• REVERSE MORTGAGE INFO
  • CO-OP REVERSE MORTGAGES!
  • HOW DO I QUALIFY?
  • FINANCIAL PLANNERS
  • REVERSE MORTGAGE MYTHS
  • WHAT ARE THE SAFEGUARDS?
  • REVERSE PROS AND CONS
  • FAQ -QUESTIONS PEOPLE ASK
  • IS IT RIGHT FOR ME?
  • NON-BORROWING SPOUSE
  • HECM LINE OF CREDIT
  • WHEN IS IT DUE?
  • JUMBO REVERSE MORTGAGES
  • HECM COUNSELING
  • REVERSE MORTGAGE STEPS
  • PURCHASE WITH REVERSE
  • KATHIE ADLER-ORIGINATOR
  • DOCUMENTS-UNDERWRITING
  • FIRST-TIME HOMEBUYERS
  • FINDING THE RIGHT LOAN
  • BANK STATEMENT LOANS
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • BLEMISHED CREDIT
  • REMEMBER WHEN...
  • More
    • REVERSE MORTGAGE INFO
    • CO-OP REVERSE MORTGAGES!
    • HOW DO I QUALIFY?
    • FINANCIAL PLANNERS
    • REVERSE MORTGAGE MYTHS
    • WHAT ARE THE SAFEGUARDS?
    • REVERSE PROS AND CONS
    • FAQ -QUESTIONS PEOPLE ASK
    • IS IT RIGHT FOR ME?
    • NON-BORROWING SPOUSE
    • HECM LINE OF CREDIT
    • WHEN IS IT DUE?
    • JUMBO REVERSE MORTGAGES
    • HECM COUNSELING
    • REVERSE MORTGAGE STEPS
    • PURCHASE WITH REVERSE
    • KATHIE ADLER-ORIGINATOR
    • DOCUMENTS-UNDERWRITING
    • FIRST-TIME HOMEBUYERS
    • FINDING THE RIGHT LOAN
    • BANK STATEMENT LOANS
    • VA HOME LOANS
    • MANUFACTURED HOMES
    • BLEMISHED CREDIT
    • REMEMBER WHEN...
  • REVERSE MORTGAGE INFO
  • CO-OP REVERSE MORTGAGES!
  • HOW DO I QUALIFY?
  • FINANCIAL PLANNERS
  • REVERSE MORTGAGE MYTHS
  • WHAT ARE THE SAFEGUARDS?
  • REVERSE PROS AND CONS
  • FAQ -QUESTIONS PEOPLE ASK
  • IS IT RIGHT FOR ME?
  • NON-BORROWING SPOUSE
  • HECM LINE OF CREDIT
  • WHEN IS IT DUE?
  • JUMBO REVERSE MORTGAGES
  • HECM COUNSELING
  • REVERSE MORTGAGE STEPS
  • PURCHASE WITH REVERSE
  • KATHIE ADLER-ORIGINATOR
  • DOCUMENTS-UNDERWRITING
  • FIRST-TIME HOMEBUYERS
  • FINDING THE RIGHT LOAN
  • BANK STATEMENT LOANS
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • BLEMISHED CREDIT
  • REMEMBER WHEN...

Finding the Right Loan: Buying and Refinancing

 

WHERE SHOULD I START TO FIND THE RIGHT LOAN!


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. Of course, we will guide you as to which program best suits your needs. However, there are a wide variety of loan options, so it will be useful to know some basic information.

  • 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.


It is also useful to understand the essential differences in types of loans. There are really only three basic types of loans:

  • Fixed Interest Mortgages (FRM)
  • Adjustable Rate Mortgages (ARM)
  • A Hybrid (some combination of the two)


Loans are also classified as either government loans or conventional loans. Government loans such as FHA and VA have differing qualifications and parameters.


WHAT IS A CONVENTIONAL LOAN?

