....regarding LOANS!
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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:
- FHA Loans
- 1-4 Family house
- Absolutely no Investors
- 3.5% down payment
- 6 months reserve
- No co-op loans
- VA Loans
- COE – Certificate of Eligibility
- No PMI, but a funding fee of 1%
- Loans are 100% assumable
- No co-op loans
- Not for Investors
3. Conforming/ Conventional Loans
- 5% Minimum down payment
- 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:
- The Promissory Note
- 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.
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