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How Complicated is VA Financing?

How Complicated is VA Financing?

It is important to understand some of the complications behind VA financing if you are a veteran looking for a mortgage loan. First and foremost, the entire underwriting process is quite easy. There are minimal restrictions set forth when it comes to qualifying for a VA loan. The loan program was set up to make sure that veterans have easy access to mortgage financing after they serve their tour of duty. Nothing has changed to this point, and the complications are minimal at best.

How a VA Loan Becomes Complicated

One of the biggest myths describes a VA loan as too complicated to qualify. In actuality, nothing can be further from the truth. There are minimal guidelines when it comes to credit scores and various ratios. Conventional loans are extraordinarily complicated with multiple guidelines, but VA loans are straight forward and to the point. The process is now streamlined for VA loans, which is defined as minimal paperwork, straight forward credit reporting, and loan terms that are affordable. The only complication might relate to the amount of time served on active duty, but that particular problem is easily resolved through the Veterans Administration. There are certain rules that borrowers must follow, but those rules do not define eligibility if you are working with mortgage professionals.

Looking to MortgageDepot for Guidance

If a veteran is looking to obtain mortgage financing, then it is important to speak with a VA loan expert. We guide the borrower through the process and find terms that are quick, easy and affordable. We are able to lock in an interest rate that is unheard of with conventional loan financing. Our reputation throughout New York speaks for itself, and we will help with specific VA financing, it is the best move any veteran can make.

Contact us today at 800-535-0270 for more information or email us here.

MortgageDepot Piggyback Loan Closing

MortgageDepot Piggyback Loan Closing

Recently MortgageDepot Loan Officer Yury Gokhberg, with the expert assistance of mortgage loan processor Phoebe Bartholomew closed a complicated mortgage loan for a client with specialized financial needs.

The client’s financial needs required a “Piggyback or Combo” mortgage loan for a residence whose sales price was initially 760 thousand dollars — understanding that the structure of loan changes are established on Freddie Mac and Fannie Mae (Federal Mortgage programs) guidelines.

The initial loan offered was separated into two parts. Without this split, the qualifying criteria would have been more stringent based on federal government guidelines. By creating this split, the monthly mortgage price was substantially reduced, and the overall interest rate on the mortgage was also lowered significantly. Splitting these two loan products also eliminated the requirement for private mortgage insurance as well, resulting in thousands of dollars saved for the client.

By avoiding what is called a “jumbo loan” in the mortgage industry, substantial savings were achieved. MortgageDepot specializes in matching our clients with mortgage products that are best suited to their financial needs. Speak with a mortgage specialist at MortgageDepot to get pre-qualified on your home mortgage or to gain access to the equity in your home to pay off credit card debt, make repairs, renovations or to buy your first home. We’re here to help make those dreams a reality. Call us today; we’ll assist you in building your goal of homeownership into whatever you envision.

Contact us today for a FREE consultation at (800) 535-0270 or email us here.

Mortgage Loans

FHA Closing costs in New York

FHA Closing costs in New York

When it comes to the FHA closing cost in New York, there are a number of factors that can affect the amount of money you are going to pay for your new loan. Beyond the traditional mortgage underwriting, origination and processing fees the lender charges, there are a number of other closing costs that come into play when buying a home. Some of the common expenses to plan for with your new loan are outlined below to help prepare you for the process.

Anticipate having to pay for a home inspection for your new property. This is money well spent as it will help make sure everything is properly working and ready to go. If you are purchasing a condominium, expect to spend an average of $0 up to $300 for the condo fees that the complex imposes. Homes that have a well and septic system will need to be inspected to make sure the system is accurately working. Depending on the specifics of the situation, you may have to pay for an appraisal upfront, so be prepared to pay for this out of your own pocket.

Since it can be very tricky trying to understand how much money you are going to spend on the FHA closing cost in New York, we at MortgageDepot will work hard to make the process as simple as possible. Our goal is to help get you into the loan in the shortest amount of time possible, while making sure there isn’t a doubt in your mind about what to expect in the loan process. We work hard to help simplify the process and explain all of the ins and outs of the home buying process. Speak to one of our friendly professionals today about the closing costs for your FHA loan in New York.

Contact us today at 800-535-0270 for more information or email us here.

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FHA Credit Score Requirements in New York

FHA Credit Score Requirements in New York

According to the Federal Housing Administration, they back a guaranteed mortgage known as an FHA loan. These loans have a smaller down payment and are more lenient on the credit approval process than their conventional counterparts are. There is an upper limit amount based upon the location of the home. New York tends to offer higher limits because of the higher cost of living here.

The FHA mortgage limit varies based upon the county and metropolitan area where the property is situated. In Albany, the maximum limits for a four-family home are $600,950, while in a metro area the maximum loan amount is $1,403,400 for a home of the same size. Single-family mortgages have limits ranging from $271,050 in a number of cities and counties all the way up to $729,750 in New York City.

For those who are dealing with bad credit or a recent bankruptcy, an FHA mortgage might be the only solution. Low down payments and minimal credit requirements often make this type of loan appealing, but the interest rates tend to be slightly higher than conventional mortgages and the mortgage payments are longer and larger. A conventional mortgage doesn’t require that you have an 80 percent value-to-loan ratio, there is no upfront mortgage insurance payments and the rates are quite competitive.

To find out if you are eligible for this type of loan, our professionals at MortgageDepot will walk you through the steps to see what all we can do for you. For those who are only a couple years out of a Chapter 7 bankruptcy and have a minimum credit score of 530, we can help get you into the home you need with an FHA loan for your new home. You can find and secure the home that you desire without having to spend hours in the process, so give us a call today.

Contact us today at 800-535-0270 for more information or email us here.

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About the FHA Loan

About the FHA Loan

For those who are looking to purchase a home, an FHA loan in New York may be the answer to your problems. At MortgageDepot, we have been able to help countless people just like you secure the financing they need to get on the path to home ownership in no time. When it comes to an FHA loan in New York, their mission is to help those who are in need get the money they need to qualify for a loan. They also help to assist lenders my minimizing the amount of risk involved with the loan.

If you have struggled from credit problems in the past, the FHA advises borrowers to go through a credit counseling program to prevent being denied your request for an FHA loan. When the paperwork is electronically submitted to the lender, they will go through and evaluate your credit risk to determine what options are available to you. Be prepared to fill out a lot of paperwork to get the loan approved, but it is well worth it in the end to own your own home. Since there are a number of different types of loans from the FHA, we will work to help you determine which one you are going to get approved for.

Purchasing a home can be both an exciting time and a troublesome time as well. Trying to learn all of the ins and outs associated with buying a home can be overwhelming, but we are here to help in any way we can. We want to help simplify the process for you and make sure you understand everything that buying a home can mean for you. Once you have the chance to speak to one of our professionals, you will gain an understanding of what the market holds in store for you.

Contact us today at 800-535-0270 for more information or email us here.

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