Good Tips for First Time Home Buyers

Posted October 14, 2021 & filed under All About Mortgages, Blog, Homeowner Tips, Mortgages for Champions, Mortgages for Military, Mortgages for Nurses, Mortgages for Police, News, special mortgages, Tips for First Time Home Buyers, Tips From Residential Home Funding's Experts, Uncategorized.

First Time Home Buyers Tips

First-time home buyers make up about a third of the home-buying market. So, if you’re buying your first home, you’re not alone.

However, you may not feel prepared. In fact, most first-time homebuyers feel like they aren’t.

Luckily, you’re here to learn the best home buying tips for new homeowners. With our home buying tips, you’ll understand the ins and outs of buying your first home. And, you’ll be able to reduce the stress and anxiety that so many first-time homebuyers have during the process.

Keep reading to get started. There’s so much to learn.

Preparing to Buy Your First Home

Getting ready for the home-buying process may seem like it’s a long way away, but – if you’re reading this article – you should’ve already started preparing. The financial and emotional struggles that come along with buying a home may overwhelm you at first. So, we recommend that you get ahead of the process.

There are plenty of ways to help you feel more prepared for buying your first home.

1. Start Saving Now

If you haven’t already, it’s time to start saving. If you have enough for a downpayment, you need to save more.

What a lot of first-time homebuyers don’t know is that there are more costs than the downpayment. You’re going to incur fees, expenses, and costs that you wouldn’t have anticipated before.

First off, your downpayment is likely going to be thousands of dollars. Even if you’re able to get a loan with a 3% downpayment, it adds up. So, you should use a downpayment calculator to make sure that you’re ready to save up the money that you need for your future home.

Next, you need to consider closing costs. This is going to be equivalent to about 2% to 5% of the total loan amount. While the closing costs depend on the lender that you have, you should err on the side of caution and save about 5% of the loan amount that you’re going to take out.

Lastly, you should consider moving expenses. Even if you’re moving across town, it’s likely that you’ll need to rent a vehicle to haul furniture. If you have the equipment already, you may need to consider hiring lifters to assist during the move.

Other than these financial factors, there are a few, smaller fees to take into consideration. Put aside an extra $1,000 just in case anything comes up at the last minute.

2. Calculate What You Can Afford

If you’re buying your first home, it’s likely that you don’t have an endless supply of money. While older individuals may be able to cater to their wants more, you have to cater to your needs.

You can’t go over budget when you’re buying a home.

In order to find your financial limit, you need to calculate your home affordability. Without this kind of calculator, you’re likely to invest too much in your home. Many first-time homebuyers do this because they don’t understand the financial calculations behind mortgages.

If you end up buying more house than you can afford, you may have trouble paying your mortgage payments in the future. As the regular expenses of home ownership add up, you could find yourself in trouble quickly.

When in doubt, shoot for a lower number than you think you can afford. It’s better to have some money left over.

3. Improve Your Credit Score

You should always know your credit score. It is one of the most important numbers during your adult life, and it holds a lot of financial power.

Your credit score will help lenders determine whether you’re worth an investment risk. A high credit score can help you get a lower interest rate for your mortgage as well as a lower downpayment requirement.

If you have a low or average credit score, you should work on pulling it up as quickly as possible. Here are a few tips that you can use to improve your credit score:

Pay off all of your debt
Avoid making big purchases within six months of applying for a mortgage
Don’t apply for other lines of credit six months before applying for a mortgage
Make all of your payments in full on time
Increase your credit limit
Decrease your revolving credit usage

The main thing that you need to worry about is the amount of debt that you have. Your debt-to-income ratio will tell the mortgage lenders whether you can handle another loan on top of your other financial commitments. If you have a high debt-to-income ratio, it’s unlikely that you’re going to get good mortgage terms.

Choosing the Right Mortgage

When it’s time to choose the right mortgage for your home, you need to understand all of the jargon that comes with the process. Many times, first-time homebuyers get bogged down by all of the considerations that they need to make.

With our tips, you’ll be prepared to negotiate and make the right choice.

1. Evaluate All of Your Options

Often, first-time home buyers get excited about one offer and accept it prematurely. It can feel great when you’re approved for the mortgage that you want.

However, if you’re going to get the best deal, you need to shop around before you make a decision. In other words, don’t accept the first offer that someone makes.

There are several kinds of loans for first-time homebuyers. Look at the different types and consider which type is the best for you.

From there, you can speak with different lenders about the rates and deals they can offer you.

2. Compare Rates and Fees

Once you’ve evaluated all of your options, you should choose the one that’s going to save you the most money while giving you the perks you want. The best way to collect all of these values is by requesting loan estimates from several different lenders.

Based on these estimates, you can decide which lenders are worth working with. If you’re not getting the rates you want, consider negotiating to see what kind of deal you can get.

You may also need to consider your risk profile as a borrower. If you’re considered a high-risk investment right now, you may want to wait to get a mortgage or consider refinancing in a few years.

3. Get a Preapproval Letter

Nothing that the lender says matters until you have a preapproval letter in your hand. This letter solidifies the terms of the agreement that you and the chosen lender made.

The interest rate and other terms detailed in the letter will remain the same no matter what happens to the market. However, most of these letters have expiration dates on them. So, you should be careful to purchase your home in that amount of time.

Shopping for a Home

Now, it’s time to go on looking for and purchasing a home. Arguably, this is the most exciting part of the process.

However, because of all of the excitement, you may find yourself wrapped up in things that you can’t afford. This is especially true when it comes to first-time homebuyers who may not be able to afford their dream home yet.

1. Stick to Your Budget

One of the biggest mistakes that first-time homebuyers make is not sticking to their budget. They may fall in love with an expensive house or convince themselves that they can afford more than they originally thought.

This leads to overspending and – sometimes – bankruptcy. You don’t want to go into more debt than you’re already going to have with your mortgage.

Consider the amount that you’ve saved for a downpayment and the depth of the loan that the lender offered. Do not go above these amounts. Otherwise, you’re going to find yourself in some financial trouble.

