Are you looking to prequalify, purchase, or refinance? (Non Reverse Mortgage Info)
Interest rates are better than ever 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! We can also help you get started with your renovation loan! Our FIX IT mortgage is our proprietary name, and our company has an entire renovation department dedicated to helping you move or refinance your home and repair it at the same time.
Whatever your age, you can save time and energy by having a mortgage specialist shop for the best rate through various lenders. The advantage? Rather than applying to different banks by yourself and having your credit run and re-run again, your credit will be run once. If you are a first time home buyer, a pre-qualification letter for your realtor to present to the seller will offer you an advantage.
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 can get the job done and who is also 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 borrowers along with other loan programs. And Advisors Mortgage is not only a direct lender with FHA but possesses something many lenders do not -- a full FHA Eagle license. This means we underwrite in house and fund your loan.
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).
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 a 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
Mortgage lenders base approval on varying factors:
• your credit history and rating
• 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, your credit score will be affected.