FAQs

What documents are needed for the qualification process?

This varies depending on an individual's sources of income. The standard documents collected for the qualification to purchase property would include the following for each borrower;
1) Identification Card
2) Month of recent Pay Stubs
3) Two most recent W2s
4) Proof of Funds - Two months of most recent Bank Statements
5) Two recent years of Tax Returns (if self-employed or owning other investment properties)

Can I still refinance if I am in Forbearance with my Current Mortgage?

Yes you can still refinance under certin circumstances. Typically when a mortgag forbearance and make 3 consecutive mortgage payments. A few lenders may have additional restrictions that require additional consecutive payments.

Can I still purchase a property if I cannot pay for the closing costs?

Yes! Unlike a majority of loan officers who work with a single direct lender, I work with over 80 lenders all competing for your business. As such, Lender Credit (Money to you) becomes more easily accessible in order to be applied to closing costs.

How much of a down payment do I need to make when purchasing property?

This depends on the loan type, residency type, income level, etc. The standard down payment limits consist of;
1) Conventional Conforming - 5% down
2) FHA - 3.5% down
3) VA - 0% down
4) Conventional Affordable Products - 3% down
5) Conventional (No Mortgage Insurance) - 20% down

What Might My Monthly Mortgage Payment Include?

Every mortgage payment will include principal and interest. You have the option to impound your taxes and home insurance which means that it will be included into your monthly payment. If you do not choose to impound than you will be responsible to pay these balances. Additionally, until you reach 80% LTV (Loan-to-Value) you will need to pay Mortgage Insurance. 

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Condos also have an HOA fee but this charge is not included within your monthly payment.