Helpful Information ~ Reverse Mortgage Long Island.com

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. Our FIX IT mortgage is our proprietary designation, and our company has an entire renovation department dedicated to helping you move to a new home or refinance your current home. The Advisors Mortgage Fix It Reno Department will work with you to ensure that your contractor has the necessary funds to renovate your home or your purchase.

FIX-IT MORTGAGE, whether a FHA 203(k) or Fannie Mae HomeStyle, could be your chance to find an affordable homeownership opportunity, and our reno specialists want to help you get there. Interest rates are low, so now is the time to look for your home sweet home! See more info below about FIX-IT MORTGAGE.

Whatever your age, you can save time and energy by having a mortgage specialist work for you. Your credit will be run once by Advisors Mortgage. 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. And Advisors Mortgage is not only a direct mortgage lender with FHA but possesses something many lenders do not -- a full FHA Eagle license.  

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

Advisors Mortgage Group has been helping first time home buyers finance the home of their dreams for over 20 years. So why not you?

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.