E Mortgage Blog

USDA Loans

EZ Qualify - 620 Credit Score - 29/45 DTI - Two years same profession = Approved!

What is a USDA Loan?

A USDA Guaranteed Loan is Government insured
100% purchase loan. These Loans are only
offered in rural areas and serviced by direct
lenders that meet federal guidelines.
USDA Loan Limits

USDA Updates For 2009
Loan Guarantee Program (Section 502)

Under the Guaranteed Loan program, the Housing and
Community Facilities Programs guarantees loans made by private
sector lenders. (A loan guarantee through HCFP means that,
should the individual borrower default on the loan, HCFP will pay
the private financier for the loan.) The individual works with the
private lender and makes his or her payments to that lender.





Under the terms of the program, an individual or family may
borrow up to 100% of the appraised value of the home, which
eliminates the need for a down payment. Since a common barrier
to owning a home for many low-income people is the lack of
funds to make a down payment, the availability of the loan
guarantees from HCFP makes the reality of owning a home
available to a much larger percentage of Americans.

 

Guaranteed Rural Housing Loans
This program is administered by
USDA Rural Development, which
serves the public through
more than 800 field offices
nationwide. Sometimes good credit
and a steady income are
not enough to qualify for a home
loan at a commercial lending
institution, such as a bank, savings
and loan or mortgage company.

More rural families and individuals
may be eligible to become
homeowners with the help of a
USDA guaranteed home loan.
When the federal government
agrees to guarantee a loan, lending
institutions can help buyers while
incurring less risk. Through USDA’s
Guaranteed Rural Housing
Loan Program, low- and moderate-
income people can qualify for
mortgages even without a down
payment.

To be eligible, applicants must:

Have an adequate and dependable income;

Be a U.S. citizen, qualified alien, or be legally
admitted to the United States for permanent
residence;

Have an adjusted annual household income that
does not exceed the moderate income
limit established for the area. A family’s income
includes the total gross income of the
applicant, co-applicant and any other adults in the
household. Applicants may be eligible to
make certain adjustments to gross income— such
as annual child care expenses and $480 for each
minor child—in order to qualify.

USDA Rural Development field offices can provide
information on the moderate income limits
for the areas that fall within their jurisdiction, and
can provide further guidance on calculating
household income. There is an automated income
eligibility calculator at:
https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do;

Have a credit history that indicates a reasonable
willingness to meet obligations as they
become due;

Have repayment ability based on the following
ratios: Principle, Interest, Taxes, and Insurance
(PITI) divided by gross monthly income must be
equal to or less than 29 percent.

Total debt divided by gross monthly income must
be equal to, or less than, 41 percent.

Homes That Qualify:

Guaranteed loans can be made on either new or
existing homes;

Existing homes must be structurally sound,
functionally adequate, and in good repair;

There are no restrictions on the size or design of
the home financed;

The home must not be used for income-producing
purposes;

Homes must be located in rural areas. Rural areas
include open country and places with a
population of 10,000 or less and—under certain
conditions—towns and cities with
between 10,000 and 25,000 residents.

USDA Rural Development field offices can
determine eligible areas.

Highlights of the USDA Guaranteed Rural Housing
Loan Program

Loans may be for up to 100 percent (102 percent
if the guarantee fee is included in the
loan) of appraised value or for the acquisition
cost, whichever is less.

No downpayment is required;

Mortgages are 30-year fixed rate at market
interest rates;

Loans may include funds for closing costs, the
guarantee fee, legal fees, title services, cost of
establishing an escrow account and other prepaid
items, if the appraised value is higher
than sales price;

Sellers may contribute to the buyer’s closing costs;

Home buyers make application with participating
lenders;

Buyers must personally occupy the dwelling
following the purchase;

Loans may be made to refinance either existing
USDA Rural Development Guaranteed
housing loans or our Section 502 Direct housing
loans;

For purchase loans, a one-time guarantee fee
equal to 2.0 percent of the loan amount is
charged to the lender.

The charge for refinance loans is 0.5 percent.
Typically, the lender passes on this expense to
the borrower as a closing cost.

After the one-time fee is paid, there is no
recurring monthly expense charged for
guaranteeing
the loan;

Closed loans have secondary market acceptability,
including Freddie Mac, Fannie Mae,
Ginnie Mae pools, and many state housing finance
agencies;

Guaranteed loans are subject to the provisions of
the Civil Rights statutes, including the Equal
Credit Opportunity Act.

We’re Here to Help Interested home buyers !

