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  • REVERSE MORTGAGE
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE FAQ
  • IS IT RIGHT FOR ME?
  • PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • WHAT IS HECM COUNSELING?
  • MANUFACTURED HOMES
  • FIRST TIME HOME BUYERS
  • PURCHASING WHAT NOT TO DO
  • FINDING THE RIGHT LOAN
  • POOR CREDIT -WE CAN HELP.
  • VA HOME LOANS
  • KATHIE ADLER, ORIGINATOR
  • ORIGINATOR, KATHIE ADLER
  • FLOWERS AND ME
  • REMEMBER WHEN
  • More
    • REVERSE MORTGAGE
    • JUMBO REVERSE MORTGAGES
    • REVERSE MORTGAGE FAQ
    • IS IT RIGHT FOR ME?
    • PROS AND CONS
    • WHAT ARE THE SAFEGUARDS?
    • WHAT IS HECM COUNSELING?
    • MANUFACTURED HOMES
    • FIRST TIME HOME BUYERS
    • PURCHASING WHAT NOT TO DO
    • FINDING THE RIGHT LOAN
    • POOR CREDIT -WE CAN HELP.
    • VA HOME LOANS
    • KATHIE ADLER, ORIGINATOR
    • ORIGINATOR, KATHIE ADLER
    • FLOWERS AND ME
    • REMEMBER WHEN

EN

  • REVERSE MORTGAGE
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE FAQ
  • IS IT RIGHT FOR ME?
  • PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • WHAT IS HECM COUNSELING?
  • MANUFACTURED HOMES
  • FIRST TIME HOME BUYERS
  • PURCHASING WHAT NOT TO DO
  • FINDING THE RIGHT LOAN
  • POOR CREDIT -WE CAN HELP.
  • VA HOME LOANS
  • KATHIE ADLER, ORIGINATOR
  • ORIGINATOR, KATHIE ADLER
  • FLOWERS AND ME
  • REMEMBER WHEN

Buy a New Home - Find the Home of Your Dreams

For info / 888-843-9797 or 631-804-9044

First Time Home Buyer Information

Even If Your Credit is Less Than Perfect...

Are you looking to purchase or refinance?  (Non Reverse Mortgage Info) 


Interest rates are quite good for the first time home buyer! 

If you're looking to buy a home, you need to get pre-qualified. Your loan officer will need certain income documents to pre-qualify you to buy a home.  If you are a current homeowner and want to refinance to a lower interest rate or a shorter term, now is the time! Let an experienced loan officer help you find the right program for your needs!  If you are thinking of a renovation loan, we can help you get started. 


Whatever your age, you can save time and energy by having a mortgage specialist work for you.  If you are a first time home buyer, a pre-qualification letter than your realtor can present to the seller will offer you an advantage. It lets the seller know you are serious and are pre-qualified for a certain loan amount.


Remember: You can speak with the biggest and best lenders, but it's important to find someone who has a desire to help you achieve your goals. An experienced loan officer has the expertise to review several mortgage programs and get you the best rate possible. Your prime objective should be finding a professional that has the expertise to get the job done and who is easy to work with. If your credit has been tainted, don't despair.  We might have the perfect program for you. Right now, FHA loans are working well for new home borrowers along with other loan programs. 


What is a conventional mortgage?

A conventional loan is a mortgage that is not guaranteed or insured by any government agency such as the Federal Housing Administration (FHA) or the Farmers Home Administration (FHA) or the Department of Veterans Affairs (VA). Conventional mortgages can be riskier for lenders as they are not backed by the federal government and can be harder to obtain.


What is an FHA mortgage?
With an FHA loan, the Federal Housing Administration insures the mortgage. The FHA is an agency within the U.S. Department of Housing and Urban Development (HUD).  The FHA’s backing offers lenders a layer of protection, meaning that your lender won’t experience a loss if you default on the mortgage.  They will be made whole by FHA mortgage insurance.  FHA loans typically come with competitive interest rates, smaller down payments, and lower closing costs than conventional loans.


If you have a credit score of 580 or higher, you could be eligible for an FHA mortgage with a down payment as low as 3.5 percent of the purchase price. If your credit score is lower than 580, you still might qualify for an FHA mortgage, but the down payment would be at least 10 percent of the purchase amount.

