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Pre-Qualification is a based on minimal or no documentation. Sometimes this consists of a phone discussion and maybe as much as a credit report pull. A Pre-approval is much more powerful and serves as a true license to go out and make offers on homes for sale. Having a Pre-Approval in hand means I have reviewed your credit, assets to be used for your down payment, and your basic income documentation. Always consult a Loan Officer before you start to make offers!

Generally speaking, the documents required are your tax returns for the past two years, 30 days worth of pay stubs, bank statements for the past two months and a copy of your driver’s license. If you are self-employed the pay stubs might or might not apply. Needs do vary from client to client so a good conversation is important before you start gathering these items.

Yes, there are loan programs that do not require a down payment. If you and/or the property you are purchasing meet certain credit, employment history, location and other determining factors, a zero-down payment loan may be an option for you. A review of your documents will show if this is a possibility for you!”

Government backed loans have become an increasingly attractive option for borrowers. With the ease of qualification and enticing low interest rates, these loans provide many borrowers with access to affordable mortgages. There are FHA, VA, USDA Rural Housing programs that require little or no down payments, no pre-payment penalties, and limited amounts of certain fees and charges the borrower must pay to establish the loan.

The interest rate is the rate you agree to pay for your mortgage loan. It is used to determine the interest portion of your monthly payment. The annual percentage rate (APR) includes your interest rate and prepaid finance charges to give you an average yearly rate.

Mortgage insurance protects the lender against taking a financial loss in the event the borrower stops making payments. It is required on mortgage programs that have little or no down payment and the lender's exposure is greater than 80% of the purchase price or appraised value, whichever is less. Mortgage Insurance can be avoided in many circumstances and can sometimes even be paid by the lender instead. Your individual qualifications and preferences will determine which route is best for you.

Yes, it's possible to get approved for a mortgage loan after a bankruptcy filing. Depending on the type of filing — Chapter 7 vs. Chapter 13 — and other factors, you may have to wait anywhere from two to four years before you can get another mortgage loan. Short sales and foreclosures are different. Give us a call to discuss your options.