• 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...

First-Time Homebuyers - FINANCE YOUR DREAM HOME!

ARE YOU LOOKING TO PURCHASE YOUR FIRST HOME? 

PERHAPS YOU'RE LOOKING TO REFINANCE YOUR CURRENT HOME? 


FIRST-TIME HOMEBUYERS 

Why get pre-qualified on a mortgage?  If you're looking to buy a home, you need to get pre-qualified.  A prequal letter shows the seller you are serious enough to have your credit checked. It indicates that a lender has determined a loan amount you can comfortably borrow based on your income.  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 on your own and having your credit run and re-run again, your credit will be run once. If you are a first-time homebuyer, a pre-qualification letter for your realtor to present to the seller will offer you an advantage over buyers who are not pre-qualified.


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 is 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 those borrowers whose credit is less than perfect. 


What is a conventional mortgage? Who is Fannie Mae?

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). Fannie Mae is a government-sponsored agency that provides lenders with cash in order for them to fund loans and buy mortgages from lenders in order for them to reinvest their assets. Its mission is to stimulae the secondary mortgage market in the U.S. and increase availability of low-cost housing.  Typically, conventional mortgages require a 620-credit score or higher and maximum debt-to-income ratios of up to 45% and even up to 50% if you can show you have reserves set aside. (Reserves are assets or money in your checking or savings to cover a downturn in your life where you can make mortgage payments from your reserves). 


What are considered assets?   Assets are items that you own that have a monetary value. There are three categories of assets: cash, cash equivalents and property. Assets can include cash on hand, the money in your checking or savings accounts, money market funds, certificates of deposit (CDs) and can also include 401k's, stocks, bonds, and physical assets. If you have properties such as cars, jewelry, RV's, artwork, you'd have to sell them prior to using them to qualify for a mortgage.


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 your 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 an FHA loan with a down payment as low as 3.5 percent of the purchase price. If your credit score is lower than 580, you may still qualify for an FHA mortgage. 


Be sure to speak with your loan officer who can pre-qualify you!


WHAT RATES MIGHT DO IN 2024 AND 2025: https://www.forbes.com/advisor/mortgages/mortgage-interest-rates-forecast/

 

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.   


  • 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?
  • What amount of down payment can I afford?
  • 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.


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

VA LOANS-CLICK HERE

Home Possible - Making Your Purchase Affordable

 

Getting Into a Home Just Got Easier OR Obtain No Cash Out Refi's

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 provides qualified borrowers with limited down payment savings which is a responsible path to home ownership and provides lenders a new tool for reaching eligible working families ready to own a home of their own.


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 homebuyers must participate in an acceptable borrower education program, like Freddie Mac's Credit Smart®, to qualify for Home Possible Advantage.
  • Home Possible Advantage mortgages are available as 15-, 20-, and 30-year fixed rate mortgages.

TEAM WORK ACHIEVES MUCH.

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.


There's a lot that goes into purchasing your very first home. That's why it's good to work with an experienced loan officer.  


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

FINDING THE RIGHT LOAN - CLICK HERE

THE HOME OF YOUR DREAMS IS WITHIN REACH

Your dream home can be yours when you create the home with your own designs: kitchen, bath, knock walls down for an open floor plan! Design your own home instead of moving into a home with a kitchen or floor plan you just don't like.


Many people are not content with the homes they find, so they choose to make the home exactly to their tastes! 

What Does it Take to Qualify?

 

It's all about what you know, what you learn.



HELP FOR BUYING A HOME
First-time homebuyer-- Diverse products have evolved so virtually anyone can own a home these days. There are, however, certain criteria. And there are times when it's not as easy as you think. Lenders can have strict criteria for homebuyers, and first-time homebuyers need to garner information and learn how to qualify.  


How much money will I have to come up with to buy a home?
That depends on a number of factors which includes the cost of the house and the type of mortgage you can 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 which is a percentage of the cost of the home that you must pay when you go to settlement, and closing costs. Closing costs typically cost about 2-6% of your total purchase. They include property taxes, homeowner's insurance, mortgage insurance where applicable, the appraisal, application fee, underwriting fee, attorney fee, title report, credit report, notary fee, recording fees, etc. 


FACTORS THAT AFFECT APPROVAL:

Mortgage lenders base approval on varying factors: 

• your credit history and rating - no credit history, too short a credit history, poor credit history (judgments, etc.). how you pay your bills, late or on time, etc.

• 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. 
• Income Factors - high debt to income ratio (too little income for the amount of your financial obligations you carry). 


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.


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 which is attractive to many first-time homebuyers.   More information: https://www.hud.gov/topics/buying_a_home


*** IMORTANT! Here's what NOT to do when buying a home!  https://www.nerdwallet.com/article/finance/new-credit-card-applying-for-mortgage

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 homebuyer 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 homebuyer 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, or a garage.
  • 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.

ARE YOU SELF EMPLOYED, OWN A BUSINESS, OR ARE YOU A CONTRACT WORKER?

Business owners, self-employed workers, contractors, realtors, and many types of borrowers may need a bank statement loan. Qualify without using your tax returns.

BANK STATEMENT LOANS-CLICK HERE

Contact kathie adler 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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