When you decide to purchase a home, the very first step in the process is to get Pre-Qualified. For this, you will need to gather your financial documentation including:
â€¢ Two most recent years to W-2â€™s and Federal Income Tax returns
â€¢ Two most recent pay stubs
â€¢ Two most recent months of bank statements
This will all be reviewed along with your credit report to determine your qualifications. Once you Pre-Qualification request has been competed, you will know more about your purchasing options.
The Georgia Dream program requires that you must contribute $1,000 of your own funds and you must have not owned a home in the last 3 years. The Standard Second Mortgage amount is $5,000. Home buyers employed by entities that provide public protection, health care, or education may qualify for $7,500 under the PEN program.
This Second Mortgage can be used toward your down payment or your closing costs/pre-paids. This is a recorded Second Mortgage and it is due and payable once the property is sold, refinanced, or when it is no longer your primary residence. There is never a time when this second mortgage loan is forgiven. It is always required to be repaid in full.
Home buyer education is required for all Georgia Dream loans.
As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, GA Dream, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203K (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.
Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.