Poor Credit? Never Give Up.
Poor Credit Doesn't Necessarily Mean "NO".
MORTGAGE PROGRAMS THAT CAN WORK FOR YOU WHEN BUYING A HOME. (Non-reverse info)
BLEMISHED CREDIT
Has your credit rating dropped? Whatever the reason: bankruptcy, foreclosure, repossessions, late mortgage payments, late credit card payments, charge offs, or all of the above, you may be able to qualify for a mortgage--no guarantees, of course. You may need credit repair depending on your credit history. But it is possible to find a loan that's right for you once your credit is repaired, your credit score is adequate, and your income is sufficient.
ONE MORTGAGE INSTEAD OF TWO
You can use the equity in your home to consolidate your current mortgages into one single mortgage payment rather than a first mortgage and an equity loan. You might want to take a portion of the money you'll be saving each month and invest it either into your current mortgage (pay it off faster) or establish a savings fund.
REFINANCE TO CONSOLIDATE DEBT
You can consolidate debts by refinancing your home as long as there is sufficient equity and as long as you qualify with your credit. Perhaps you would like to reduce the term of your mortgage from 30 years to 15 or 20 years. You may be able to reduce your monthly payments dramatically with various mortgage programs.
Debt consolidation can provide you with a practical financial plan if you already own a home. In contrast, credit cards charge you daily compounded interest and can range from 9% to 24% so you can actually be paying up to three times more interest on credit cards. Start saving money instantly by refinancing and consolidating all of your debts into one low mortgage payment. Again, you can apply the savings toward paying down your mortgage.
BUYING A HOME - THE CHALLENGE
Buying a home can be an exciting time. Are you looking to be pre-qualified for a new home? Sellers want to know you can afford to buy their home. Being pre-qualified is a plus. It helps your realtor when presenting information to the seller and shows the seller that you are pre-qualified to purchase the home they are selling. Your mortgage specialist can help. All your information will be kept confidential.
Don't rush into buying a home. Consider how will you pay for it. While it's true that renting is a waste of money that can be applied to owning a home, getting in too deep too soon is not a good idea. You must qualify with income and credit, and you must be able to afford monthly mortgage payments.
Dreams Do Come True!
A home is waiting just for you.
You may have looked far and wide for the right home. And maybe you've exasperated your realtor in the process. But finding a house that's just the right fit can take time.
Are you working with a builder and have a home under construction? 203k and construction loans can be the perfect fit. The right loan officer will help you get your loan closed so you can move into that place you and your family will call home.
FHA LOAN PROGRAM - 1 TO 4 UNIT PROPERTIES
The Federal Housing Authority (FHA) insures loans so that lenders can offer first-time home buyers better deals. The FHA offers a low down payment of 3.5 percent—significantly less than the typical 10 to 20 percent usually required on a purchase. The FHA is also much more flexible when it comes to to credit score requirements than lenders. You can get an FHA loan with a credit score as low as 580, but if your score is under 580, you'll have to make a down payment of 10%
Another popular allure is that the FHA allows for the down payment funds to come from gifts from family members, grants, or assistance programs. The agency is also lenient when it comes to your debt-to-income ratio, making this an ideal choice for someone with student loan debt. For FHA's Energy Efficiency Loan, you can include the costs of energy improvements in your purchase or refinance. The program is available as part of a FHA insured home purchase or by refinancing your current mortgage loan. FHA's goal is to make energy efficiency way of life.
FANNIE MAE HOME READY - FOR LOW TO MODERATE INCOMES
This category of borrowers with good credit can buy a home for as little as 3% down. The Fannie Mae Home Ready loan is for credit worthy yet low income borrowers.
MEET THE HOME READY BUYER
- Have low-to-moderate income
- Are first-time or repeat homebuyers
- Have limited cash for down payment
- Credit score is ≥680
- Have supplemental boarder or rental income
- Looking for low-cost refinancing options
Unlike government-insured loans, with Home Ready®, borrowers may have the option to cancel their mortgage insurance once their home equity reaches 20%. This can result in lower monthly payments down the road. **Restrictions apply.
LOAN FEATURES FLEXIBLE FUNDING
With Home Ready cash, down-payment, and closing costs can come from multiple sources, including gifts, grants, and Community Seconds® — with no minimum personal funds required.
Learn More
If you have limited resources for a down payment, FHA may be the way to go. FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA), which is part of HUD, insures the loan, therefore, you have:
* Low down payments
* Low closing costs
* Easy credit qualifying
You will be charged PMI, Primary Mortgage Insurance, if you are not putting down 20% down payment. To sum it up, when it comes to PMI, if you have less than 20% of the sales price or value of a home to use as a down payment, you have two basic options: Use a "stand-alone" first mortgage and pay PMI until the LTV of the mortgage reaches 78%, at which point the PMI can be eliminated. Or use a second mortgage.
Got questions?
Applications Made Easy
We make it easy on you. Purchase, refi? Let the experts help you with the home of your dreams.
Start Your Loan Application-Get Pre-Qualified!
Whether you are buying your first property or your fourth, we understand it can be a big and often daunting decision. That's why we want to make applying for your home loan quick and easy. Your loan officer will need the following items from you:
Please have these items ready:
- Current and Previous Addresses (2 years)
- Property Information (if applicable)
- Current and Previous Employment Information and dates including monthly salary
- Bank Account Statements
- Two years tax returns
- Current monthly housing expenses such as rent and mortgage payments
- Address and Market Value information for properties you own, including taxes & insurance
- Sources and Income Amounts for all Borrowers. If a W-2 employee, pay stubs for the last 30 days
- If working with a real estate agent, their name, company and phone number.
