history. Seller can pay closing costs. Some programs require buyer to pay the property taxes & home insurance due at closing. Other programs allow the closing costs, taxes & insurance to be financed.
3% Down Conventional:
If you have a good credit history and can come up with a 3% down payment this is a great program. Down payment can be a gift from a family member, your own bank or retirement account or may sometimes be withdrawn from a credit card.
Combination Loans:
With a down payment of 5% - 15% a combination loan will allow you to avoid paying mortgage insurance and having to include the property taxes & home insurance in your payments by obtaining two loans instead of one. This is a smart way to go because it also allows you a higher tax deduction than a loan with mortgage insurance.
No Income Verification Loans:
These programs are great for buyers who are self employed, commissioned, have unstable or recent income from bonus or overtime or even for buyers who are in between jobs or who have recently gone into business for themselves. Many down payment options are available.
Construction Loans:
When you are purchasing a home to be built, these programs allow you to secure an all-in-one loan which will take the home through the construction period and then automatically roll into a permanent loan when construction is completed…all while your rate is securely locked in from the start.
Bruised Credit Loans:
Don’t let your bruised credit stop you from purchasing a home. I have many lenders who specialize in programs for those who have had bankruptcies, foreclosures, collections etc… If you want to put your credit and your life back on track, we can look for a program to do just that.
Bridge Loans:
When you have found the home you want to purchase before you have sold your existing home, these programs transfer equity from one home to the other.
Land/Lot Loans:
If you would like to purchase a piece of land to use as a future residence or a vacation home, you can finance the purchase with a 25% down payment for a 20 year term.
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Homes are built with 2x4s and... money. With so many options, only a professional who listens and gets to know your specific situtation will put you in the right loan type at the best rat with the least hasssel.
What do home loans &
coffee have in common?
If you’ve waited in line at the local coffee house, you probably noticed that no two cups of coffee are the same. Caf, De-Caf, Skinny, Soy, With Whip, No Whip, Iced, Ex-Hot, Tall or Vente. Well, there are about as many options when it comes to home loans! From full verification of income, to stated income, to no income verification loans. There are Fixed rate, Adjustable Rate, and Loans with Balloon options and bridge loans. There are loans to purchase or refinance a primary residence, vacation home or rental property. Some loans do not verify income, employment or assets. There are –0– down loans, 3% down loans and 103% loans which cover closing costs.
The market, mortgage rules and everything to do with taxes are up in the air right now. A professional mortgage broker keeps up with all the changes every day. If you have questions, just Ask Pat.
Don’t worry, you don’t need to become an expert. Just know that there is a loan out there for everyone and I will do the rest of the work for you!
To determine which loan is right for you in your situation, come see Pat for a free consultation. Request an appointment.
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