Since 2006, have you ever heard of being able to purchase a home with a total Out of Pocket of less than $1,000 and 1st payment not due for over a month after closing since??
This is the type of loan scenario that I suggest as if a borrower is doing 100% financing, they may as well go all the way!
Contact me today.
#2 Cons all income in the house are used too qualify and sometime the total combine household income is more than is allowed thereby disqualifying a deserving family.
Going shopping for a home you must get mortgage first. It may seem backwards to shop for a mortgage before you shop for the house, but there are several reasons for doing this. Shopping for a mortgage will also help if you can get â€œpre-approvedâ€ for the amount youâ€™d like to borrow. This means the lender has looked over your credit and financial statement and agreed to lend you the money. Sellers like pre-approved buyers because thereâ€™s less risk the deal wonâ€™t go through. First, youâ€™ll find out how much you can borrow, which has a lot to do with how much house you can buy.
Whether youâ€™re, buying, or building your dream home, you have a lot riding on your decision. Market conditions and mortgage programs change frequently, and I welcome the opportunity to serve your needs with quick and accurate Real Estate financing advice. Already working with another Lender get my top 25 Questions that you should ask the Lender for FREE along with FREE competitive pricing and analysis based on the exact same mortgage and 2 others that you can qualify for. I have the expertise and knowledge to help you determine the absolute best loan program to meet your objectives.
Ensuring that you make the right choice for you and your family is my ultimate goal, and I am committed to providing my customers with mortgage services that exceed their expectations.. As always, you may contact me anytime by phone, fax or email for personalized service and expert advice.
I look forward to working with you!
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Cell: 214-418-7022 | Fax: 214-614-4637
Bank of England /dba ENG Lending: NMLS# 418481
The answers you have received so far are good ones. I would be happy to help you check to see if the property is USDA eligible and get you set up with a really good USDA lender. USDA does have income limits and a minimum credit score so we would need to make sure that you are ok in both of those areas. As Danny mentioned, USDA does take a little longer because USDA has to do a final review of the file before it is cleared to close. I have worked with many buyers using USDA loans, I purchased my own home with one so I am well-versed in the ins and outs. Please don't hesitate to call me. I look forward to hearing from you!
Holli Linck, Realtor
Trade Winds Realty
118 West Central Avenue
Winter Haven FL 33880
(863) 944-4193 cell
Actually really Good advice from Daniel Barto below.
See programs below, then contact me to talk about how to minimize payments and reduce out of pocket costs.
1) 100% LTV- VA / (VA Jumbo @ lower ltv)
2) 100% LTV- USDA/12 mo. into Chapter 13 BKâ€¦OK Too
3) 99% LTV- FHA / (FHA to 580 score @ lower ltv)
4) 97% LTV- No monthly MI-No FHA 1.75% Fee
5) 95% LTV- CONDO
6) 90% LTV- No PMI -2nd Home
7) 90% LTV- JUMBO w/cc
8) 85% LTV- No PMI - Super Jumbo
9) 80% LTV- Invest./Rental
10) 75% LTV- Foreign Nationals
--------STATED INCOME ALT up to Super Jumbo-----------
11) 80% LTV- FIX nâ€™ FLIP Invest. Prop.
12) 75% LTV- Foreign Nationals
13) 75% CLTV- Short Sale, BK, Foreclosure Forgiveness
14) 70% LTV- Soft and Hard Money
15) LOT/VACANT LAND LOANS
16) COMMERCIAL PROGRAMS-available nationwide
Go to: http://WWW.PRO-OPTION-COM or call 888-662-4404
Pro Option Mortgage/ Florida
Prior Service U.S. Marine Corps
The disadvantage of the programs I mentioned above are higher loan payment because less money down. Usually a bit higher rate. Homepath does not require mortgage insurance, but FHA does require mortgage insurance. FHA has more stringent requirements for qualification. USDA is a great program, but it could take a bit longer to close. Also, the program has been known to run out of money as the year progresses, so you want to make sure USDA is available at the time you purchase.
The main advantage is being able to role in the initial costs of purchasing into the loan amount and spending less money at closing. Otherwise, you can get a better rate and lower monthly payment with traditional financing with 20% or more down.
I hope that helps answer your question and best of luck to you,
Galleon Real Estate
If you are interested to learn more or search all of the listing in the MLS by map, follow the link below to the GalleonProperties.com website. no sign-up required.
Have you met with a lender and qualified for USDA? There are location and income limitations for this program. Your first step is to make sure you earn enough, but not too much to qualify. Then learn the areas where the program is available. Finally, a great local agent can set up a search and help you find the perfect home that meets the program guidelines as well as most of your wish list.
The pro's of USDA is no down payment. The con's are qualifying, liking the locations where the homes are and potentially waiting longer for a closing than with other loan products.
Make sure your lender not only has USDA available, but closes them on a frequent basis.