Home….   Everyday above ground is a great day. If you disagree, try skipping one! Welcome to our Real Estate Blog... Real Estate is one of t...

….regarding LOANS!

....regarding LOANS!

For ALL your Real Estate needs, and then some…
(International/ Commercial/ Residential/ Sale/ Purchase/ Rental) 
 Confidential/ Complimentary/ Consultation  REAL ESTATE ADVICE AVAILABLE

There are multiple loans available in today’s marketplace. However, it is important to work with a mortgage lender who is experienced and familiar with the trends and flexibility that the market of interest allows.  Each borrower is different.  A good mortgage lender will customize your loan to suit you so that you get the best of both worlds.  Some types of loans are:
  1. FHA Loans
    1. 1-4 Family house
    2. Absolutely no Investors
    3. 3.5% down payment
    4. 6 months reserve
    5. No co-op loans

  2. VA Loans
  1. COE – Certificate of Eligibility
  2. No PMI, but a funding fee of 1%
  3. Loans are 100% assumable
  4. No co-op loans
  5. Not for Investors
3. Conforming/ Conventional Loans
  1. 5% Minimum down payment
  2. PMI
A First Time Homebuyer is someone who has not owned/bought a home in the past three (3) years.  If you have never owned a home you are also considered a first time homebuyer.  There are three different parts of the lending process:
PRIMARY Market - These are the actual lenders in the marketplace. The government sells money to the mortgage Banks.
SECONDARY Market – These buy loans or insure them.  They do not make or offer loans.  They create liquidity in the marketplace.  They include: FNMA, FHLME, GNMA
TERTIARY Market –  These sell money.  Real Estate agents sell houses.  Mortgage Banks sell money.  They buy money from the government and FANNIEMAE, etc.. and sell it back for another rate (i.e. a markup).  
The borrower is the mortgagor and has to contract two documents with the lender in order for the deal to be effective:
  1. The Promissory Note
  2. The Mortgage
In some situations it is possible to have more than one FHA loan.  There is always a FHA# associated with each new home address/ location.  It is very important to note that if you are late on a Federal or Student Loan it’s very unlikely for you to get a FHA Loan.

Confidential/ Complimentary/ Consultation  REAL ESTATE ADVICE AVAILABLE

Make an appointment today! Call 917-946-8740!