First Time Home Buyer
The home buying process can be stressful and confusing. That's why I have created a step by step guide for first timers. Contact me today to discuss the best loan options based on your qualifications.
The Step By Step Purchase Process.
FHA insured loans often give potential homeowners the option of making a lower down payment than they would need to make if using a traditional, non-FHA insured mortgage. FHA loan benefits include:
Smaller down payment requirements currently at 3.5%
2 year after a Chapter 7 Bankruptcy is allowed
3 years after a short sale or Foreclosure is allowed (there is a 12 month exception which is normally due to a financial family hardship)
Seller can pay up to 6% concessions
USDA loans are designed to encourage rural land development and growth in rural areas. They were long thought of as just for farmers, but the program has been expanded in recent years to give more people looking to purchase or refinance in a rural area access to the incredible benefits offered by these loans.
- 100% financing option available
- Great rates and down payment options
- Better terms than a FHA or conventional loan
- Flexible credit guidelines mean less than perfect credit may still qualify
There are times when it is beneficial for you to refinance your existing mortgage. It is always best to have a plan when refinancing, whether it be to save money, lower your bills, start at new project etc. I am here to help with your needs.
Reason to Refinance..
VA mortgages allows veterans that have obtained a Certificate of Eligiblity to qualify for a VA home loan. The Veteran must have suitable income and credit. The home must be for your own personal occupancy.
Zero Downpayment Required on loans up to 417,000.00
- Easier to qualify then most other loans
- No Mortgage insurance required however VA charges an upfront funding fee that is rolled into the mortgage loan. The Fee can vary depending on if your a first or second time user. A Disabled Veteran is exempt from the funding fee.
- Condos are allowed in a VA approved project
- Must be a qualified Veteran or surviving spouse
- 620 Credit score required
- Seller Can Contribute up to 4% of closing costs for the Veteran