2. Choose the Right Real Estate Agent

Your real estate agent is going to be your best friend during this process. That’s why you need to make sure that you’re picking the right person for the job.

This individual needs to understand the things that you need in the budget that you need them. With this information, they can guide you through the home-buying process and help you find the right home for you.

3. Negotiate With the Seller

Negotiation is difficult for first-time homebuyers. Sometimes, real estate agents can help with this. But, the biggest factor in making an offer is the home inspection.

The selling price of a home does not have to equal the buying price. It’s all a negotiation.

Many first-time homebuyers think that buying a home is like online shopping. However, prices can fluctuate and include terms and conditions when it comes to buying a home.

Apply for a Mortgage Today!

If you’re feeling ready to jump in as a first-time homebuyer, you need to apply for a mortgage. Right now, there are great deals for first-time homebuyers and other individuals who are looking for homes.

Don’t forget to review your credit and consider your current financial situation. You may need to take some time to get your affairs in order before applying.

Don’t feel rushed. You can always come back when you’ve gathered everything you need.

Best Healthcare Workers Mortgage & First Time Home Owners Program

Posted September 26, 2021 & filed under All About Mortgages, Blog, Events, Mortgages for Champions, Mortgages for Nurses, Uncategorized.

We Offer the Best Healthcare Mortgages

Are you a healthcare worker? Are you looking for a new home? Are you interest in getting financial benefits and skipping fees?

If you answered ‘yes’ to each one of these questions, you’ve come to the right place.

We’re going to tell you all about the best healthcare workers’ mortgage: the Nurse Next Door First Time Home Buyer Program. This is a great mortgage program that’s geared towards helping healthcare workers in the United States.

If you’re a healthcare worker of any kind, you need to take advantage of this program. It could save you thousands of dollars.

To learn more about how it works, keep reading.

What Is the Nurse Next Door First Time Home Buyer Program?

The Nurse Next Door First Time Home Buyer Program, or simply the Nurse Next Door Program, was created to help healthcare professionals get financial assistance when buying a home. As essential workers, healthcare professionals create a strong workforce that supports the United States and its citizens.

In return, this program hopes to support healthcare workers.

If you purchase a home with the help of this program, you could be eligible for a fee-free mortgage process. On top of that, you may have access to free home assessment options and credit assistance.

Who Is Eligible for the Nurse Next Door Program?

The program may be called the Nurse Next Door program, but it’s available for more than just nurses. Likewise, it may include the phrase “first time home buyer program,” but it’s available to any healthcare worker who hasn’t owned a home in the past three years.

If you work in a healthcare setting, you’re probably eligible for the program. Here is a more specific list of healthcare providers that this program seeks to reach:

Nurses (RNs, LPNs, NPs)
Certified nursing assistants
Physicians
Medical assistants
Medical staff
Specialists
Pharmacists
Medical technologists
Lab technologists
Chiropractors
Dentists/Orthodontists
Veterinarians

Overall, if you’re a hospital or medical employee of any sort, you should apply to the program before you purchase a home. You’ll be amazed at the benefits that you can get from working the job that you already love.

What Benefits Come With the Nurses Next Door Program?

The benefits of the Nurses Next Door Program are numerous. We highly recommend that you take advantage of each one of these benefits that come with the program:

You can buy any home on the market
You may receive a grant
You can apply for downpayment assistance
You can get a healthcare-specific home loan
You can use the Simple Docs Program
You skip fees
You get preferred interest rates
You can get a free appraisal
You can get free access to the MLS
You can get free home buyer representation
You can get free access to foreclosures
You can take advantage of discounted title fees
You can apply for the Fresh Start credit repair program
You can apply for the Simple Docs Refinance Program

We could go on and on about all of the good things that come with this mortgage program. For now, we’ll jump into the specific numbers that you’ll want to know about for your upcoming mortgage.

Buy Any Home on the Market

Yes, we mean that you can buy any home that you want. It doesn’t matter what the value, location, or type is.

You get to make that decision.

You can choose the right home for you and your needs without having to worry about getting rejected because of the home that you’ve chosen. Look through home listings without any unwanted filters.

Receive a Grant

Grants are lump sums from the government. You don’t have to repay them.

With the Nurse Next Door Program, you can get grants up to $6,000 to buy a house. In order to apply for these healthcare-specific grants, you must apply through the Nurse Next Door Program.

If you’re approved, you could apply this money to your down payment or future mortgage payments.

Apply for Down payment Assistance

Through the Nurse Next Door home buyer program, you can apply for downpayment assistance in the form of loans or grants. If you receive a loan, you’ll have to pay it back. However, you’re likely to get a low-interest loan that may or may not be connected to the mortgage that you get.

Down payment assistance is particularly helpful for individuals who just finished their schooling. Although, everyone can benefit from a little bit of extra help coming up with a down payment for their future home.

Healthcare-Specific Home Loans

The home loan that you get from the Nurses Next Door program will be just for you. Your lender is going to understand that you’re an essential worker, whether you’re a registered nurse or another healthcare worker.

Because your lender will know about your job, they’re more likely to give lower interest rates and other perks.

Use the Simple Docs Program

The Simple Docs program allows you to access your documentation online, so you won’t have to collect all of the loan information when it’s time to go through with the mortgage. This program makes the application process easier for you and the lender.

Anyone who uses the Nurse Next Door program can use the Simple Docs program. Just ask your lender about how to set up your account so that they can see all of the information that they need.

Skip Fees

With this healthcare workers mortgage, you can skip multiple fees, including application fees, up-front fees, and broker fees. Normally, the home-buying process is riddled with fees around every corner.

Skipping these fees will help you save money while removing some of the stressors that come with buying a home.

Preferred Interest Rates

Through this mortgage program, you’re going to get lower interest rates. Your lender knows that you’re in a high-demand field with job security. On top of that, you must be responsible to hold your job title.

Therefore, your lender is going to be more likely to give you a better interest rate. With this, you may experience other financial benefits as well.

Overall, your lender is going to be less likely to put up walls during the mortgage process.

