Welcome

No, 20% is the standard down payment amount to avoid PMI, however we have many loan options and programs available with as little as 1% down and 0% down for VA and USDA loans as well as the FHA Disaster Victim Program!

This is a percentage of your loan balance that is added to your monthly mortgage payment if you put less than 20% down. This covers the lender if you stop paying your mortgage and default on your loan.  

This will automatically be eliminated once your outstanding balance reaches 78% of the original loan amount, however you can request this to be eliminated once your outstanding balance reaches 80%.

Yes, we can finance borrowers with as little as 580 credit score.

Most of the time, YES!  When renting, you are paying 100% interest and never have a chance to earn your money back. When you buy a house, you are paying toward owning the property outright and when your loan term is done, you will no longer have a mortgage to pay!  That will never happen if you rent.  Also, if you sell your home, you have the opportunity to make some money back!

You should get pre-approved before looking for a house. This is the first big step in your path to home-ownership.

• It helps you determine your home buying budget.

                     - What you qualify for

                     - What your estimated payments will be

                     - What your down payment options are

• It shows you're a serious buyer and your offer is more desirable.
• It helps save time and helps you close faster by speeding up the process.

 Get Pre-Approved! 

No, we have many specialized loan options available for self-employed, investors and foreign buyers.

 Loan Options 

Local lenders are definitely the way to go!  Your local lender will provide you with a more personalized service and a more speedy response time as well as clarity and transparency. With an online mortgage service you are subject to communicating only through email or a call center. You as the borrower as well as the Realtor do not have direct access to a lender. This can lead to delays in the loan process as well as possible confusion to what conditions are actually needed for loan approval.    An experienced local mortgage advisor is just a phone call away to help you through the entire loan process which is not the case with most online lenders.  Your local lender also can handle more complex financial situations and help determine the best financing options for you.  Realtors also typically prefer their clients to use a local lender because it allows for a much faster closing and smoother transaction.

Closing costs generally include: 

• Appraisal Fee
• Credit Report Fee
• Title Fees
• Recording Fees
• Inspection Fees
• Loan Origination Fee
• Prorated Property Taxes
• Prorated Homeowners Insurances
• Escrow Account - a fund that is set up to cover the costs of taxes and insurance

Points are money that gets paid upfront to lower the interest rate.

1 point is equal to 1% of the loan amount - so on a $500,000 mortgage, one point will cost $5,000.

DTI Ratio is your monthly expenses compared to how much you earn. 

The % of your gross monthly income (before taxes) that goes towards expenses. To get this rate, you divide your monthly expenses by your gross income.

What makes up your DTI?

INCLUDED

• Housing expense - Mortgage (P&I), Property Taxes, Homeowner's Insurance, Mortgage Insurance (if applicable), HOA Fees (if applicable)
• Student Loans
• Credit Card Min Payments
• Auto Loans
• Personal Loans
• Judgements, Child Support, Alimony

EXCLUDED

• Food
• Utility Bills
• Entertainment
• Medical Collections
• Some expenses can be excluded if 10 months or less

Yes, two years after discharge for chapter 13 and four years for chapter 7 and 11.

Yes, there are many tax benefits associated with owning a home:

• Mortgage Interest Deduction - you can lower your taxable income through this itemized deduction.
• Real Estate Tax Deduction - varies by situation and location. 
• Home Equity Loan Interest Deduction - can be deducted if you used these funds to pay for a home improvement.
• Home Improvements - necessary home improvements can qualify as tax deductions.
• Mortgage Points Deduction - if points are purchased to reduce your interest rate, you can deduct the cost of the discount points. 
• Mortgage Insurance Deduction - you can deduct your MI on your itemized tax return.
• Capital Gains Tax Break - for primary residence.
• Home Office Deduction - if you operate a business and use this space exclusively for business.

*Check with your tax advisor for further guidance and for a full list of deductions and you can also learn more here   Tax Information for Homeowners.