Click here for FHA lending limits: https://entp.hud.gov/idapp/html/hicostlook.cfm


Your very first home-- so many challenges.

Mortgage Lenders Base Their Approval on various factors: 

• your credit history and credit score

• your payment history: How do you pay your bills, late or on time?  

• Who has inquired about your credit, and how many times?  

• What are your credit card balances? Are they 35-40% of your credit limit? If your credit cards are close to or at the maximum of your credit limit, your credit score will be affected in the negative.  


Where should I start?

It is hard to know where to begin! There are so many options that it can be very confusing to find the right type of loan to suit your individual needs. You must first ask yourself many questions:

  • How much can I afford to pay each month?
  • Do I plan on keeping this property for only a few years or for a long period of time?
  • Is a small payment a higher priority than paying the loan down quickly?
  • Am I able to make a down payment?
  • Over how many years do I want to pay a mortgage?
  • Am I trying to find a mortgage or refinance an existing mortgage?
  • Is my income stable? Will it be rising in the future?


The answer to these questions will help you know which loan will be best for you. 

  • The larger the down payment, the better your options are for payment size, interest rate, and length of time to pay back the loan.
  • A fixed interest rate will tend to be higher than an adjustable rate.
  • The longer the term of payback, the smaller the payment will be.
  • The smaller your payment, the larger the amount will be paid in interest.
  • The more that you pay to interest, the slower that you are building equity.

FINDING THE RIGHT LOAN-CLICK HERE

Help For Buying a New Home

It's all about expertise.

HELP FOR BUYING A HOME  -- First time home buyer-- Diverse mortgage products have evolved so virtually anyone with decent credit and qualifying income can own a home. There are, however, certain criteria. And there are times when it's not as easy as you think. Lenders can have strict criteria for home buyers, and first time home buyers need to understand how to qualify.  


How much money will I have to come up with to buy a home?
That depends on a number of factors including the cost of the house and the type of mortgage you qualify for. In general, you need to come up with enough money to cover three costs: earnest money - the deposit you make on the home when you submit your offer to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you must pay when you go to settlement (closing); and closing costs, the costs associated with processing the paperwork to buy your new home.


FACTORS THAT AFFECT APPROVAL:
• Credit history - no credit history, too short a credit history, poor credit history (judgments, charge offs, collections, bankruptcies).
• Income Factors - high debt to income ratio (too little income for the amount of your financial obligations as well as a new mortgage and escrows). 

• Keep your credit cards at 30% of their credit limit. 

• Other Factors: appraisal issues, title issues, occupancy issues. 


Don't give up if the process gets a little frustrating; that's all part of the qualifying and approval process.  No loan application is totally perfect, but we will work with you to assure the smoothest process possible.


Success cannot be attained without teamwork and communication, two  important strengths. 


Owning a home is an adventure. Work with your loan officer and realtor. Find the home of your dreams, then get pre-qualified and finance it! Speaking with a mortgage professional is the best way to obtain accurate information.


Got questions? 888-843-9797 or 631-804-9044 


POOR CREDIT? CLICK HERE

Buy a Home, Build a Home.

Home Possible - Low Down Payments

Getting Into a Home Just Got Easier or No Cash Out Refis

Freddie Mac Home Possible Advantage(SM) Mortgage Makes Home Financing With a 3 Percent Down payment Possible!  


Who is Freddie Mac?

Freddie Mac was established by Congress in 1970 to provide stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home ownership possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing.  


Freddie Mac makes home ownership and rental housing more accessible and affordable. Operating in the secondary mortgage market, we keep mortgage capital flowing by purchasing mortgage loans from lenders so they in turn can provide more loans to qualified borrowers. Our mission to provide liquidity, stability, and affordability to the U.S. housing market in all economic conditions extends to all communities from coast to coast. 


Freddie Mac launched Home Possible Advantage(SM), an affordable conforming, conventional mortgage with a three percent down payment requirement designed to make responsible home ownership accessible to more first-time buyers and other qualified borrowers with limited down payment savings.

"Home Possible Advantage gives qualified borrowers with limited down payment savings a responsible path to home ownership and lenders a new tool for reaching eligible working families ready to own a home of their own. Home Possible Advantage is Freddie Mac's newest effort to foster a strong and stable mortgage market."  Freddie Dave Lowman, Executive Vice President, Single-Family Business at Freddie Mac.