Free Appraisals

Home appraisers are the professionals who assess the home that you’re buying. They’re going to look at the overall condition of the house as well as all of the little details that you may not be able to notice. Home appraisals are important when it comes to correctly pricing the home and making any adjustments to the buying agreement before the sale goes through.

With the Nurse Next Door program, you can get a free appraisal of the home that you’re buying. This appears as a credit for up to $545.00 at closing.

Free Home Buyer Representation

A home buyer representative is a person who represents the home buyer as they’re looking for the home that they want. A great example is a real estate agent for a home buyer.

Through the Nurse Next Door program, you get free home buyer representation, so you don’t have to worry about racking up these costs either.

Free Access to the MLS

The MLS, or the Multiple Listing Service, is a platform that lists all of the homes that are currently for sale. If you go through the Nurse Next Door program, you can access this extensive listing for free.

This means that you can look at all of the homes that are for sale, so that you can choose the one that you want. With the MLS, you don’t have to hunt for the house alone.

Free Access to Foreclosures

Another way to look for houses is by examining recent foreclosures. Sometimes, these houses can be cheaper than traditional ones on the market.

You may be able to find a gem among these options.

Discounted Title Fees

The title fee is the fee that you have to pay to your state government for getting the title to the home. While this isn’t a large fee, all of those numbers add up over time.

With the Nurse Next Door program, you can enjoy a discounted rate.

Apply for the Fresh Start Credit Repair Program

The Fresh Start Credit Repair program can help you figure out what may be preventing your mortgage from going through.

With that information, you can work on bettering your credit score and getting the mortgage that you want.

Apply for the Simple Docs Refinance Program

If you find that you want to refinance your mortgage later down the road, you can do so through the Simple Docs Refinance Program.

You’ll still be able to enjoy all of the great benefits of the Nurse Next Door program if you refinance through Simple Docs.

Apply for the Best Healthcare Workers, Mortgage

If you’re a healthcare worker, it’s time to advantage of this program. It’s the best healthcare workers mortgage, and you’re not going to find any traditional deal that compares to the benefits that you’re getting with the Nurses Next Door program.

If you’re interested in getting started now, get your free quote today. We’re excited to get started.

First Time Home Buyer- Questions To Ask

Posted September 17, 2021 & filed under All About Mortgages, Blog, Homeowner Tips, Mortgages for Champions, Mortgages for Military, Mortgages for Nurses, Mortgages for Police, special mortgages, Tips for First Time Home Buyers, Tips From Residential Home Funding's Experts, Uncategorized.

Questions You Need To Ask When you are First Time Home Buyer

Buying your very first home is one of the biggest milestones anyone can have. However, all first-time home buyers

Mortgages for Champions Has Great advice for First Time Home Buyers

will have very different experiences. To some, it’s a tedious and stressful process, while others might say otherwise.

Mortgage Tips for First Time Home Buyers

It all comes down to one thing, though: how prepared you are.

It’s crucial to research and ask the right questions. This gives you a major advantage. It’s important to be on the right track early on and hit the ground running.

Work with your realtor and bank to make the right choice. Avoid any inconveniences and future obstacles by knowing what you’re getting into. Get yourself one step closer to your future home by answering these questions before you buy.

Why and for How Long Do I Need This Home?

While these may sound like strange questions, they’re still important to consider. Large families have different home needs compared to young professionals or college students. You should consider exactly what kind of home you need and how long you plan to stay there.

Working with your realtor can help narrow down your options and find something that fits you. A family looking for a forever home will consider proximity to schools, parks, and yard space. Working professionals or students may need to be close to work or school.

If you’re only on a job assignment or an exchange program, you likely won’t invest in a long-term home. This could give you some flexibility as your list of deal-breakers will be easier to work with. It’s important you ask these questions both for yourself and to your realtor.

Know what you want and what you are ready to sacrifice. Ask your realtor to find the best match for your needs and budget. Consider the length of ownership, the area, and how much you could recoup when you decide to sell.
Whether you plan to flip it, stay long-term, or until life takes you elsewhere, these are important questions to answer.

What Made the Realtor Pick This Home?

Home Buying Tips

Very rarely do the first-time home buyers shop without the aid of a realtor. Real estate agents make the whole process easier and help you find your dream property. One of the most important questions to ask a realtor is why they chose to show you this house?

Any good realtor will talk with you and listen to what your needs are. They’ll then do their best to find something that meets your criteria. The agent should have a series of houses lined up to show you.

When they take you to each property, get to the point and ask them what’s so special about this house. If they were listening, they’d be able to point out all of the features they know you wanted. Those who didn’t or who don’t care might show you homes within your budget, but which aren’t tailored to your needs.

Don’t let them sell you on possibilities and any amenities you didn’t want or ask for. Often these come with extra costs that blow your budget. Hold realtors accountable and ask about the features that are important to you.

Make a list of your requirements and any flexibility in your budget, and ensure the realtor abides by it. Chances are you will have to compromise, so work on what’s optional and what is a deal breaker. At each house, ask your realtor what made them bring you here, and keep them focused on your requirements.

Is This Home Within My Budget?

Creating and sticking to a budget is on most lists of the best home buying tips. “What’s my budget?” is one of the most important questions to ask when buying your first home. Your finances will determine what you can get, and your realtor should be aware of this.

Whether you want a new apartment or a fixer-upper, you need to have your budget in order. Make sure you also prepare enough for certain unexpected situations, fees, and payments. This will help you secure your home in a smooth and easy manner.

The last thing you want is to find the perfect home only to find out it isn’t within your budget. A set budget also allows you to streamline your home search. The realtor won’t waste everyone’s time with houses way out of budget.

Most realtors factor in property taxes and any closing costs when working with you. Including property taxes, an average of 28% of your post-tax income is a good starting point to cover your monthly house payments. Typical closing fees are usually associated with inspections, estate fees, and commissions.

If your first-time home is a fixer-upper, there are more questions to consider. Your budget needs to factor in not only the costs of renovation but of unforeseen expenses. Many homes, especially older ones, will run into structural or building code issues as you go.