 

YOU CAN APPLY RIGHT NOW ON OUR MAIN WEBSITE AND A LOAN OFFICER OR MORTGAGE BANKER WILL CALL YOU WITH YOUR APPROVAL SHORTLY!

or call for more information : 239-580-9977

or visit www.premiermortgagestore.com
or www.e-mortgagelending.com

Looking for a home loan in the Naples area? You’ve come to the right place! When you decide to buy a home or refinance a mortgage in Naples or the surrounding areas, your search for a home loan or mortgage should start and end here.  With so many lenders to choose from in the greater Naples area, and nationally, you need to choose one you can trust to find the mortgage loan that’s best for you. Sure, there are dozens of big bank mortgage lenders nationally, but you need a lender in Naples.  Why?  Because we know Naples and the surrounding areas of Marco Island, Bonita Springs or Golden Gate or Collier, Lee, Charlotte, Sarasota, Polk, Hardee, and Manatee counties.  We know the local REALTORS®, appraisers, inspectors, and so much more.  We also have state-of-the-art technology that makes the loan process as easy and fast as possible, all while delivering personal customer service that can’t be beat.  Don’t gamble your family’s largest investment with a big name lender that may not know Naples.   Choose us, the Naples mortgage and loan specialists!

We serve the following areas with home loans and related services: Collier County Lee County Charlotte County Sarasota County Hardee County Manatee County

Home loans or mortgages in Naples

We’ll help you find the perfect home loan or mortgage.

Refinance loans, or refinancing your current home in Naples. We help Naples families lower their mortgage payments and/or lock in lower interest rates for their home loans every day.

Home equity loans

We can help you draw from home equity for home improvements, school or medical expenses, a family vacation, and any other reason under the sun!

Bridge loans, jumbo loans, reverse mortgages and so much more!

No matter what type of home loan you need, we’re ready to help.

We will give you the personal attention you deserve and treat you as a valued customer. Give us a call or apply online now!

Naples Resources:

http://www.naples-florida.com/

Apply now for a Naples home loan as low as 3.49%

www.premiermortgagestore.com

A bankruptcy filing delivers a devastating blow to your credit and FICO score, but it doesn’t mean you have to wait 10 years before you can qualify for a mortgage. Many consumers who have filed for bankruptcy have been able to obtain a mortgage, although it is often at a higher rate than someone qualifying for a prime or "A-paper" loan.

While credit card companies may care about what happened before you filed for bankruptcy, many mortgage lenders are more interested in your recovery — what you’ve done since your filing. It won’t happen over night, but here are some tips and things to keep in mind when you inquire about a mortgage with a tarnished credit past:

Give explanations. No mortgage lender is going to ignore the fact that you’ve filed bankruptcy and he or she will likely want to know the cause of the filing. Your lender will be particularly interested in whether the same situation could happen again. Your chances of being qualified are much better if your bankruptcy was caused by a single event such as a loss of employment or a death in the family, than if it was the result of “just spending too much.”

If the bankruptcy resulted from a single event, it is important to show your lender paperwork describing the incident, such as the layoff notice or death certificate. You may also want to bring in court documents to indicate when the bankruptcy was filed.

Demonstrate good money habits now. Many people who file bankruptcy swear off credit altogether, however, it is important to re-establish your credit rating. Get a secured credit card or take on some sort of loan — furniture, a car or a major appliance — to demonstrate that you are able to make timely payments. Make sure you are making other payments (utility bills, cell phone, etc.) on time as well. You won't turn things around in a year but your credit score will improve over time.

Dispute any credit report errors. There’s no need to add to your troubled credit history with errors on your credit report. Get a copy of your credit report from each of the three major credit reporting agencies: Equifax, http://www.equifax.com; Experian, http://www.experian.com; and TransUnion, http://www.tuc.com. If you encounter any errors, inform the CRA in writing what information you believe to be inaccurate and request deletion or correction.

Save your money. Lenders may be more willing to loan you money if you’ve saved up a considerable amount of money for a down payment.

Live within your means. Even subprime lenders won’t risk loaning you money for an opulent oceanfront mansion. Think small when the time comes to look for a home. Smaller homes often mean smaller mortgages.

For more information visit www.americahomekeyfl.com or www.americahomekeyflorida.com or http://www.americahomekey naples.com

We work with First Time Home buyers and current homeowners to purchase a home with NO MONEY DOWN using the programs USDA Rural Development has to offer. All programs are on a 30 year low fixed rate term.

We will guide you through the process of obtaining a USDA Rural Housing mortgage. We assist people from all backgrounds, income brackets and credit levels. We will give you all the information you need to get No Money Down mortgage at a Very Low Interest Rate.

We also have a program to fix up a home that needs work.

