Min. requirements are as follow:
1) Max. LTV 60% on all purchases up to 4 units. 60% LTV on refi & cash out for Primary residences and 2nd homes. 50% cash out for investment;
2) Min. FICO Score >680, with no major deliquencies/late pays/collection accounts and BK histories;
3) Min. 2 yrs employment histories;
4) Min. 2 months banking statements to prove source of funds for purchase. Gift is acceptable; This program is also good for all status, including foreigners'
5) 6 months intereste Pre-Payment Penalty if loan is paid off within 1st 3 yrs.
Please call for details if your can not qualify under conventional loans.
American Plus Bank
17506 Colima Rd., #100
Rowland Hts, CA 91748
(626) 363-8920 Fax
USE A BUYERS AGENT AND WHY!
Itâ€™s important that you choose an experienced agent who is there for you. Ask some friends or co-workers who recently purchased a home who they used and if they would recommend them. Your agent should be actively finding you potential homes, keeping you informed of the entire process, negotiating furiously on your behalf, and answering all of your questions with competence and speed. If you feel comfortable with the agent then they are the right agent for you. They will ask you more than not to sign a Buyer's Brokerage Agreement for a certain period of time. Don't let this stand in your way if you feel that the agent is not doing a good job. Ask their broker to be realeased from the agreement and why.
First, find an agent who represents you and not the seller. This is beneficial during the negotiation process. If you are working with a buyerâ€™s agent, he or she is required not to tell the seller of your top choice. In addition, he or she is also focused on getting you the lowest asking price.
Also, when you use a buyerâ€™s agent, you will see more properties. Not just the properties the seller's agent has listed.
Hope this was helpful
1. Get your finances in order
2. Determine your needs and wants
3. Find a real estate agent
4. Find â€œThe Oneâ€ and make an offer
5. Complete the loan process
7. Settlement /Closing
See link below to the full article.
This is a big decision so take your time and select people that truly have the ability to represent your interests.
Connie De Groot
How do you find that loan officer? That is tough, as I've read here at Trulia and everywhere else, a lot of people have problems qualifying for the loan after they've been pre-approved, or just are generally confused about the process, even at the closing table (real estate agents & loan officers at fault).
I suggest explore at least 3 options, and preferably at least 1 mortgage broker, 1 mortgage loan officer who works for a bank, and also one that would work at a smaller direct mortgage lender (not a broker, and not a bank, just a mortgage lender who arranges loans and sells them afterwards - usually to the banks)... it wouldn't be a bad idea if you had the time to interview up to 6. That way you can get a feel for how each does business, because not every mortgage broker is the same as another mortgage broker, etc.
You'll want to ask what the pre-approval process entails and how long it takes. Will the underwriter who will be allowing your loan to close be the person reviewing your file as part of that process? Will it just be the loan officer reviewing your information? Will they even ask you for documentation?
You'll also want to ask what types of programs they offer, and once your documentation has been thoroughly examined you'd want to get what options would then apply to you, as well as ask what your loan officer thinks would be the best loan program for your situation. Ask about the other program that would be 2nd best (as if the first one didn't exist), so you can realize why the loan you are being suggested would be the best.
You'll want to ask what type of fees & costs you could expect to incur along the way (credit report, earnest money deposit, home inspection, appraisal fee, lender & 3rd party closing costs, etc.), how much those costs are estimated to be, and when they are expected to be paid (at the time the service is performed, at closing, etc). You'll want to ask how much of a down payment you'll need, and if you have to provide it or if a family member or relative can gift it to you. You'll want to know how much extra money you would need to have beyond those costs & down payment, which are called "reserves" (ie. 2 months of reserves = 2 times your proposed housing payment), some programs don't need them but a lot do. You should also consider yourself how much you want to have on hand after you close on the home, it will vary depending on your comfort level but personally I feel at least 6 times the proposed housing payment is a safe plan.
You'll also want to ask what type of loan terms can they offer you if you were to lock in your interest rate today (you should ask all lenders you are considering this question on the same day so you can have an exact comparison, as interest rates fluctuate day-to-date and even can be intraday).
You should also ask when & how they will be available - are you someone who likes to discuss things after the normal work hours on the phone? In person on a Saturday? Through email? Someone where or not where you live?
There are more variables to think of, some will have greater importance to you and others will not, however I truly believe that you will have a feeling of pure comfort inside of you when you have found the loan officer who will be the perfect fit. You will leave the conversation having a full understanding of the road ahead and what is expected of you, as well as you'll feel the loan officer has left no stone unturned when going over your situation, listening to and addressing your needs.
Simultaneously you can seek out a real estate agent to find out more about this particular home. Since you are a first time homebuyer it is my opinion that you definitely want your own representation and not go with the listing agent, even if a discount on the sales price or seller paid closing costs are being offered (which in PA closing costs are on the higher side), as with a great buyer's agent you can probably get those anyway as well as have better protection during the process. I believe the real estate agent should also go over the available inventory of homes just like this one, just to make sure you are aware of everything there is. I also feel they should make room for you at the top of their priority list, as if this is the home you truly want you'll want to reach that conclusion quickly with precision.