You’ll want an emergency fund set aside for such occasions, even if your home isn’t a fixer-upper. It’s good to have the flexibility to redecorate or replace things in your new home. At the end of the day, you need to ask hard questions about yourself, your budget, and your finances before you buy.

What Kind of Mortgage Can I Afford?

Important home buying questions will always include how to get a mortgage. If you’ve made a

Important Home Buying Tips

budget, you may already have an idea of how much you can afford. You’ll need to take stock and talk to the bank and your realtor to figure out the finer details before you buy a home.

Things like credit score and your job and debt history will be important factors. That said, the best people to ask are usually at the bank. When choosing your mortgage, you’ll also have to consider the interest rate.

Fixed interest rates are often better for long-term ownership. This is because you won’t be subject to interest rate fluctuations, which will save you money. Adjustable rates are often lower in the beginning, but can rise unexpectedly.

This makes adjustable rates preferable for short-term ownership since you won’t be around when the rates jump. By considering these things and talking to your bank and realtors, you’ll save money. This can also help set up a foundation for your finances to avoid losing the house you worked hard to buy.

Are There Any Concerns With This Property?

This is one of the most important questions to ask when buying a house. Homes go on the market for all sorts of reasons, and often they have no shortage of hidden problems. Older homes, in particular, can have a host of safety and structural issues that you’ll need to address.

Ask your realtor if the house has gone through inspection recently. Issues like asbestos or lead can be serious health issues for you or your family. They also are expensive to remove and replace.

Another thing to ask about is if there are any structural concerns. Corrosion, or a cracked foundations, rotting wood, and water damage are things you should be aware of. Never buy a house without asking and then considering if the associated work and costs are worth it.

The property may still be worth the price, but ask the realtor up-front. It may be possible to address home concerns before you sign without going too far over your budget. This will save you from dealing with the hassle and paperwork yourself.

By neglecting to ask these questions, you may be in for a rude awakening later. If the concerns are serious enough, you’ll be legally obligated to deal with them out of pocket. Get ahead of the headache by asking before you buy.

Has This Property Been on the Market Long?

You should also consider how long a house has been on the market before you buy it. It might be a sign that something is wrong or that the price is too high. Always ask how long the property has been sitting on the market.

Talk to your realtor so you can figure out why it’s been on the market for so long.

The longer a property sits without a buyer, the more room you should have to negotiate a lower price. The same is true in reverse for newly listed homes. By knowing how long ago the house got listed, you’ll have a better understanding of how fair the price is.

Knowing how long a property’s been on the market lets you and your realtors negotiate with confidence to get the best deal. If the house is still way over budget or the average price, you can confidently walk away.

This is one of those first-time buyer questions that often make a big difference. It will save you from beating around the bush and having buyer’s remorse for turning down good homes. It can also save you from falling in love with a home that is way overpriced.

First Time Home Buyers Should Ask the Right Questions

There’s no feeling that can quite match getting your own home. To get there, though, first-time home buyers need to ask the right questions to plan and make the right choice. At RealFi Home Funding, we answer financial questions to help you.

The Mortgages for Champions program is one way we help first-time buyers get their dream home. Contact us today for more information or to find out how.

Please see related articles – Mortgages for Champions Special Mortgage Programs: What You Need to Know

Mortgages For Champions – Best Mortgages for Doctors Mortgages For Champions – Best Mortgage Options For Nurses Mortgages for Champions – Teachers Get Better Loans https://www.mortgagesforchampions.com/special-mortgages-company-highlights-reasons-to-seek-help-when-buying-a-home/ https://www.mortgagesforchampions.com/holiday-budget/ What are Mortgages for Champions? 7 Facts to Know When A Police Officer Is Shopping For A Mortgage

Mortgages for Champions Special Mortgage Programs: What You Need to Know

Posted September 11, 2021 & filed under All About Mortgages, Blog, Mortgages for Champions, Mortgages for Military, Mortgages for Nurses, Mortgages for Police, special mortgages, Uncategorized.

Mortgages For Champions Offers Many Special Programs

The number of home sales only continues to rise, with the total amount of homes sold in 2020 being the highest since 2006. Interest rates were incredibly low and home buyers took advantage of the opportunity to purchase a new home.

Mortgages for Champions offers a variety of mortgage programs for potential home buyers. There are programs for teachers, government, and other public professions. Additionally, there are programs designed to help those in financial need or first-time home buyers.

Wherever you are in your home buying journey, Mortgages for Champions can help. This guide will go over the various home mortgage programs we offer and how you can apply.

What’s the Mortgages for Champions Program?

RealFi Home Funding started the Mortgages for Champions program in order to thank our hardworking, selfless champions in the below industries:

Firefighting
EMT
Law Enforcement
Government
Military
Medical
Education

We designed these programs to be an acknowledgment of our appreciation for the work those individuals do for our communities. As a thank you, we’re proud to over discounted mortgage rates.

With these discount programs, all of our lender fees get waived. Lender closing costs are applied by all lenders to every mortgage. Sometimes the costs can be up to $1,700.

Our program removes those fees. You also won’t encounter processing, application, commitment, or underwriting fee when you get a home mortgage with Mortgages for Champions.

On top of that, we also offer a personalized lending process with competitive rates that’s quick and easy. We’ve been doing this program for over 20 years. We’ve built long-lasting relationships with local community leaders.

Read on for more information about the types of loans and financing programs we offer.

Debt Consolidation

On top of being a homeowner, you’re likely faced with a myriad of other debts that you’re responsible for. This can include ~auto loans, student loans, and credit card payments. Managing your finances when you’re making payments to multiple entities can be difficult.

We offer a debt consolidation program that’ll make your life easier. A cash-out refinance can give you cash to pay down your debt. That’ll result in reducing the amount of interest you owe and possibly lowering your monthly payments.

Interest rates on a home mortgage are typically lower than that of a credit card. It doesn’t make sense to keep a balance on a loan or credit card that has a high interest. By refinancing your home, you can save on those costs each month.

