When you think you are ready, please contact us to schedule an appointment to get a pre-approval or visit our mortgage web center to complete an application. We can discuss the many home loan options that we have to offer and inform you of the different steps involved in purchasing your home.
Yes, after a review of the items mentioned above, a review of your credit history and after calculating your debt ratios. Check out our online mortgage web center where you can apply at your convenience and may be able to get a pre-approval.
Loan officers look at gross monthly income, with a ratio of 28% for PITI and 36% for total debt as a general guideline. Please remember this is only a guideline. Look at your budget to determine a comfortable figure for yourself. These numbers determine the value of a home you will be able to afford.
Principle, Interest, Taxes (property) and Insurance (homeowners and mortgage). This would be your total monthly payment.
No, you can usually elect not to escrow for taxes and insurance. However, if you have less than 20% down, you may be required to escrow.
In general, they are looking at the 4 “C’s”.
Credit scores do not determine if you will get an approval for a home loan, though some home loans do have a minimum score to qualify. Your entire credit history will be reviewed.
Yes, we will be happy to review your report with you to help you understand the report and give you a chance to explain any discrepancy. We can also give you suggestions on how to improve your credit – if needed.
Credit reports show your willingness to repay your obligations. The reports help show us your payment history of past and present loans and credit cards. Having been responsible enough to handle these payments may indicate how your mortgage payments will be made. The credit report will also have your credit score.
Capacity or the ability to pay back is only one of the pieces of the puzzle. Again, payment history plays a major role in one’s ability to obtain a home loan. Also, the property being financed may limit what types of loans are available.
We will order an appraisal to determine the value. The majority of the time the purchase price and the appraisal value are very similar. For underwriting purposes we will use the lesser of the two figures.
This money can come from your savings, checking, mutual funds, CDs and gift money. You can also borrow against assets such as your 401k or even a car. There are also down payment assistance programs through different agencies and WHEDA also offers a down payment assist loan program.
If you have 5% of your own money, you may receive additional gift money. If you do not have any down payment the “gift money” needs to be 20% or more.
Not the auto itself, but you may be able to take out a loan and use the cash as your down payment. The 36% debt ratio will still have to be met.
Normally 20% down is required to avoid PMI.
When your loan balance is reduced to 80% of the purchase price or the appraised value (which was used for underwriting) you can request it to be dropped. By law when the balance is reduced to 78% then the lender must eliminate the PMI.
You and the loan officer will discuss what needs to be done in order to be able to purchase a home. The loan officer will also suggest ideas to save money, eliminate debt, improve your credit and hopefully help you plan to purchase a home within a short time.
Fixed Rate Mortgages – 10, 15, 20 and 30 years.
Adjustable Rate Mortgages (ARMs) – 1, 3, 5, 7 and 10 years.
Lot and Construction Loans
Fox Communities Credit Union recommends setting up an appointment with a loan officer of your choice first to determine if you can purchase a home and at what value.
Home appraisals are ordered by the lender to determine a fair market value of the home. An appraisal will note obvious problems but will not determine the condition of the property. Professional home inspectors often can find a problem with a house that you may not uncover on your own. A home inspection is recommended to determine the quality and the fitness of the home.
A home inspection is up to the buyers but it is always recommended. The cost is approximately $225 to $300 depending on the size of the home.
Fox Communities Credit Union requires home insurance because we have a loan on the home. Prior to closing you will need to obtain a binder and a paid receipt for the first year.
Title Insurance is an insurance policy that protects the owner and the lender against the possibility of loss created through defects or encumbrances in title that could jeopardize ownerships rights to the property. Some of which may include fraud, forgery, unsatisfied mortgages, judgments, unpaid taxes, liens, land restrictions, defective deeds and even clerical errors in records.
Closing costs can run between $900 to $1500, which includes the cost of an appraisal, your credit report, recording fees, title insurance, etc.
Yes, it can be. The pride of home ownership, a place to call your own, and hopefully the creation of equity in your home make it a worthwhile investment. With home ownership comes increased responsibility, including the paying of real estate taxes, home repairs and of course the payment. After all, it is YOUR home!
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