POOR CREDIT? Mortgage programs that can work for you.
Has your credit rating dropped? Whatever the reason: bankruptcy, boreclosure, repossessions, late mortgage payments, late credit card payments, charge offs, or all of the above, you may be able to qualify for a mortgage. Of course, you may need credit repair depending on your credit history and equity in your home. But it is possible to find a loan that's right for you. Click the link for some useful information. https://www.credit.com/credit-repair/how-to-fix-your-credit/ And here's another link that may provide real answers about repairing your credit.
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. 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 payment. Again, you can put 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. Your mortgage specialist can help. All 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 owing 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.
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. Once your find that special place, that's where I come in. You need the right loan, the right mortgage, and the right rate.
Are you working with a home under construction? Advisors Mortgage has 203k and construction loans. We will help you get your loan closed so you can move into that place you will call home.
Our mortgage glosssary may be of help in explaining mortgage terms. https://advisorsmortgage.com/pages/mortgage-glossary
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 allows a down payment of 3.5 percent—significantly less than the typical 10 to 25 percent. Whitney Fite, (president of Angel Oak Home Loans) points out that the FHA is also much more flexible when it comes to to credit score requirements. You can get an FHA loan with a credit score as low as 500, but you’ll be required to make a down payment of at least 10 percent.
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. Note: You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.
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.
MEET THE HOME READY BUYER
Unlike government-insured loans, with HomeReady®, 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.
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.
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. Use a second mortgage.
There's much to consider when looking for a home. But the most important step is getting pre-qualified. There are certain things you need to know about becoming a first time homeowner.
Start your Advisors Mortgage Group Loan Application
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.
This application should take you approximately 20 minutes to complete, and your progress will be saved as you complete each step. Please note that your session will timeout after 15 minutes of inactivity.
Please have these items ready:
Whether you are looking to purchase a home or refinance your current home, use our contact form below or call Kathie Adler, 631-804-9044.
We love our customers, so feel free to visit during normal business hours. Whether a Reverse Mortgage or conventional or FHA or VA loan, we can help.
1045 Route 109, Lindenhurst, NY 11757
(631) 804-9044 Kathie Adler
09:00 am – 05:00 pm
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