Our loan officers will review your personal finances and present you with feasible options that’ll save you money every month. Our debt consolidation program is a cash-out refinance. You can turn the equity you’ve built up in your house into cash that you can apply toward your debts.

Connect with one of our loan officers to find out if this is a good option for you.

First Time Home Buyers

With our Champion First Time Home Buyer program, you can qualify for a loan with no bank closing costs. Our loan officers will guide you through the process as you become a homeowner for the first time. We’ll match you with the best team member who’ll help you qualify for your dream home.

One of the best features about our first-time homebuyer program is there’s no minimum credit score to qualify. One of our underwriters will evaluate your entire credit profile in order to determine your likelihood of repayment. Credit issues in your past may get overlooked if you’ve re-established your credit.

Chapter 7 bankruptcies also aren’t an issue if they’re over two years old or one year with extenuating circumstances. With a Chapter 13 bankruptcy, those are allowed with a minimum of one year of on-time payments and trustee approval.

You also need little money upfront. The seller can pay up to 6% of the total sales price toward the home’s closing costs. You can also take advantage of different down payment assistance programs and purchase a house without paying out of pocket.

Purchasing a Home

We offer a Champion loan for home buyers. This is a great option if:

You’re buying a one to four-unit property
You have less than 20% to put down
You don’t have the best credit
You want a stable and low rate
You need a cosigner
You don’t want bank closing costs

Our fixed-rate loans are the most popular solution for Champion financing. Since it’s not an adjustable-rate mortgage, your payment each month will stay the same for the entire duration of your loan.

Since this loan requires only 3.5% as a minimum down payment and the seller can pay up to 6% toward the closing costs, you can purchase a home with little money. Interest-only and adjustable loans will bring down the costs even more. However, that time of loan requires a minimum of 5% down.

Mortgage Loans for Teachers

Teachers can enter in a program established by the Department of Housing and Urban Development (HUD) to purchase a townhouse, condo, or single-family home. Teachers will receive a 50% discount. The Good Neighbor Next Door is designed to encourage teachers to purchase homes in moderate to low-income areas.

Mortgages for Champions is proud to honor the Teacher Next Door Program. It’s open to anyone employed by a public or private school full-time. Additionally, those working as a state-certified teacher or administrator in a state, county, municipal, or federal educational agency may apply.

In order to qualify, you’ll need to certify that you’re employed by an educational facility that serves the district/jurisdiction where the home you’re buying is located. Your employer also must verify that you’re in good standing with them. They’ll need to certify that you’re a full-time educator.

To qualify for this program, you don’t have to be a first-time homebuyer. One caveat is that you can’t own any other home or property when you close on this home. You’ll need to live in this house as your primary residence for at least three years after you move in.

What Are the Benefits?

One of the primary benefits of this program for teachers is that you can purchase a property at a 50% discount. You can also apply for an FHA-insured mortgage loan to make it even more affordable. Your down payment could be as little as $100 with that option.

Homes that qualify for this program are restricted to pre-designated residences located in revitalization areas. A triplex or duplex wouldn’t qualify for it. The houses have to be HUD acquired. Other real estate properties for sale wouldn’t qualify.

If the home needs some repairs, teachers can also apply for FHA’s 203(k) mortgage program. This enables you to finance the home’s purchase and the cost of upcoming repairs. You’ll be able to have one loan that covers both costs.

What Happens If I No Longer Am a Teacher After Qualifying for This Loan?

What happens depends a lot on the circumstances. Sometimes HUD can restrict you from selling the home for no more than 110% of what you originally bought it for. They could also require you to pay back all or part of the total discounted amount.

Speaking with a qualified loan officer at Mortgages for Champions can go over the features of this loan with you. Educating yourself and applying for the right type of loan will ensure the process goes smoothly.

How Do I Apply?

The properties in the Teacher Next Door program get listed and sold over the internet. You’ll know which ones are included by a special button that’s marked on the property. Bids for the properties are awarded once a week.

The amount you bid must be the exact total of the list price. You can submit your bid to the property directly or use the services of a broker. The winning bid is randomly selected by a computer.

In every case, HUD will require you to sign a second mortgage for the discount amount. No payments or interest is required on this second loan provided that you stay in the property for three years and fulfill your obligation.

At Mortgages for Champions, we’re happy to offer multiple custom loan options that are suited for every type of borrower. Our reputation is built on customer service and efficiency. We’re happy to answer any questions you have as you start on your home buying journey.

Contact Us to Learn More About Our Mortgage Programs

No matter what your financial situation is, there are mortgage programs at Mortgages for Champions that’ll fit your needs. We’re proud to give back to members of our community that already do so much for us. Whether you’re looking to purchase a home or consolidate your debt, we can work with you to achieve your goals.

To find out if you qualify for one of our loan programs, click here to apply.

Purchasing a Home? Here’s What You Need to Consider

Posted September 4, 2021 & filed under All About Mortgages, Blog, Homeowner Tips, Tips From Residential Home Funding's Experts.

Mortgages for Champions Will Help You Buy or Refinance Your Home

Are you considering purchasing a home? If you are, congratulations! Now is a great time to buy a house. All of us at Mortgages for Champions are here to help.

Home mortgage rates are at their lowest levels in history. That means the money you’ve saved will stretch the furthest it is ever going to stretch.

While buying a home is a fun, exciting time, some people see it as stressful and overwhelming. But the way the process goes for you all comes down to planning.

Many people view the process as simply finding a realtor, picking out a house, and going to closing. It would be nice if it were that easy! But there are a few things you need to consider when embarking on your home buying journey.

The good news is there’s no need to worry. We’re going to cover all of the steps of the home buying process in this article. We’ll get you familiar with all of the home buying costs you need to plan for and even help to educate you on home mortgage rates.

There’s a lot of information to cover, so stick around and read on. By the end of this article, you’ll be a home buying expert.

Are You Ready?

One of the first things real estate and mortgage professionals will tell you is to make sure you have your finances in order. All of your “ducks” need to be in a row before you start to look at buying a house.

