First Time Home Buyer, first time mortgage.#First #time #mortgage


First-Time Home Buyers

Loans insured by the Federal Housing Authority (FHA) are designed to help everyone realize the dream of owning a home. And they’re ideal for first-time home buyers! Because the FHA insures these mortgages, FHA lenders can work with borrowers who’ve had credit problems, collections, past bankruptcy filings, or debt-to-income ratios that are higher than normally allowed.

Applying for an FHA loan

Getting in touch with a specialist through MyFHA is simple. We’ve combined the speed and ease of the Internet with the hands-on help our customers expect. Once you click online, we enter your information into our database and begin a preliminary review. Then, we match you with the right specialist for where you are right now.

During the phone interview, your specialist will discuss with you where you are right now and help you determine your best way forward. If you don’t pre-qualify right away, your specialist will suggest ways to improve your profile, so you may become eligible in the future. Within 10 minutes, you’ll usually know if you’re ready for a mortgage. The interview is also a great chance to get acquainted with your specialist, who will play an important role in your becoming a homeowner. Good communication with your will increase your chances of a successful and speedy process!

Processing a mortgage involves gathering documents to verify information. Forbes has an excellent article on assembling all of the documentation that you may need which may include (but is not limited to) W-2 forms, two-weeks of pay stubs, credit reports, and bank statements. After your approval, you’ll receive a pre-qualification that includes a checklist specific to your file. This checklist will itemize all of the things you must submit before receiving a commitment.

The closing is the “end of the line” in obtaining a mortgage. At the closing, you will sign all of the required mortgage documents. If it’s a new mortgage, you’ll collect your new keys and then take possession of your new home. If it’s a refinance, you’ll immediately start to enjoy the benefits of a new interest rate, cash out, or both!


The Best Michigan First Time Home Buyer Programs For 2017, first time mortgage.#First #time #mortgage


Michigan First Time Home Buyer

First time mortgageAs a first time home buyer in Michigan, it’s incredibly important for you to understand how the home buying process works. On top of understanding the process, you’ll also need to become familiar with your financing options to determine which home buying program is best for you. A good mortgage lender will be able to thoroughly explain your financing options and help you choose the program that best suits your specific home buying needs.

Buying your first home can be very exciting but it can also turn into a nightmare scenario within an instant. The main catalyst for this nightmare scenario is not getting an accurate estimate on the costs associated with the mortgage financing. Most loan programs will require some form of down payment but even if a down payment isn’t required, you will still have costs associated with the mortgage. Depending on the property being purchased, these costs can total thousands of dollars.

Unfortunately, a lot of lenders use estimates for common costs like property taxes, homeowners insurance, and tax prorations. These estimates can be off by thousands and can cause two potential problem scenarios. The first being if the lender estimates the costs too high and you don’t have enough verified funds to close. This will get you a denial letter and prevent you from buying the home you want for no good reason other then the lender being lazy and using estimates to do bad math.

The second scenario is if the lender estimates too low causing you to bring more money to close than you anticipated. This scenario is more common and can really make things hard on a first time buyer. The worst part about this second scenario is that you don’t really find out if your lender used estimates until maybe a week before closing. Imagine finding out four days prior to buying your home that you need an additional $1,000 or $2,000 dollars to close. This causes a lot of unnecessary stress about where you’re going to get the extra money needed to buy your home.

Both of these scenarios can be avoided by working with, and getting pre-approved by, a good reputable mortgage lender. Fortunately, if you’re reading this, you’ve found one in Michigan Mortgage Solutions as we’ve been providing help for first time home buyers in Michigan since 1998. If you’d like to get pre-approved the right way and avoid the two scenarios above, call (248) 674-6450 right now or simply click here. Also, for more information on first time home buyer programs in Michigan, see below.

Michigan First Time Home Buyer Programs

There are several great mortgage programs for the first time home buyer and each one has it’s own unique features. I’ve laid out the fundamentals of each program below as well as informational links to each program’s specific guidelines.


New Jersey Mortgage Loans, First Lenders Mortgage, first option mortgage.#First #option #mortgage


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    Our New Jersey FHA mortgage loans allow for purchasing a home with little down and secure fixed rates. Refinance with an FHA loan. No cost refinancing with NO CREDIT SCORE qualifying.

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    Lending guidelines sure have gotten tougher over the past year. Lenders are requiring more and more documentation than ever before! As a result, we at First Lenders Mortgage thought it would be a good idea to provide an “UPDATED” list of what is required by banks when applying for a mortgage! You most likely DID NOT have to provide some of these the last time you applied for a loan. These are Fannie Mae and Freddie Mac guidelines and apply to all lenders!


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    We are the premier source of financing for New Jersey Mortgage Loans. We educate our clients about every option available so they have the power to make informed decisions about what’s right for them. If your looking for New Jersey Mortgage financing then look no further than First Lenders Mortgage of New Jersey!

