Q What is the least down payment amount
I can put down on a new home?
A
The lowest down payment required is 3%, can finance up to 97% of the price
of the home. This is for conforming loan amounts up to $275,000.
Q How can I get a lower rate?
A
By paying points you can buy down the rate below the market.
Q Can I take out equity on my home?
A Yes. In most cases home equity loans
will allow up to 125% of value of your home. This loan can be given in one
lump sum or in the form of a secured line of credit.
Q Since I have bad credit can I still get a home loan?
A Yes. We have many different programs
which allow for derogatory credit issues. However, the down payment will be
higher as well as the interest rate.
Q How much are closing costs?
A On average closing costs are 2%
to 4% of the loan amount.
Q Do I have
to prove my income?
A Not always, with a 5% down payment
you do not have to provide tax returns or income statements
Q Do you
finance investment property?
A Yes, we will finance up to 100% of the
value of property.
Q Can we finance a mobile home?
A Yes, if you own or are buying the land
underneath the home.
Q Can we borrow funds to make home
improvements?
A Yes, we have a rehab loan that will
pay off your existing mortgage and allow funds to make improvements to your
home.
Q Can I cash out and refinance my home?
A Yes we can refinance your home to pay
off mortgages and can take cash out up to 80% of the value of your home. If
more cash out is required then a second mortgage is advisable.
Q I filed bankruptcy a year ago, can
I get a loan?
A Yes, if it was a medical related
and you have re-established new credit. If it was not medical related,
then four years must pass in order to get a conforming loan.
Q I just filed bankruptcy, can I get
a home loan?
A Yes, but it would be considered a non-conforming
loan. The down payment will be higher as well as the rate.
Q I
am in foreclosure, can I refinance?
A Yes, it will be a non-conforming
loan and we will be limited to 70% of the value of your home.
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