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FAQs For Borrowers What types of financing programs do you have? We offer a wide variety of financing options to cover almost any residential loan need. The most frequently used programs are FHA, VA, Conventional-fixed rate, and3, 5 and 7-year adjustable rate mortgage programs. Additionally, we have several zero and low down programs, jumbo, state bond and second mortgages. We frequently evaluate the changing needs of our clients and offer personalized, practical and creative lending solutions to help each client achieve their real estate goals.
How long does it take to close a loan?
How do your rates compare to other lenders?
FAQs For Home Buyers How do we know what is the best type of financing for my situation? The best way to determine which program would best suit your family's needs is to sit down with me and I'll explain all of your financing options. Things to consider are: family size, how long you plan to stay in the home, current and projected income and debts, credit history and cash available to close. We are uniquely positioned to have almost all financing options available to us that anyone could want and/or require.
Can the seller pay for my down payment? No. However, the down payment can be a gift from a relative or non-profit organization, or be borrowed if the loan is secured. The seller can pay for the borrower's closing costs, if negotiated.
What if I have no money at all? There are programs that offer zero and low down payment options and when combined with seller contributions can make it so that you will not need to spend a significant amount of money to buy a home. We can show you other ways to purchase with little or no cash.
How do we get prequalified for our first home? You can obtain a prequalification by contacting one of loan originators. They can answer your financing questions and help you determine what purchase rice range is right for you. The next step is preapproval so that the money you need is already committed to you; this gives you the strength of a cash buyer.
FAQs About Prequalification What Is The Difference Between Prequalification And Preapproval? Prequalification determines the maximum purchase price of a house that a buyer is qualified to purchase, based on the income and debt information he or she provides verbally to a mortgage professional. The prequalifying information the mortgage professional provides is not a commitment to lend the money. All the information provided by the buyer must still be verified.
Why Get Prequalified Or Preapproved? Prequalifying is an easy way to determine what price range of homes the real estate agent and buyer should be reviewing. It saves the time and frustration of finding something you can't afford! Preapproval is a must in today's environment; most sellers require it up-front. It improves the buyer's negotiating position and the length of time it would take to close the deal. It gives you the "clout" of a cash buyer!
Why Get Prequalified If I'm Refinancing? Prequalifying will allow you some peace of mind knowing that your refinance amount is achievable, especially if you're trying to get cash back from the equity in your property.
What If I Don't Qualify For What I Had Hoped To Purchase? The programs outlined here are only a few of the loan program options we offer. Other options may obtain your desired results. |