What they don’t tell you, however, is that you need to make sure you’re ready emotionally as well.

Buying a house, whether it’s your first one or a new one, has some major implications. Once you buy a house, you’re not going anywhere for a while. It’s a statement that you’re deciding to put down roots wherever you buy.

You should think about your goals for the next few years before purchasing a house. Is there a chance you may need to relocate for work? Is starting a family in your near future?

These are all things that you need to consider. You definitely need to consider them if you’re buying your house with a partner. Making sure both of you are on the same page financially and emotionally is a necessity before buying a home.

Be honest with yourself and with your partner. Have conversations, come up with a plan, and you’ll have a solid foundation to start this journey on the right foot.

Crack Open the Books

We all know this topic needs to be covered: your finances. Taking a good, hard look at your finances and buying a house go hand-in-hand. You’re going to be dealing with creditors and applying for a mortgage.

It’s important that your “financial snapshot” makes the process go as smoothly as possible. Buying a house is a big decision, so make sure your finances are in tip-top shape.

Many websites offer calculators that tell you how much home you can afford. These calculators will factor in things like your income, the amount of debt you have, and your potential down payment. They’ll take all of that information and compare it to the local market where you’re buying to figure out how much house you can afford.

Using these calculators will allow you to see how much your monthly mortgage payments will be. It will also allow you to see how much you can expect to pay in total monthly expenses now that you’re a homeowner. It’s easy to focus so much on your mortgage that you forget about the other expenses like taxes, HOA fees, and home insurance.

This brings up an important point about budgeting. You shouldn’t be shopping for a house at the upper limit of your price range. For example, if a home calculator tells you that you can afford a $350,000 house, it’s not wise to shop for $350,000 houses.

You’re better off calculating what you can afford as a monthly payment and work backward from there. Depending on your market, you may still be able to find an amazing house for $280,000 to $300,000, and you won’t be stressing out to make the payment every month.

Don’t Forget Your Credit

Your credit score is also going to be an important part of this financial picture. Lenders are going to check your credit score when you start applying for a mortgage. But, it’s a good idea to know it for yourself, as well.

It’s true, mortgage rates are currently at all-time lows. The best way to secure the lowest rate possible is to have the best credit score possible.

If your credit isn’t perfect, that’s okay. You may want to put off purchasing a home for a little while and work with a credit professional on improving your credit. Working on paying down any other debt to reduce your debt-to-income ratio is a huge help in this process.

Stuff Your Piggy Bank

For most homeowners, especially first-time buyers, the biggest financial hurdle is the down payment.

As of January 2021, the median U.S. home price was $269,039. At a 20% down payment, a homebuyer would have to come up with roughly $52,000. That’s a lot of money for any one person or couple to have lying around.

It’s possible, but it takes planning. The good news is that certain government agencies, like the FHA, provide loan products with lower down payments. If you qualify for an FHA loan, your down payment can be as low as 3.5% of the purchase price.

However, if you choose a lower down payment, you’ll be responsible for a monthly mortgage insurance premium. Banks require you to pay this until you reach a level of 20% equity in your home. Having to pay mortgage insurance, or PMI, will make your monthly payment higher than you originally planned.

It’s important to review your budget and see how much you can set aside every month to cover the cost of your down payment. A 3.5% payment is more attainable than a 20% down payment. But, if you decide to go that route, you need to see if your budget can handle the extra monthly cost of PMI.

It also pays to contact local community organizations as you go through your home buying process. Some organizations will provide programs that offer down payment assistance. This is especially true if you’re a first-time homebuyer.

What Are Your “Must-Haves?”

You and your partner should be focusing on your “must-haves” for a potential house. Think of this as your “wish list.”

Most people already do this when it comes to things like a fireplace, a backyard, or an area for entertaining. But, there are some other things you need to consider as well.

Do you want a single-family house or an attached unit like a condo or townhome?

Where do you want to be located? You’ll want to look at where you spend most of your time. Does this location provide an easy commute to work?

You’ll want to focus on things like safety and amenities as well. Also, check to see if your favorite neighborhood has an HOA and look at the school district if children are in your immediate plan.

You may also want to consider: do you want to buy something move-in ready or a house that needs some TLC?

Get Your Mortgage

This is the most important step when purchasing a home. The mortgage you qualify for is going to dictate a lot of the other steps of the home-buying process. It’s also important to choose the right type of mortgage.

Your mortgage broker or lender can help you with this process. There are several different loan products. Going with the right one can save you thousands of dollars and a lot of headaches.

Conventional loans and FHA loans are the two most popular. Conventional is your standard loan from a bank with a 20% down payment. FHA can allow you to put down as little as 3.5%.

The interest rates for each type of loan are going to depend on your credit score and other underwriting factors.

VA loans are another possible option, but these are only available to military veterans. They offer very friendly interest rates and terms as a way to thank the U.S. Military members for their service.

Renovation loans are another popular option, especially with first-time homebuyers. They’re useful if you purchase a fixer-upper home.

Renovation loans allow you to roll renovation costs into your mortgage. FHA offers a product called the 203k loan, which is a very popular renovation loan. It’s important to look at the terms of these loans to see what type of renovation you can actually do.

For example, with the 203k loan, you’re allowed to roll the renovation cost into your loan as long as it doesn’t exceed 10% of the purchase price.

Purchasing A Home Made Simple

If you were nervous about purchasing a home before, we hope we put your mind at ease. Take the time to communicate with your partner, adjust your finances, come up with a savings plan, choose the right mortgage, and your home buying process should be smooth sailing.

If you’re looking to buy a home, let the team at Mortgages for Champions help you. We offer competitive loan products for our local champions: nurses, military, law enforcement, and first responders.

If you have any questions or would like more information, contact us at any time. We are thrilled to be a part of such an exciting time in your life. We’ll do whatever we can to help you along on this journey.

Mortgages For Champions – Best Mortgages for Doctors

Posted August 15, 2021 & filed under Blog, Mortgages for Champions, Tips From Residential Home Funding's Experts, Uncategorized.

