Loan Programs

Thank you for taking the time to read over this brochure.  We hope  it will assist you in making one of the single most important investments.  We are here to help in any way possible and it will an honor to speak and discuss any part of the process with you.

One of the most popular programs we offer is the NO DOWN PAYMENT program.  This is a great program that is guaranteed by the government to assist first time home buyers.    Below are a few of the general requirements in order to qualify for this program.
                  Qualifying Factors

  • Must be US Citizen, qualified alien, or legally admitted to US for permanent residence.
  • Must have satisfactory credit history. Credit score must meet lender minimums.
  • NO late payments for 12 months
  • NO late payments since discharge date of bankruptcy.
  • Bankruptcy must be discharged for 3 years.
  • If you have no credit score, must not have anything on your credit.  Not even a medical collection.
  • Must have adequate and dependable income. You have to have enough income to meet debt ratios of 29% housing and 41% overall.
  • Max income is limited to  $73,600 for a household of 1-4 members and $97,150 for a household of 5-7 members.
  • Can not own another home.  If you own a mobile home, can not own the land it sits on.

FHA PROGRAM

The FHA program is a Minimum down program.  It allows for a down payment of only 3.5% plus applicable closing cost.  FHA does not have as many strict credit requirements so some people choose this program for purchasing their home.  Below is a list of a few of the qualifying factors needed for a FHA loan.

Qualifying Factors

  • Must be US Citizen, qualified alien, or legally admitted to US for permanent residence.
  • Must have satisfactory credit history.  Credit score must meet lender minimums.
  • Perfect for First Time Home Buyers
  • Bankruptcy must be discharged for 3 years.
  • Must have a monthly source of income.  This qualifies as full time employment, monthly disability, child support, or anything source that comes monthly.
  • Housing ratios and Overall ratios need to be 49% or less.
  • Lower Mortgage Insurance Premiums.

Will Allow to  be a  Non Occupant Co-Borrower

VA Home Loan Program

The VA program allows VA Veterans to purchase a home with no money down.  This government guaranteed program was designed to help our men and women who served our country in war to obtain a home without the need for a down payment.  Below are the qualifications for VA Loans.

Qualifying Factors

  • 100% Financing
  • VA Funding Fee may be rolled into the loan
  • Funding Fee may be waived for totally disabled veterans.
  • Must be able to obtain a Eligibility Certificate.
  • Credit Flexible
  • Housing ratios and Overall ratios need to be 49% or less.
  • You must pay closing cost.
  • Seller may pay up to 6% Seller Concessions.

 

Conventional Financing

· Requires 20% Down

· Can Own Multiple Homes (Limited)

· NO PMI with 20% Down

· Can waive Escrows with down payment.  Additional fees will apply.