Conventional loans are broken down into either conforming or non-conforming loans. To qualify as a conforming loan (or an A paper loan), it must fall under the guidelines established by Fannie Mae and Freddie Mac, corporations that have established industry standards and guidelines that govern credit requirements, down payment amounts, and maximum loan amounts. Borrowers that do not meet those requirements due to flawed credit can often still obtain a non-conforming loan (B, C, or D paper loans).  Your loan options can be limited by poor credit. A credit score is a system of points earned based on your credit history. This three-digit number (ranging from 300 to 900) is influenced by such factors, among others, as:


  • Late payments
  • Debt-to-credit ratio
  • Total debt amount
  • Age of accounts (the older the better)


There are three major credit bureaus (Experian, Equifax and TransUnion) that produce comparable credit scores using some version of FICO, the industry standard developed originally by Fair Isaac and Company. Because this credit scoring model is used by most lenders to determine your qualifications for a loan, you may want to see what you can do to increase your credit score before applying for a mortgage.  


The perfect refinance made to order.


So you're not looking to buy your first home. After all, you've lived in your home for years.  But you need a better rate or a lower payment or you need some cash to do some renovations. You might want to consolidate your high interest credit cards into one payment. Here's where the right refi comes in. There are 15 year terms and 30, etc. It really all depends on what you are looking for.  


Are you looking to shorten your term and pay off your mortgage sooner?  15 year term! Are you looking for cash to do a renovation? Maybe you are in debt for a variety of reasons. Those situations can have solutions.


Debt Consolidation

For some borrowers, consolidating their debts to get rid of high-interest credit cards makes sense, but it's not always the best idea. Study your options as there are times when you can rid yourself of credit card payments and extremely high interest into one simple mortgage payment.  Discuss this with your loan officer to see if it will work for you.

Talk to your mortgage specialist who will know the various programs so you can decide what best suits your needs. For information and to get your questions answered, CALL BELOW.


Questions?  888-843-9797 or 631-804-9044 


BLEMISHED CREDIT-CLICK HERE

Construction Loans to Fit Your Lifestyle

 

There Are Two Main Types of Construction Loans


  • Construction-to-permanent: You borrow to pay for construction. When you move in, the lender converts the loan balance into a permanent mortgage. It’s two loans in one.
  • You have one closing with a construction-to-permanent loan which reduces the fees you pay.
  • Stand-alone construction: Your first loan pays for construction. When you move in, you get a mortgage to pay off the construction debt. It’s two separate loans.


You pay interest only on the outstanding balance. The interest rate is variable during construction, moving up or down with the prime rate. If the Federal Reserve raises or decreases short-term interest rates while the house is being built, your interest rate will change.

The lender converts the construction loan into a permanent mortgage after the contractor finishes building the home. The permanent mortgage is like any other mortgage. You can choose a fixed-rate or an adjustable-rate loan and specify the loan’s term, typically 15 or 30 years. When you’re ready, shop and compare mortgage rates.


Many lenders let you lock a maximum mortgage rate when construction begins. Lenders generally require a down payment of at least 20 percent of the expected amount of the permanent mortgage. Some lenders make exceptions.


Stand Alone Construction
Stand-alone construction loan can work out well if it allows you to make a smaller down payment. That can be a major advantage if you already own a home and don’t have much cash for a down payment but you will have more cash after you sell your home. You can live in your current home while your next home is under construction.

This type of loan has drawbacks, though:

You pay for two closings and two sets of fees — first, on the construction loan; second, on the permanent mortgage.


  • You can’t lock a maximum mortgage rate. If rates rise during construction, you might have to pay a higher-than-expected interest rate on the permanent loan.


And if your financial circumstances change for the worse during construction, you may find it difficult or impossible to qualify for a mortgage.


Adequate savings for unexpected costs a must
The lender will make sure you have savings to pay for unexpected costs. There are always cost overruns when you are building a home that you may not know about until you are into it. We don’t want you to use every last dime before you start. Cost overruns are incurred when borrowers change their minds about what they want as construction proceeds.


Why not renovate your new home and turn it into your dream house?


Building a home? Choose your builder carefully!

Find one that has built the kind of house you want in terms of price, style and size. Look into the builder’s credentials with the local home builders association and ask for references from previous clients and do your due diligence to examine their standing with the Better Business Bureau.  


Expect ongoing inspections during construction.

Lenders will conduct routine inspections as the home is built. During this period, the lender pays the builder in stages, called “draws." There are a lot of choices when purchasing a home OR building onto a home you already own.  

Questions? 631-804-9044 or 888-843-9797 24 hour message

BANK STATEMENT LOANS-CLICK HERE

You Are What Makes a Home a Home!

