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Home loans, including FHA, VA, HomePath, conventional, USDA,
Refinancing, private money, and 203k streamline.
FIRST! There are
documents needed for loan process
2 years personal and corporate returns
2 years of w2’s
2 months bank statements with all pages
Copy of drivers license and social security card
Ytd P&L statement
Copy if leases if applicable
Copy of mortgage statement
Copy of owners title policy if a refinance
Copy of old survey if a refinance
Name and phone number of insurance company if a
refinance
Copy of note and mortgage in some cases
Letters of explanation if needed
List 2 years of employment
List 2 years of residency
TYPES
OF LOANS
Conventional
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30 year fixed |
20 year fixed |
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25 year fixed |
10 year fixed |
The minimum down payment is 5% , some investors
are doing 3% . Remember when doing a conventional loan with less then
20% down, there is the lender and the PMI company. The loan is not done
unless the PMI company approves the loan and insures it. With
conventional mortgages the monthly PMI is less then FHA monthly pmi
and there is no upfront Mortgage insurance.
Credit scores must be 720 or greater
FHA
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30 year fixed |
15 year fixed |
FHA is a government loan that requires only 3.5%
down, of which can be your funds or a gift from a family member. The
seller can pay up to 6% of your closing costs and the min credit score
is 640, some investors will do less.
Great loan and no you do not have to be a first
time homebuyer
FHA search for FHA-approved condominium projects by location, name, or
status
VA
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30 year fixed |
15 year fixed |
If you have been in the military or presently
active, the loan for you is the VA loan – it allows you to put 0 money
down with the seller able to pay up to 6% of your closing costs, the
benefit of the VA loan is there in no monthly PMI – your payment is
less then some one putting 5% down with monthly PMI. I can not tell you
the number of eligible VA borrowers that never pursued obtaining a VA
loan. In my opinion it is the way to go if there is limited funds
Your minimum credit score for a VA loan is 620
Refinancing
There is a program that will go to 125% ltv,
meaning that if your home is worth $100,000 but your mortgage is
$120,000, you can go to a max of $125,000 loan amount. Please check out
Zillow.com and see if your value is near what you owe on your home.
Don’t give up hope on refinancing without doing your homework.
HUD Homestore FAQs
HomePath Flyer
HomePath Info
USDA Info
USDA GUARANTEED
HOUSING PROGRAM INCOME LIMITS
Private money loans:
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