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Obtaining Financing

 

Obtain Home Loan

 

Obtaining a loan in today's lending market can be challenging.  That is why it is ever so important to work with a loan officer who has experience, is knowledgeable about lending guidelines, and is motivated to look "outside the box" and come up with the best solution for you!  It is imperative in today's market that you are pre-qualified by a lender prior to looking at homes.

 

There are three main loan products in today's market that buyer's are utilizing:

 

VA Home Loan

Veteran's Administration (VA) Loans:  Only individuals who have served in the military under specific situations and time frames are eligible for this loan product.  The VA loan is typically looked upon as the "best" loan product available in our marker for two reasons:

  • 100% financing, does not require a down payment
  • No mortgage insurance
  • Must be a primary residence

 

FHA Home Loan

Fair Housing Administration (FHA) Loans:  This is the next best option for someone who has limited funds for a down payment or who's credit may not be perfect.  The FHA loan offers the following:

  • Low Down Payment, 3.5% of the purchase price
  • Credit Flexibility
  • Fixed Interest Rates
  • Do Not have to be a First Time Home Buyer
  • Must be a primary residence

 

Conventional Home Loan

Conventional Loans:  These loans are for people who are putting a large down payment down on the purchase of a home.  The following are some of the characteristics of a conventional loan:

  • 10% minimum down payment
  • No mortgage insurance if 20% down payment is put down
  • Aggressive rates
  • Can be primary, secondary, or investment property

 

So what's the process for getting pre-qualified?  It is relatively easy and requires some paperwork and some time.  Your lendercan typically pre-qualify you in as little as a 10 minute phone conversation.  During this time he/she will ask you about your income, debt, assets and will pull your credit report.  Shortly after this phone conversation, he/she will need you to submit paperwork verifying the information you gave in the phone consultation. Some of the documents he/she may need include:

  • Two years tax returns
  • 30 days bank statements
  • 30 days pay stubs
  • 401k/IRA/other investment vehicle statements

 

Please contact ustoday with questions regarding financing or to obtain your pre-qualification!

CONTACT US TODAY  -  EMAIL or 480-945-1111