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We also help home buyers

We can help home buyers with all types of fixed rate and adjustable rate mortgages

You may qualify for a Fannie Mae, Freddie Mac, FHA or VA mortgage loan.  We also have Jumbo Loans and Expanded programs for people with special loan size, income documentation or credit needs  

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Common Questions

Iíve had bad credit, and I donít have much for a down-payment. Can I become a homebuyer?

Answer: With bad credit and 5% down, you may be a good candidate for one of the expanded mortgage programs that are available. 

I am self employed and can't document all of my income. Can I become a homebuyer?

Answer: With good credit we can get you up to 100% financing.  If you have had some credit issues and 10% down, you may be a good candidate for one of the expanded mortgage programs that are available. 

Iím a single mother. How would I go about buying a home?

Answer: Although you wonít have the benefit of two incomes on which to qualify for a loan, thereís no reason that you canít become a homeowner. Become familiar with the process, pick a good real estate broker, and think about getting pre-qualified for a loan. 

Should I use a real estate broker? How do I find one?

Answer: Using a real estate broker is a good idea, especially for novice homebuyers. All the details involved in home buying, particularly the financial ones, can be mind-boggling. A good real estate professional can guide you through the entire process and make the experience much easier.

 A real estate broker will be well acquainted with important things youíll want to know about a neighborhood you may be considering...the quality of schools, the number of children in the area, the safety of the neighborhood, traffic volume, and more. 

He or she will help you figure the price range you can afford and search the classified ads and multiple listing services for homes youíll want to see. With immediate access to homes as soon as theyíre put on the market, the broker can save you hours of wasted driving-around time. 

When itís time to make an offer on a home, the broker can point out ways to structure your deal to save you money. 

You may want to have the seller pay some of your closing costs.  Seller contributions will help you avoid any cash crunch at closing time.  

He or she may help explain the advantages and disadvantages of different types of mortgages, guide you through the paperwork, and be there to hold your hand and answer last-minute questions when you sign the final papers at closing. And you donít have to pay the broker anything! The payment comes from the home seller - not from the buyer.

How much money will I have to come up with to buy a home?

Answer: Well, that depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money - the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you must pay when you go to settlement; and closing costs, the costs associated with processing the paperwork to buy a house.

When you make an offer on a home, youíre real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The amount of your earnest money varies. If you buy a HUD home, for example, your deposit generally will range from $500 - $2,000.

The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price. Many first-time homebuyers qualify for loans that require only 3% to 5% down - and sometimes less.

Closing costs - which you will pay at settlement - average 4% of the price of your home. These costs cover various fees your lender charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you wonít be caught by surprise.

How do I know if I can get a loan?

Answer: Use our simple mortgage calculators to see how much mortgage you could pay - thatís a good start. If the amount you can afford is significantly less than the cost of homes that interest you, then you might want to wait awhile longer. 

Another good idea is to get pre-qualified for a loan. That means you apply for a mortgage before you actually start looking for a home. Then youíll know exactly how much you can afford to spend, and it will speed the process once you do find the home of your dreams.

How do I find a lender?

Answer: With all of the programs available here, you can finance a home with a loan from a bank, a savings and loan, a credit union, a private mortgage company, or various state government lenders.   Different Investors can offer quite different interest rates and loan fees; and as you know, a lower interest rate can make a big difference in how much home you can afford. Evaluate several loan programs before you decide. Most lenders need 3-6 weeks for the whole loan approval process. 

In addition to the mortgage payment, what other costs do I need to consider?

Answer: Well, of course youíll have your monthly utilities. If your utilities have been covered in your rent, this may be new for you. Your real estate broker will be able to help you get information from the seller on how much utilities normally cost. In addition, you might have homeowner association or condo association dues. Youíll definitely have property taxes, and you also may have city or county taxes. Taxes normally are rolled into your mortgage payment. 

So what will my mortgage cover?

