A reverse mortgage is a special program that is insured by the FHA for senior homeowners over 62yrs old. It can help them access the hard earned equity in their home to do many things. Most commonly seniors do a reverse mortgage to get a lump sum of cash for living expenses and to eliminate a monthly mortgage payment.
Recent changes that just took affect allow FHA loans after 12 months. If you are still loooking to by a house please call me 239-471-9829. It only takes a few minutes to know for sure if you can or can not qualify.
Pele, make sure that your contract gives special provisions to exceed the closing date. In other words, NACA takes FOREVER to close and it may pass the deadline on the contract. You may lose your deposit. Make sure that the seller knows that you are using the NACA program and see if it's okay for them to wait months to close. They are getting jammed up with refinancing people facing foreclosure and are having a hard time dealing with so much business. Otherwise, contact a local lender and have them help you qualify for a mortgage.... more
find a broker who will give you a par rate for a flat fee . w/o ysp ( % yield from lender ) in the equation you will get the real rate you qualify for without the baggage of garbage fee's . simply put you are paying for a wholesale rate with a flat fee , you can shop several lenders and control your own appraisal as well as surveys and fees. never ask a bank for a loan and never get referrals from someone you don't know . the term is known as a UMB. read up on it
Most are good!
It's all about your capabilities to pay...
If you are â€œAâ€ paper go to a Bank or â€œAâ€ Paper Lender. That a credit score of 740 or higher
If you are â€œBâ€ paper 650 to740 Credit Score a lender may be able to help if you have 5% to 20% down and good employment in order to get a good deal.
Now if you are â€œCâ€ paper 650 to 590 a mortgage broker is the way to go.
Under 590 you may qualify with certain conditions or with a private lender and a 40% down payment.
I am a Realtor and Mortgage broker, but I never broker â€œA or Bâ€ paper if I can save my client money.
In closing make sure you get a written Good faith Estimate prior to applying for a mortgage.