This is one of the only No Money Down mortgage options left. Top that off with a low interest rate and no monthly mortgage insurance it is the best option out there.

We are the direct lender for USDA and can close in the matter of 15 business days.

All that is required for pre qualification is a 620 Beacon/FICO Score and Two years in the same profession. THS IS A WHILE IT LASTS LOAN SO APPLY TODAY ORLANDO OFFICE ALREADY RAN OUT OF MONEY THIS QUARTER DONT MISS OUT APPLY TODAY BEFORE IT IS GONE!

Don’t have a 620 Beacon? That is ok click the “ apply now” button on our website and/or email us or call us at 239-580-9977 and we will call you right away 7 days a week and explain what you need to do to achieve a 620 score and buy that new home, don’t wait the market inventory is down 50% houses are going fast.

Please visit our website www.americahomekeyfl.com

When you decide to buy a home or refinance a mortgage in Florida, it's a big step. You can trust us to find the loan program that's best for you.

So we say:

Buying a new home

is a source of anxiety, frustration -- and a huge sense of accomplishment. You didn't pick the house that was best for someone else, you picked the one that's right for you! Trust us as professionals to find the Florida mortgage loan that best fits your needs, too.

We are about "Less paperwork and more personal attention" means you enter a frustration-free zone from application to decision. Getting the right mortgage loan is like getting the keys to your new house! We can help you get there. Our Florida Mortgage Bankers are here to assist you!

Refinancing your current Florida mortgage

has never been easier. If you thought refinancing meant getting buried under mountains of paperwork, think again! We make it easy and worry-free to reduce your interest rate and monthly payment. We can even help you pay down your balance more quickly for comparable monthly payment. Let our professionals guide you to the very best refinanced loan!

Tapping into your Florida home equity

is easier than ever before. You've been paying down your balance, and property values have gone up! Tap into that wealth and reward yourself. We'll help with the best program to fit your goals.

Our Mortgage Bankers give you the personal attention you deserve and treat you with the respect due a valued customer. We understand you're making a commitment in buying a new home, refinancing a mortgage, or cashing out your home equity. So we make a commitment to you. We will help you qualify, apply and be approved for the right mortgage loan for you. Not anyone else!

We service the following counties and cities in Florida :

Please navigate our website at www.americahomekeyflorida to learn more about us, what we do for you, and how easy it is to get started. Or apply now to get started! I cannot help you if you dont apply or e-mail your questions! cashton@americahomekey.com

Mortgage Bankers are experts in the field of mortgage loans. Mortgage Bankers work with home buyers to find the right mortgage loan much in the same way as real estate brokers help you find the right house. We save you $$$ over the banks and we are a direct lender because our overhead is smaller and you recieve one on one service instead of talking to 10 different persons.

We drive the process to get it done quickly for you. I approve your loan not some loan officer in a cubicle, I process the loan in house and I will attend the closing with you if you live within 100 miles of Naples.

The primary service offered by mortgage bankers is expert knowledge, not only of mortgage rates and terms, but also of the various mortgage loans offered by specific banks and Govt Programs. Therefore, Mortgage Bankers can save you time and money by identifying programs  and mortgage products that match your particular situation and preferences.

Ways we can assist you......
Purchasing a New Home
No Money Down Program

This program allows borrowers to purchase a home with NO DOWN PAYMENT. Good credit is required to qualify for this program. This is an excellent program for the first time home buyer. Usually 620 + no credit concerns.

Vacation Home

Many people choose to buy a vacation or rental home in Southwest Florida while keeping their primary residence elsewhere. America Home Key has programs to assist in this purchase process with as little as 5% down and rates comparable to primary residences.

Jumbo Purchase

This program is for loan amounts over $322,700 and lending up to over $5,000,000.

No Income / No Asset Documentation

With this program we don't verify income or down payment. This is an excellent program for the Self Employed borrower who can't verify their income. Down payments range fron 20% and up with a 620 + credit score.

Non-Conforming Purchase

Even if your credit is less than perfect, or you've had a previous bankruptcy, this program will assist you in obtaining your dream of new homeownership or moving into a larger home to meet your needs, still at competitive rates. Down payments range fron 20% and up with a 620 + credit score.

Fannie Mae/Freddie Mac

America Home Key offers Fannie Mae and Freddie Mac's full range of loan options. These are the country's two largest providers of funding for mortgage loans.

FHA / VA

FHA is specifically designed for but is not limited to the first time homebuyer and only requires the customer to put a 3% down payment (which can come from a variety of sources including a gift). VA is only for our military veterans and requires 0% down payment. Both FHA and VA have very liberal credit guidelines, to assist all of America to the dream of homeownership. Down payments range fron 3% and can come from anywhere up with a 620 + credit score.
Payoff of delinquencies is manditory in or before the loan commences.
We are Homesteps and Homepath approved.