Mortgages for Champions = Best Mortgages for Doctors

We Offer Some of the Best Mortgages for Doctors

Applying for your mortgage can be one of the most challenging, and most stressful, parts of buying your new home. The good news is that it doesn’t have to be.

One of the bizarre things about the process is that people who make a good, often very good income, can have trouble getting a mortgage for their home. Certain mortgages work best for people that make their own income. This is especially true when it comes to mortgages for doctors.

Many people think as long as my credit is good, and I make enough money, I’m golden. Unfortunately, that’s not the case. Your bank or lender may want some additional information to support your file.

If all of this seems a little troublesome, don’t worry. We’re here to help. Today, we’re going to talk about mortgages for doctors and other medical professionals. By the end of this article, you’ll be able to confidently apply for the mortgage that’s perfect for you.

Let’s get you a house!

What’s the Problem?

So, what’s the problem? Most doctors and medical professionals make great salaries, right? So, it would stand to reason that mortgages for doctors shouldn’t be a problem at all.

Well, that’s not exactly true. See, banks and lenders need to know a little more about their borrowers. An 800 credit score and a yearly salary of $150,000 isn’t enough for them to lend you their money.

Think of it this way, when a bank or lender gives you a mortgage, they’re essentially “betting” on you to pay it back. And financial institutions only want to bet on sure things.

Now, obviously, that’s a little bit of an exaggeration. There’s no 100% guarantee that someone is going to pay back their mortgage. No matter who they are.

However, your bank or lender wants to feel as confident as possible. This is why they will look at things like income history, debt to income ratio, etc. Any information you can show them to prove you’re as close to a “sure thing” as possible helps your case.

Once you gather up all of your “proof” the next step is applying for the right loan. There is a wide variety of loan products out there. Your job (with the help of a professional, of course) is to find the loan product that’s right for you. This is especially true as a doctor or medical professional.

Mortgages For Doctors

As a doctor, you’re in luck! There are loan products available that cater specifically to people in your field. These loans are called physician loans.

Physician loans are different than traditional mortgages. They are more flexible and have some other features to help doctors purchase a home and start their life. One of the main reasons for these unique loans is med school.

Unfortunately, med school is unavoidable. The high price tag of med school is also unavoidable. This is why doctors enter the workforce with higher amounts of student debt than almost any other profession. Physician loans account for this “occupational hazard” of becoming a doctor and aim to make life after med school easier for newly-graduated physicians.

What Is It Exactly?

So, what exactly is a physician loan? Let’s dive into the details.

One of the perks of physician loans is that they typically don’t require PMI. PMI stands for private mortgage insurance.

Normally, homeowners have access to loan products that allow you to buy a home with as little as 3.5% down. While these are great programs for people just starting, lenders get a little uncomfortable when their borrower has less than 20% equity in a home. As a result, your lender will usually tack PMI onto your loan until you hit that 20% equity mark.

With mortgages for doctors, however, there is no such thing as PMI. Even if the down payment is low. This is huge because PMI can get expensive. It can add hundreds of dollars to your monthly payment. Depending on the size of your loan amount.

The idea is that giving young physicians a break like this will free up more money to help them pay off their student debt. Which, depending upon your area of study, can be well into six figures.

Debt to Income Ratio

Another area where physician loans are flexible is the debt to income ratio. Again, the idea is to help new physicians pay off their student debt.

Traditionally, if you’re debt to income ratio is high, you’re seen as a risky borrower. The way a lender looks at it is if you have high debt, you have less disposable income to pay toward your mortgage.

Because doctors go to med school, have to do an internship, and have to do a residency, they wouldn’t qualify for most loan programs’ debt to income (DTI) requirements. Their student debt takes up the majority of the money they make shortly after graduating.

Physician loans help out by treating DTI requirements a little differently. These loan products expand their DTI to accommodate the higher ratio that doctors typically have. Some physician loan products also assist doctors by not counting medical school expenses toward their DTI ratio. This can be a huge help when the lender is reviewing a doctor’s application.

Proof of Income and Employment Verification

In addition to debt to income and credit score, lenders also want to see that applicants are working and earning income. This is where proof of income and employment verification come in.

Lenders want to see a history of stable employment and stable income to issue a loan. This is why mortgage professionals will tell you not to switch jobs or anything during a loan application process. Even the smallest change could throw off your chances of approval.

You also can’t apply for a loan with the promise of a new job and a steady income. However, this isn’t the case for physicians.

Most people can’t go to a mortgage broker with a signed employment contract and get approved for a loan. With mortgages for doctors, however, a signed residency contract may be good enough as proof of income and employment. It depends on the lender, but some physician loan products will move forward with a residency contract as sufficient proof.

Some lenders will also lend to applicants with a shorter term of employment. Typically, lenders like to see two years of employment history. Certain lenders, however, will lend with less than two years of self-employment history. This comes in handy as an entrepreneur, independent contractor, or a doctor who is opening their own practice.

Who Can Qualify

Physician loans are available to the majority of doctors and nurses, but they may not be available to all. Medical professionals with an M.D. or D.O. degree qualify for physician loan programs. These individuals have access to all physician loan products.

Some products may also be available to dentists and orthodontists with a D.D.S. or D.M.D degree. Certain lenders may even make their physician loan programs available to doctors with a D.P.M. degree.

Physicians go through a unique process to start their careers. For starters, they are taking six figures of debt. But it doesn’t stop there. Physicians also go through one of the more unique paths to becoming a practicing doctor.

In addition to med school, physicians are required to do an internship and a residency to complete their program training. Lenders are sensitive to this fact when underwriting mortgages for doctors. Most lenders will adjust the approval criteria on a case-by-case basis.

The lending criteria can change depending on how far along a physician is in their training. The loan amount also adjusts as well. Attending physicians can enjoy access to higher loan amounts than med school interns or fellows.

It’s important to note that these loans are for primary residences only. Physicians can’t use these loans to buy or refinance investment property. They also aren’t allowed to use these loans for vacation homes.