Keep More of Your Money, Less on Down Payments

 

FHA Loan Information

Loans are great, and you want to choose the right loan product. But what makes a house home is YOU! Don't lose sight of the fact that you make the home warm and inviting, not all those fancy home improvements.  


As for mortgages, you're looking for a new home, but you don't want to strap yourself with your desire to furnish your home to the max.  You can go conventional or FHA.  Whether you are a first-time homebuyer, moving to a new home, or want to refinance your existing conventional or FHA mortgage, the FHA loan program will let you purchase a home with a low down payment and flexible guidelines. Currently the down payment with FHA is only 3.5% of the value of the home.


FHA Limits 

FHA loan limits were established to define how much you can borrow for a HUD-backed mortgage. Each state has different limits, so be sure to look up your state to understand what is available for your FHA home loan.


Down Payment Grants for FHA Loans

Paying the upfront costs of buying a new home can be challenging. To help overcome this hurdle, many local and state agencies offer down payment assistance in the form of grants or second mortgages.  So FHA or conventional, it's all up to you.  Give us call so we can determine which works best for you!

Different Homes for Different People - Which One Works Best For You? 


Manufactured Homes are an important component of the housing industry. There are many questions and misconceptions about manufactured homes. What is the difference between a modular home and a manufactured home? Click the link below to learn the difference.


Questions? 888-843-9797 or 631-804-9044 

MANUFACTURED HOMES -CLICK HERE

ALL ABOUT 203K Loans


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, and 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 620 to 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

BANK STATEMENT LOANS

  • Business owners, self-employed, contractors, realtors, and many types of borrowers may need a bank statement loan. Bank statement loans are in the category of non-QM loans.  For borrowers with good credit but who cannot meet traditional lending requirements, a non-QM loan can provide a path to homeownership. Alternative income documentation is offered along with higher interest rates. Click below to learn more.

BANK STATEMENT LOANS-CLICK HERE

Working Together on Your Goals

The keys to your future are often your new home. But we truly feel the keys to your home are those inside--- those you love that are the true keys to your life. Let us help you find a home or refinance an existing one with a great mortgage that will reward you and those you love with many years of enjoyment. 


VA LOANS MADE SIMPLE - YOU SERVED OUR COUNTRY WITH HONOR.  Now let the VA Loan program pay tribute to your service.  VA Loans are guaranteed by the U.S. Department of Veterans Affairs.

 

VA-backed Veterans home loans

VA direct and VA-backed Veterans home loans can help Veterans, service members, and their survivors to buy, build, improve, or refinance a home. You’ll still need to have the required credit and income for the loan amount you want to borrow. But a Veterans home loan may offer better terms than with a traditional loan from a private bank, mortgage company, or credit union. For example, nearly 90% of VA-backed loans are made with no down payment. Learn about our different loan programs—and how to apply. 

https://www.va.gov/housing-assistance/home-loans/



 

VA LOANS MADE SIMPLE


  • VA purchase loans allow eligible Veterans 100% home financing
  • No monthly mortgage insurance premiums
  • Streamline refinancing available
  • No down payment required for qualified borrowers
  • Up to 100% seller paid costs on purchases
  • No prepayment penalties

Questions? 888-843-9797 or 631-804-9044

VA HOME LOANS -CLICK HERE

Contact KATHIE ADLER 888-843-9797 or 631-804-9044

  • REVERSE MORTGAGE INFO
  • CO-OP REVERSE MORTGAGES!
  • HOW DO I QUALIFY?
  • FINANCIAL PLANNERS
  • REVERSE MORTGAGE MYTHS
  • WHAT ARE THE SAFEGUARDS?
  • REVERSE PROS AND CONS
  • FAQ -QUESTIONS PEOPLE ASK
  • IS IT RIGHT FOR ME?
  • NON-BORROWING SPOUSE
  • HECM LINE OF CREDIT
  • WHEN IS IT DUE?
  • JUMBO REVERSE MORTGAGES
  • HECM COUNSELING
  • REVERSE MORTGAGE STEPS
  • PURCHASE WITH REVERSE
  • KATHIE ADLER-ORIGINATOR
  • DOCUMENTS-UNDERWRITING
  • FIRST-TIME HOMEBUYERS
  • FINDING THE RIGHT LOAN
  • BANK STATEMENT LOANS
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • BLEMISHED CREDIT
  • REMEMBER WHEN...

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