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I have good credit and income, but I do not have a lot of money to put down on a home... Can I still buy a home? Answer |
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My credit is excellent, but I am self-employed and I do not have documentation for my income. How can I qualify and still get the loan I deserve? Answer |
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I filed bankruptcy 2 years ago under Chapter 13 of the bankruptcy code. Can I still get a loan? Answer |
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I am just relocating to my new home for a few years ... should I buy a home and if so... are there any special loan programs for my situation? Answer |
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I am looking into having my home custom built by an area builder, can your company provide permanent financing? Answer |
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I recently applied with another firm for a mortgage... was approved ... and locked my rate. I have not funded my loan. Can your firm still help me? Answer |
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What are your closing costs and Prepaid expenses? Answer |
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I have good credit and income, but I do not have a lot of money to put down on a home... Can I still buy a home? |
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Yes. There are several programs for 0 downpayment home purchases. FHA has some very flexible guidelines that also allow for your 3% downpayment to come in the form of a gift from relatives or PPM can put your loan into one of our DPA (Down Payment Assistance) Programs. |
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My credit is excellent, but I am self-employed and I do not have documentation for my income. How can I qualify and still get the loan I deserve? |
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PPM has several programs for self employed borrowers with up to 95% LTV (or a minimum of 5% downpayment) for loan purchases and refinances. Many mortgage investors who create loan programs have seen your situation as a viable and robust market. Therfore, they have created loan programs that are limited in documentation needed. Your credit score alone allows flexible underwriting and expaned product choices. In some cases, we can provide 100% financing ono self-employed borrowers. |
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I filed bankruptcy 2 years ago under Chapter 13 of the bankruptcy code. Can I still get a loan? |
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The answer is yes... but not every loan program is going to allow a previous BK or one that is only 2 years old. Your best bet for loan approval is under an FHA loan guidelines. FHA allows a previous BK that is 2 years old since the dismissal. In addition, FHA allows people under Chapter 13 to apply and many time be approved if the filing date has been greater than 1 year. In this instance, the borrower must retain a letter from the BK judge for permission to add new debt while still in the BK repayment term. Many times this is easily obtained; however, the loan must still be approved on your ability to repay your payments, to show e-established credworthiness and available funds to close the new loan. |
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I am just relocating to my new home for a few years ... should I buy a home and if so... are there any special loan programs for my situation? |
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Buying a home is a beneficial choice over renting in 90 % of all situations, based upon the money savings and tax credit your interest expense allows you. In response to the loan progams, each product affect and benefits individuals in uniques ways. PPM offers some excellent 3, 5, and 7 year "reduced fixed" loans for just your situation. Also, the FHA 1 year ARM loan is a terriffic loan for short term moves and first time homebuyers. |
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I am looking into having my home custom built by an area builder, can your company provide permanent financing? |
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Yes. PPM provides your bank (the firm providing you or your builder with the interim construction loan) a committment or take-out letter promising your new loan and rate for the period immediately following the completion of the construction project. You will want to retain your mortgage approval and rate lock prior to the end of construction. |
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I recently applied with another firm for a mortgage... was approved ... and locked my rate. I have not funded my loan. Can your firm still help me? |
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The answer is yes...but, we will analyze your current loan with the other lender and if we cannot save you money and / or time, we will not pursue your loan. This is basically our respect for others in our industry. If you are getting a great deal... we'll tell you. If we can beat it... We'd love your business. |
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What are your closing costs and Prepaid expenses? |
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The closing costs and the pre-paid expenses are not ours to be charged; however, it is our responsibility to disclose the fees that your loan will incur along the way to buying or refinancing your loan. In our experience, FHA loan closing costs are @ 1380.00, VA loan closing costs are @ 975.00. FNMA and FHLMC Conforming loan costs are the most expensive at @ 1850.00. In regards to prepaid expenses, they vary with the overall transaction; including tax expense, insurance expense and time of the month/year your loan funds. As an estimation, you can add together the amount of 15 months worth of Insurance (Annual Premium / 12 * 15), 3 months of taxes and 10 days of interest (Mortgage amount * Interest rate / 365). Need help? Just call our office... we'll give you a quick estimation in a few minutes free of charge. |
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