Key Facts:

  • Home Possible Advantage offers qualified low- and moderate-income borrowers a conforming conventional mortgage with a maximum loan-to-value ratio of 97 percent.
  • Home Possible Advantage mortgages can be used to buy a single unit property or for a "no cash out" refinance of an existing mortgage.
  • First time home buyers must participate in an acceptable borrower education program, like Freddie Mac's CreditSmart®, to qualify for Home Possible Advantage.
  • Home Possible Advantage mortgages are available as 15-, 20-, and 30-year fixed rate mortgages.

What is a 203k Loan?

203k Loans Explained

As defined by Section 203(k) of Housing and Urban Development’s code, the 203(k) loan allows the home buyer to borrow enough funds to cover both the cost of the home and the price of repairs, including the cost of labor and material for those repairs, in one loan. Certain 203(k) loans may also be expanded to include funding for up to six months of mortgage payments.

The FHA does not lend these funds directly but rather provides financial protection to lenders that do. The 203(k) loan can either be a 15- or 30-year fixed rate mortgage or adjustable rate mortgage (ARM). The amount the homeowner can borrow depends on qualifications like his/her credit and income, and the lender will also assess a down payment based on the total amount.

With the 203(k) loan, the maximum loan amount that can be borrowed is capped at 110 percent of the home’s projected value as determined by an appraiser. Additionally, lenders require the borrower to pay mortgage insurance.  Interest rates could be slightly higher than those associated with a conventional mortgage. However, they might be significantly lower than interest rates on loans taken out to cover repairs. There are two types of 203(k) loans available:


Limited 203(k): This loan is intended for smaller renovation and upgrade projects that are valued less than $35,000. There is no minimum cost requirement, although you can’t fund structural repairs with a Limited 203(k).

Standard 203(k): The Standard 203(k) loan is intended for more extensive repairs with a total price tag greater than $35,000.  The minimal loan amount for this type is $5,000. Structural changes, like additions or full home renovations, are permitted. The home buyer must obtain architectural exhibits and meet building codes.  The homebuyer must meet specific borrowing criteria from FHA. This includes a debt to income ratio of 31 percent for the monthly housing payment and not more than 43 percent with all debt combined. Buyers must have a credit score of at least 620 to qualify. Additionally, the buyer will still need to make a down payment of at least 3.5 percent of the total amount borrowed.   

NOTE:  This loan is only available to people who will live in the home as their primary residence, although under certain situations, nonprofit organizations can also take out a 203(k) loan.

What kinds of renovations does the 203(k) loan cover?

The 203(k) loans cover just about any expense the homeowner can think of, with the exception of certain luxury items. Those renovations include:

  • Remodeling, adding, or expanding rooms, such as bathrooms, bedrooms, kitchens, and garages
  • Replacing portions of the home, such as roofs or carpets
  • Adding a second story, a basement, a patio or deck, or renovating a swimming pool
  • Installing a septic system and upgrading plumbing
  • Upgrading electric wiring and heating
  • Installing energy-efficient appliances, including air conditioners or special windows and doors

Whether you are looking to purchase a home or refinance your current home, finding the home of your dreams or making your current home even better IS POSSIBLE!  For MORE info: KATHIE ADLER 888-843-9797 or 631-804-9044


For a reverse mortgage proposal for borrowers or buyers 62 yrs and above:


  • Names and address of all borrowers  
  • Dates of birth for all borrowers
  • Address of property 
  • Type of home (1-4 family residence, condo, manufactured home)
  • Approximate value of home
  • Balances on any mortgages, equity loans, judgments or liens
  • Are you behind on any federal debt?


  • REVERSE MORTGAGE
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE FAQ
  • IS IT RIGHT FOR ME?
  • PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • WHAT IS HECM COUNSELING?
  • MANUFACTURED HOMES
  • FIRST TIME HOME BUYERS
  • PURCHASING WHAT NOT TO DO
  • FINDING THE RIGHT LOAN
  • POOR CREDIT -WE CAN HELP.
  • VA HOME LOANS
  • KATHIE ADLER, ORIGINATOR
  • ORIGINATOR, KATHIE ADLER
  • FLOWERS AND ME
  • REMEMBER WHEN



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