Answer: Most loans have 4 parts: principal: the repayment of the amount you actually borrowed; interest: payment to the lender for the money youíve borrowed; homeowners insurance: a monthly amount to insure the property against loss from fire, smoke, theft, and other hazards required by most lenders; and property taxes: the annual city/county taxes assessed on your property, divided by the number of mortgage payments you make in a year. 

Most loans are for 30 years, although 15 year loans are available, too. During the life of the loan, youíll pay far more in interest than you will in principal - sometimes two or three times more! Because of the way loans are structured, in the first years youíll be paying mostly interest in your monthly payments. In the final years, youíll be paying mostly principal.

What do I need know when I apply for a mortgage?

Answer: Good question! If you have everything ready you when you apply, youíll save a good deal of time. You should have: 

1) social security numbers for both your and your spouse, if both of you are applying for the loan

 2) copies of your checking and savings account statements for the past 3 months

 3) evidence of any other assets like bonds or stocks

 4) a recent paycheck stub detailing your earnings

5) copies of your last 2 yearsí income tax statements and W-2 forms

6) the name and number of someone who can verify your employment in HR.

 Depending on your lender, you may be asked for other information.  You won't need all of this information when you apply online but you should locate it and have it ready for your processor.

I know there are lots of types of mortgages - how do I know which one is best for me?

Answer: Youíre right - there are many types of mortgages, and the more you know about them before you start, the better. Most people use a fixed-rate mortgage. In a fixed rate mortgage, your interest rate stays the same for the term of the mortgage, which normally is 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your mortgage payment will be, and you can plan for it. Another kind of mortgage is an Adjustable Rate Mortgage (ARM). With this kind of mortgage, your interest rate and monthly payments usually start lower than a fixed rate mortgage. But your rate and payment can change either up or down, as often as once or twice a year after your initial lock period of 2 to 5 years expires. The adjustment is tied to a financial index, such as the U.S. Treasury Securities index. 

The advantage of an ARM is that you may be able to afford a more expensive home because your initial interest rate will be lower. 

There are several government mortgage programs that might interest you, too. Most people have heard of FHA mortgages. 

FHA doesnít actually make loans. Instead, it insures loans so that if buyers default for some reason, the lenders will get their money. This encourages lenders to give mortgages to people who might not otherwise qualify for a loan. 

When I find the home I want, how much should I offer?

Answer: Again, your real estate broker can help you here. But there are several things you should consider: 

1) is the asking price in line with prices of similar homes in the area? 

2) Is the home in good condition or will you have to spend a substantial amount of money making it the way you want it? You probably want to get a professional home inspection before you make your offer. Your real estate broker can help you arrange one. 

3) How long has the home been on the market? If itís been for sale for awhile, the seller may be more eager to accept a lower offer. 

4) How much mortgage will be required? Make sure you really can afford whatever offer you make. 

5) How much do you really want the home? The closer you are to the asking price, the more likely your offer will be accepted. In some cases, you may even want to offer more than the asking price, if you know you are competing with others for the house.

What if my offer is rejected?

Answer: They often are! But donít let that stop you. Now you begin negotiating. Your broker will help you. You may have to offer more money, but you may ask the seller to cover some or all of your closing costs or to make repairs that wouldnít normally be expected. Often, negotiations on a price go back and forth several times before a deal is made. Just remember - donít get so caught up in negotiations that you lose sight of what you really want and can afford!

So what will happen at closing?

Answer: Basically, youíll sit at a table with your broker, the broker for the seller, probably the seller, and a closing agent. The closing agent will have a stack of papers for you and the seller to sign. While he or she will give you a basic explanation of each paper, you may want to take the time to read each one and/or consult with your agent to make sure you know exactly what youíre signing. After all, this is a large amount of money youíre committing to pay for a lot of years! Before you go to closing, your lender is required to give you a booklet explaining the closing costs, a "good faith estimate" of how much cash youíll have to supply at closing, and a list of documents youíll need at closing. If you donít get those items, be sure to call your lender BEFORE you go to closing. Be sure to read our booklet on settlement costs courtesy of Addie Mae . It will help you understand your rights in the process. Donít hesitate to ask questions.

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