Loan Options and Loan Types

Recent Questions:

My family says I should get a FHA loan and my co-workers suggest something else. How do I decide which loan is best for me?  CONGRATULATIONS! Just asking the question is the important first step. It is our job as mortgage specialists to understand what your goals are, understand your financial situation and provide you with loan options. When we are done, you will have all the information you need to select which loan program is best for you.

I have a new business that showed a loss last year but will be showing a big profit this year. Which do I use to figure using to buy my home?  Income is averaged over two years and should be more this year than last year. Bring us your last two tax returns as well as W2s and recent paystubs. We will show you how income is evaluated and then optimize what you are making by matching up the best loan program.

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Trying to use a first time home buyer loan again. Our current home loan is under my name so I want to buy an investment property in my wife’s name. How can we do this?  First time home buyer loans are intended for exactly that…first time home buyers. Any additional property is either a second home or an investment property. Second homes are classified as property not intended for income generation and must be supported by your own income and assets, 10% down payment. If you are planning on rental income that’s an income property, 20% down payment.

I’m having trouble saving enough money for my down payment, everyone says I need 20% and homes here are so expensive I don’t think I’ll ever be able to save enough. Other people own homes, how do I?  When buying your primary residence, down payments begin at 0% down (USDA) and 3% (Conventional) after which you will have title and escrow fees, credit report and an appraisal fee. So it is possible to make a purchase with less than $5,000. You have more loan options with more money saved, and all loans are predicated on income, debt and credit score. Our experienced loan officers will show you your loan options.

Get approved today!