    NJ FHA

    Our New Jersey FHA mortgage loans allow for purchasing a home with little down and secure fixed rates. Refinance with an FHA loan. No cost refinancing with NO CREDIT SCORE qualifying.

    NJ Jumbo

    We offer Jumbo mortgage Loans for your purchase or refinancing needs up to $10 Million with rates among the lowest in the country. Loans are considered jumbo loans when they exceed $424,100.

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    Our New Jersey conforming loans allow for low fixed rate purchase and refinance mortgage loans. NJ loans are loans under $424,100 with full documentation.

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    documentation List

    Lending guidelines sure have gotten tougher over the past year. Lenders are requiring more and more documentation than ever before! As a result, we at First Lenders Mortgage thought it would be a good idea to provide an “UPDATED” list of what is required by banks when applying for a mortgage! You most likely DID NOT have to provide some of these the last time you applied for a loan. These are Fannie Mae and Freddie Mac guidelines and apply to all lenders!


  • First Time Home Buyer – Mortgage Loan Lenders, Connecticut, first home mortgage.#First #home #mortgage


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    Why Use First World Mortgage?

    In the unpredictable home lending market, we stand out as one of the most credible mortgage lenders in Connecticut, and we are now the #1 First Time Home Buyer Lender in Connecticut. In addition to this, The Warren Group, a real estate statistics agency, recorded First World Mortgage as “One of the top lenders, and fastest-growing mortgage lenders” overall. We serve as your safeguard and offer you complete security, safety and peace of mind that only the highest-trained professionals will work with and for you. You will be in the hands of one of the most experienced Connecticut mortgage lenders, helping make the home buying experience fun, easy, and stress-free! It’s no wonder why we are the preferred Connecticut mortgage lender of individual homeowners, real estate professionals, home builders and financial advisers.

    The process of obtaining a home loan in Connecticut becomes easy when you choose First World Mortgage Corporation. We are accurate, communicate transparently, and have the experience and options to meet all of your CT home mortgage needs. That is why almost 100% of our business comes from referrals!

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    We can meet all of your Connecticut home loan needs, including:


    First Time Home Buyer, first time mortgage.#First #time #mortgage


    First-Time Home Buyers

    Loans insured by the Federal Housing Authority (FHA) are designed to help everyone realize the dream of owning a home. And they’re ideal for first-time home buyers! Because the FHA insures these mortgages, FHA lenders can work with borrowers who’ve had credit problems, collections, past bankruptcy filings, or debt-to-income ratios that are higher than normally allowed.

    Applying for an FHA loan

    Getting in touch with a specialist through MyFHA is simple. We’ve combined the speed and ease of the Internet with the hands-on help our customers expect. Once you click online, we enter your information into our database and begin a preliminary review. Then, we match you with the right specialist for where you are right now.

    During the phone interview, your specialist will discuss with you where you are right now and help you determine your best way forward. If you don’t pre-qualify right away, your specialist will suggest ways to improve your profile, so you may become eligible in the future. Within 10 minutes, you’ll usually know if you’re ready for a mortgage. The interview is also a great chance to get acquainted with your specialist, who will play an important role in your becoming a homeowner. Good communication with your will increase your chances of a successful and speedy process!

    Processing a mortgage involves gathering documents to verify information. Forbes has an excellent article on assembling all of the documentation that you may need which may include (but is not limited to) W-2 forms, two-weeks of pay stubs, credit reports, and bank statements. After your approval, you’ll receive a pre-qualification that includes a checklist specific to your file. This checklist will itemize all of the things you must submit before receiving a commitment.

    The closing is the “end of the line” in obtaining a mortgage. At the closing, you will sign all of the required mortgage documents. If it’s a new mortgage, you’ll collect your new keys and then take possession of your new home. If it’s a refinance, you’ll immediately start to enjoy the benefits of a new interest rate, cash out, or both!


    Home, Member First Mortgage, first time mortgage.#First #time #mortgage


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    Purchasing a home is likely to be the biggest investments you make in your lifetime. It’s an exciting time that also comes with many challenges. Don’t let your mortgage company be one of them.

    At Home Financing Center, we pride ourselves in building a strong relationship, with you, the client. For over 25 years, we’ve been helping individuals, couples and families achieve their home ownership dreams. So whether you’re buying you’re first home, moving to a new house or condominium, or purchasing a vacation or rental property, you’ll always have a team of experienced professionals to help you every step of the way.

    As one of the largest independently owned and operated mortgage lender in South Florida, Home Financing Center is big enough to meet your mortgage needs – yet small enough to deliver friendly, personalized service.

    Working with HFC, you’ll have access to a full array of loans at highly competitive rates, including low down payment mortgages, refinancing programs, home equity lines of credit, jumbo loans and other home finance options.

    Thanks to our financial strength and stability, our partnerships with community organizations and our extensive knowledge, Home Financing Center is a growing force in the Florida market.