Refinancing an Existing Home

Rate / Term Streamline Refinance

If your goal is simply to lower your rate, term, monthly payment or ALL of the above this is the program for you. With closing times in less than 7 business days, it just doesn't get any simpler than this.

Cash Out Refinance

Designed to allow the borrower to not only reduce their current interest rate or term, but also utilize the built up equity in their home. With very few restrictions on what the cash can be used for, this is an outstanding program to consolidate debts, make home improvements or even fund a child's education.

No Income Verification Refinance

This program can be combined with nearly all of our lending programs and is designed for the customer with tough to verify income such as the self employed, commissioned or bonus employee. In many cases, the rates can be almost identical to a standard refinance loan.
Non-Conforming Refinance (A-D Credit)

This covers a wide array of refinance programs from credit levels A- through D. If you've only had a few minor blemishes to your credit, we can provide you with a comparable rate to those with perfect credit. If you've not paid a bill on time in 2 years, but want help getting back on track, this program is here to assist you as well.

Foreclosure/Bankruptcy Buy Out

Due to unforeseen circumstances, if you find yourself heading into bankruptcy or foreclosure, this program may just be able to save your house and get you back on track.

FHA/VA Streamline Refinance

Did you buy your home using and FHA or VA Loan. This program allows you to refinance that loan with very little documentation. Simply sign a few papers, and lower your rate. It is almost that simple.

Home Improvement and Debt Consolidation Loans

Closed Ended 2nd Mortgage

This program is designed for all levels of credit, and can help you utilize the equity in your home all of which should be tax deductible. It allows for a fixed term from 5 years to 25 years. This is an excellent program for those who already have a great rate on their 1st mortgage, but still want to use to equity in their homes for debt consolidation, etc...

Home Equity Line of Credit (HELOC)

Not sure exactly how big of a loan you need. Not to worry, with a home equity line of credit you can secure a specific loan amount, but only take and make payments on what you need. This is an excellent program for home improvement projects. Typical HELOC's have an initial "draw" period from 5-10 years, and a final payback period of up to 25 years.

125% 2nd Mortgage Loan

Don't have equity in your home? This program allows us to lend up to 125% of your homes value for home improvements, debt consolidation or cash out with loan amounts up to $100,000. Great for a new homeowner who hasn't yet built up equity in their home. For instance if you have a $100,000 home, with a mortgage for $93,000 and want to borrow $25,000, this is the perfect program for you.


ARM (Adjustable Rate Mortgage)

3/1; 5/1; 10/1 ARMS

Most of our other programs can be combined with our ARM programs. This particular program starts with a fixed rate for a certain period, typically 3, 5, or 10 years then adjusts with the market once per year thereafter until the loan is paid in full. This is an excellent program for those expecting income increases in the future, or those borrowers expecting to move into a new home within a certain period of time. You enjoy both the benefits of a fixed rate for a certain period, as well as the lower rates that ARM's offer.

FLEX ARM

Similar to a Home Equity Line of Credit, but is a 1st mortgage. The FLEX ARM can work as a purchase, refinance or cash out refinance. This program adjusts as prime + 0%. Today prime is at 4%. The FLEX part of this program is that the borrower can choose several payment options including an interest only payment.

Pay Option ARM

Currently the lowest interest rates available. Start rates as low as 1.95% APR and loan amounts to 2.5 million. Customer may make a fully amortizing payment, an interest only payment or a minimum less than interest payment. The customer can choose which payment to make each month. Perfect for the homeowner/buyer who wants to take advantage of payment flexibility to maximize their capital or the borrower who expects an increase in income in the future, and wants to buy their dream home today, based on future income levels.


Investment/Rental Properties

Purchase

Looking to buy an investment property? With the incredible appreciation Southwest Florida has experienced this could be a great opportunity. Whether you are buying raw land, a Single Family Home, Condo, Duplex or something larger, let us help you make this purchase transaction.

Refinance

Need a lower rate and payment on your investment property? Premier offers the same great refinance programs for investment homes as we do for existing homes.


New Home Construction

Construction Loan

Let America Home Key assist you in your construction loan needs. We offer several different construction loan options including interest only payments and an option to switch to permanent financing at the end of the transaction without going through the mortgage process again.


So ready to get started click the e-mail below to get the best rates and services in Collier and Lee Florida.

www.americahomekeyflorida.com

Email - cashton@americahomekey.com

America Home Key Inc

2059 Trade Center Way

Naples Fl 34109

Naples Summary