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  • HOME
  • REVERSE MORTGAGE FAQ
  • IS IT RIGHT FOR ME?
  • PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • WHAT IS HECM COUNSELING?
  • FIRST TIME HOME BUYERS
  • PURCHASING WHAT NOT TO DO
  • FINDING THE RIGHT LOAN
  • POOR CREDIT -WE CAN HELP.
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • DOCUMENTS-UNDERWRITING
  • ADVISORS MORTGAGE INFO
  • CONTACT US
  • ABOUT KATHIE ADLER
  • FLOWERS AND ME
    • HOME
    • REVERSE MORTGAGE FAQ
    • IS IT RIGHT FOR ME?
    • PROS AND CONS
    • WHAT ARE THE SAFEGUARDS?
    • WHAT IS HECM COUNSELING?
    • FIRST TIME HOME BUYERS
    • PURCHASING WHAT NOT TO DO
    • FINDING THE RIGHT LOAN
    • POOR CREDIT -WE CAN HELP.
    • VA HOME LOANS
    • MANUFACTURED HOMES
    • DOCUMENTS-UNDERWRITING
    • ADVISORS MORTGAGE INFO
    • CONTACT US
    • ABOUT KATHIE ADLER
    • FLOWERS AND ME

EN

  • HOME
  • REVERSE MORTGAGE FAQ
  • IS IT RIGHT FOR ME?
  • PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • WHAT IS HECM COUNSELING?
  • FIRST TIME HOME BUYERS
  • PURCHASING WHAT NOT TO DO
  • FINDING THE RIGHT LOAN
  • POOR CREDIT -WE CAN HELP.
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • DOCUMENTS-UNDERWRITING
  • ADVISORS MORTGAGE INFO
  • CONTACT US
  • ABOUT KATHIE ADLER
  • FLOWERS AND ME

Helpful Information ~ Reverse Mortgage Long Island.com

Advisors Mortgage 888-843-9797 or 631-804-9044

First Time Home Buyer Information

Even If Your Credit is Less Than Perfect...

 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. 

Your very first home-- so many challenges.

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.


There's a lot that goes into purchasing your very first home.  That's why it's good to work with a banker like Advisors Mortgage.  We also have Spanish applications.  


FINDING THE RIGHT LOAN-CLICK HERE

Help For Buying a New Home

It's all about expertise. Advisors Mortgage Group has it.

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 products have evolved so virtually anyone 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 garner information and learn how to qualify.  

How much money will I have to come up with to buy a home?
"
Well, that depends on a number of factors, including the cost of the house and the type of mortgage you get. 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; and closing costs, the costs associated with processing the paperwork to buy a house."

FACTORS THAT AFFECT APPROVAL:
• Credit history - no credit history, too short a credit history, poor credit history (judgments, etc.). how you pay your bills, on time, etc.
• Income Factors - high debt to income ratio (too little income for the amount of your financial obligations). 

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

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

Owning a home is an adventure. We're here to help in any way we can.
Speaking with a mortgage professional is the best way to obtain accurate information.   CALL ADVISORS MORTGAGE NOW:  888-843-9797.

When should you buy a home? Buy a home when you can afford to pay for it. A loan insured by FHA (the Federal Housing Authority) has a minimal down payment.

More information: https://www.hud.gov/topics/buying_a_home

Advisors Mortgage - Full FHA Eagle License

In 2005, Advisors Mortgage Group was designated by the Federal Housing Authority as a Full Eagle FHA Underwriter. As a Full Eagle, Advisors has been able to expand its loan volume by approving loans which a majority of the competition could not dream of. We have built a platform for a seamless and stress-free mortgage process for all of our customers, and we have that same mission throughout all of our offices.

We understand that success cannot be attained without teamwork and communication, two of our most important strengths. Let us become your main team member helping you to avoid the pitfalls many find in seeking to own a new home.


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.

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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 directly lend these funds, 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 620to 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, 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

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Fix-It Mortgage by Advisors Mortgage

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  •   RENOVATION LOANS can help you buy a home that is discounted because of its age or condition. FIX-IT MORTGAGE is a proprietary name of the Advisors Mortgage renovation loan that gives you the opportunity to add the costs of repairs or renovations into your mortgage. If you are looking at foreclosures, fixer uppers, handyman specials or other discounted properties that may be listed as “cash only” or “as-is”, this may be the right renovation loan solution for you. If you are looking at homes in older neighborhoods that may need updating, improvements or remodeling, there are multiple renovation loan solutions available. 

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  • The FIX-IT MORTGAGE team of Renovation Loan Experts with Advisors Mortgage have years of experience to help you make the right product decisions. Using an expert in renovation lending will help you through the renovation loan process to successfully close as-is and on time.  These renovation loan experts have combined experience of 125 years of success closing as-is and also on time. FIX-IT MORTGAGE, whether FHA 203(k) or Fannie Mae HomeStyle, could be your chance to find an affordable home ownership opportunity. They want to help you get there. (Fix-It is a trademark of  Advisors Mortgage therefore proprietary.)

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  • The FHA 203(k) is the foundation of renovation lending. Originally 203(k) was written in the early sixties and then updated in the nineties. 203(k) has been the most popular choice in the market for buyers choosing a renovation loan in order to finance both the purchase and renovation costs necessary to close as-is. The down payment on these loans can be as little as 3.5%. At closing, the seller is paid, and the renovation funds go into an escrow account that is set up in the homeowner's name to fund the renovation costs through a system of inspections and draw requests.

How Much Do You Know About Mortgages?

It's always a good idea to learn more about the topics you are investigating.  Click below for the Advisors Mortgage Glossary of terms.

ADVISORS MORTGAGE GLOSSARY

Whether you are looking to purchase a home or refinance your current home, use our contact form below to contact Advisors Mortgage!  We would like to help you find the home of your dreams or make your current home even better.

Advisors Mortgage -888-843-9797/ 631-804-9044

We can help you with all your mortgage needs.

We love our customers. Whether a Reverse Mortgage or conventional or FHA or VA loan, we can help. 

ADVISORS MORTGAGE GROUP, NMLS 1833015

3330 Park Avenue, Suite 1, Wantagh, NY 11793

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  • HOME
  • REVERSE MORTGAGE FAQ
  • IS IT RIGHT FOR ME?
  • PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • WHAT IS HECM COUNSELING?
  • FIRST TIME HOME BUYERS
  • PURCHASING WHAT NOT TO DO
  • FINDING THE RIGHT LOAN
  • POOR CREDIT -WE CAN HELP.
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • DOCUMENTS-UNDERWRITING
  • ADVISORS MORTGAGE INFO
  • CONTACT US

REVERSE MORTGAGE LONG ISLAND

3330 Park Avenue, Wantagh, New York 11793, United States

888-843-9797 or 631-804-9044

ADVISORS MORTGAGE GROUP, LLC  Branch NMLS 1833015, 3330 Park Avenue, Suite 1, Wantagh, NY 11793  -- 

CALL NOW: 888-843-9797 or 631-804-9044

Licensed Mortgage Banker. Licensed by the New York State Department of Financial Services, Licensed by the New Jersey Dept. of Banking and Insurance -  FOR CONCERNS OR COMPLAINTS, PLEASE CALL ADVISORS MORTGAGE:   800-778-9044 


NOTE: Website authorization by New York State Dept. of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site.


NOTE:  © No part of this site, [DOMAIN NAME], may be reproduced in whole or in part in any manner without the permission of the copyright owner. Site formerly Reverse Mortgage Helpline.

 

“CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. 


A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”