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  • Solutions for the Mortgage Loan Cycle, First American Mortgage Solutions for Lenders, first mortgage.#First #mortgage


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    9 First-Time Homebuyer Grants And Programs, first time mortgage.#First #time #mortgage


    9 grants and programs to help you buy your first home

    Buying your very first home can be overwhelming. There’s all the financial jargon and the mountainous mortgage paperwork, not to mention the dollar amounts that can make you dizzy.

    Money issues often stand in the way of homeownership. A survey by rental service Apartment List found that 80 percent of millennial renters want to buy a home, but most say they can’t afford to.

    What you may not realize is that many first-time homebuyer programs and grants offer financial help, and you may be eligible for various types of assistance.

    Here are nine first-time homebuyer programs and grants designed to help you land a great mortgage and get a place of your own.

    1. FHA loan

    In an FHA loan, the Federal Housing Administration insures the mortgage. The FHA is an agency within the U.S. Department of Housing and Urban Development (HUD).

    The FHA’s backing offers lenders a layer of protection, meaning that your lender won’t experience a loss if you default on the mortgage.

    FHA loans typically come with competitive interest rates, smaller down payments and lower closing costs than conventional loans.

    If you have a credit score of 580 or higher, you could be eligible for a mortgage with a down payment as low as 3.5 percent of the purchase price. If your credit score is lower than 580, you still might qualify for an FHA mortgage, but the down payment would be at least 10 percent of the purchase amount.

    2. USDA loan

    While not well known, the U.S. Department of Agriculture (USDA) has a homebuyer assistance program.

    While the program focuses on homes in certain rural areas, you don’t need to buy or run a farm to be eligible.

    The USDA guarantees the home loan. There may be no down payment required, and the loan payments are fixed.

    Applicants with a credit score of 640 or higher typically get streamlined processing. With a credit score below 640, you still can qualify for a USDA loan, but the lender will ask for extra documentation about your payment history.

    Keep in mind that there are income limitations, which can vary by region.

    3. VA loan

    The U.S. Department of Veterans Affairs (VA) helps active-duty military members, veterans and surviving spouses buy homes.

    The VA guarantees part of the loan, making it possible for lenders to offer some special features. VA loans come with competitive interest rates and require no down payment. You aren’t required to pay for private mortgage insurance (PMI), and a minimum credit score isn’t needed for eligibility.

    If it becomes difficult to make payments on the mortgage, the VA can negotiate with the lender on your behalf.

    4. Good Neighbor Next Door

    The Good Neighbor Next Door program, sponsored by HUD, provides housing aid for law enforcement officers, firefighters, emergency medical technicians and pre-kindergarten through 12th-grade teachers.

    Through this program, you can receive a discount of 50 percent on a home’s listed price in regions known as “revitalization areas.”

    Using the program’s website, you can search for properties available in your state. You must commit to living in the home for at least 36 months.

    5. Fannie Mae or Freddie Mac

    Fannie Mae and Freddie Mac are government-sponsored entities. They work with local lenders to offer mortgage options that benefit low- and moderate-income families.

    With the backing of Fannie Mae and Freddie Mac, lenders can offer competitive interest rates and accept down payments as low as 3 percent of the purchase price.

    Fannie Mae also provides homeownership education for first-time homebuyers through its “HomePath Ready Buyer” program.

    6. Energy-efficient mortgage (EEM)

    An energy-efficient, or “green,” mortgage is designed to help you add improvements to your home to make it more environmentally friendly. The federal government supports EEM loans by insuring them through the FHA or VA programs.

    The key advantage of this mortgage is that it lets you create an energy-efficient home without having to make a larger down payment. The extra cost is rolled into your primary loan.

    Some improvements you can make include installing double-paned windows, new insulation or a modern heating-and-cooling system.

    7. FHA Section 203(k)

    If you’ve run the numbers to see how much house you can afford and have determined a fixer-upper is best for your budget, the Section 203(k) rehabilitation program may be a good fit.

    This type of loan, backed by the FHA, takes into consideration the value of the residence after improvements have been made. It then lets you borrow the funds you’ll need to carry out the project and includes them in your main mortgage.

    The down payment for a 203(k) loan can be as low as 3 percent.

    8. Native American Direct Loan

    Since 1992, the Native American Veteran Direct Loan program has helped Native American veterans and their spouses buy homes on federal trust lands. The VA serves as the lender.

    If you’re eligible, you won’t be required to make a down payment or pay for private mortgage insurance (PMI).

    This first-time homebuyer loan also offers low closing costs and a 30-year fixed-rate mortgage.

    9. Local grants and programs

    In addition to the various programs provided by the federal government, many states and cities offer help to first-time homebuyers.

    Before buying a home, check your state’s or community’s website for information on housing grants and programs available in your area.

    You also might consider contacting a real estate agent or local HUD-approved housing counseling agency to learn more about programs in your area that might apply to your situation.