Should You Apply?

So, you’re probably wondering if a physician loan is a good idea for you. Well, the first question is “are you working toward being a physician?” If you’re reading this, the answer to that is probably yes.

If that’s the case, then you’ll want to take a look at your financial situation before applying. How much money do you have saved up?

The biggest benefit of a physician loan product is to get into a house with very little money out of pocket while avoiding PMI. Most first-time homebuyers, regardless of career, don’t have a lot of money to put down on a home.

If this sounds like you, then a physician loan would be a great place for you to start. If, however, you have 20% to put down then a physician loan may not make sense. You may want to consider applying for a traditional or jumbo loan.

Just What The Doctor Ordered

We hope you’re walking away from this article with a better understanding of physician loans. Mortgages for doctors can be a useful tool while you’re working toward your goal of becoming a practicing physician.

If you want to get started living a life of home ownership right away, then take advantage of the benefits physician loans can offer you. If you’re ok with waiting and saving, then it may not be for you.

Working with a professional can help you make that decision. If you have questions about physician loans or any other mortgage products, contact the team at Mortgages for Champions. We are part of your home buying team and are happy to help in any way we can.

Everything to Consider When Choosing The Right Mortgage

Posted July 5, 2021 & filed under All About Mortgages, Blog, Mortgages for Champions, Tips From Residential Home Funding's Experts, Uncategorized.

GET THE BEST MORTGAGE HERE

You Picked Out Your Home Now You Need A Mortgage

Have you decided that this is the right time to buy a home? If you have, then there is another big decision that you have to make. One that will affect you and your pocketbook for years to come.

Choosing the right mortgage lender is a decision that can save you hundreds or thousands of dollars each year. Choosing the wrong mortgage lender can cost you hundreds or thousands of dollars each year, and several thousand over the life of your loan.

Below you will find everything that you need to consider when choosing mortgage lenders.

What Is a Mortgage Lender?

A mortgage lender is any person, institution, or corporate entity that lends money for real estate purchases. The lender can be an individual such as an investor, or more commonly, a bank or credit union. The lender loans money and expects a repayment with added interest in the future. The interest charged on the loan depends on the lender.

How Does Mortgage Lending Work?

There are a series of events that occur during the process of mortgage lending:

The borrower fills out a sales contract on the real estate
The borrower submits the financial documents to the mortgage lender
The lender evaluates the buyer’s ability to repay the loan
The lender sets the loan amount and interest rate for the loan
The lender appraises the home to see if it is worth the amount being requested
The borrower pays the lender the down payment and also pays closing costs
The borrower makes monthly payments to the lender for the life of the loan

The Factors to Consider When Choosing a Mortgage Lender

Determining who your mortgage lender should be can be a labor-intensive process. But if you carefully do research, you will end up with the lender who best meets your needs.

The Type of Lender

There are several options in lenders for the person looking for a real estate loan. Banks, credit unions, online banking, and non-bank lenders are the options most widely used.

Banks

Banks are financial service providers licensed by the government. They have the authority to make loans and receive deposits.

A large percentage of borrowers get their mortgages through the bank. An increasing amount of borrowers are using non-bank options for their financing.

Banks tend to be large institutions with a wide array of services. They usually deal with a large volume of mortgage applications. They also take a longer time to close real estate deals.

Although banks can offer special discounts, they also have stricter lending standards and usually have high interest rates and transaction fees.

Credit Unions

Credit unions are non-profit organizations that are formed with very specific membership requirements. They provide most of the same services offered by banks but are typically smaller institutions.

Credit unions tend to have less stringent standards than a bank, so potential borrowers with less than excellent credit, stand a better chance of getting a mortgage.

Although credit unions can sometimes offer lower rates than banks, they have fewer loans available.

Mortgage Bankers

A mortgage banker or mortgage lender is a person or institution that originates a real estate loan and usually provides the funding as well.

Revenue is typically generated by charging an origination fee for the loan. The mortgage banker can choose to keep servicing the loan they originated, or they may opt to sell the loan.

Some mortgage bankers are able to fund all types of transactions including residential purchases, refinancing, investment properties, and construction loans.

Additionally, mortgage lenders can offer a wider variety of options for lenders than are available from a bank. They also tend to have less stringent credit requirements and close on loans faster than the typical bank.

The Type of Loan

Another factor to consider when finding a mortgage lender is the type of loan that you will get. There are several types of loans, and each one has pros and cons which you should go over carefully with your mortgage lender.

Conventional Loans

Conventional loans are not insured by the government. Mortgage companies, credit unions, and banks, usually offer conventional loans.

These loans can be conforming loans that fall within the maximum limit set by the Federal Housing Finance Agency, FHFA.

The Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation, (Freddie Mac), guarantee conforming loans.

Conventional loans can also be non-conforming loans or jumbo loans, which do not fall within the limit set by the FHFA. These loans are not backed by Fannie Mae and Freddie Mac.

Conventional loans may be used for most types of real estate. They can be issued with as little as 3% down.

The borrower, who should have a credit score of at least 620, may be required to pay Private Mortgage Insurance, PMI if their downpayment is less than 20% of the purchase price.

Conventional loans work best for those borrowers with strong credit, steady employment history, reliable income, and the ability to put down at least 3%.

Federal Housing Administration Loans

The Federal Housing Administration or FHA is a government agency that backs loans issued by an FHA-approved lender.

These loans are best suited for borrowers who do not have much money for a down payment or have mediocre credit scores in the 500’s. The down payment for these loans can come from gifts from others, financial assistance grants, or personal savings.

Buyers who qualify for an FHA loan are required to pay mortgage insurance.

Veteran’s Administration Loans

Veteran’s Administration, or the VA loan, is another government-backed loan provided to active duty and veteran members of the armed forces.

Down payments and Private Mortgage Insurance, PMI, do not have to be paid for a VA loan.

Additionally, any closing costs are set and can be paid by the seller of the property.

United States Department of Agriculture Loans

A USDA loan is a government-backed loan given to low and moderate-income borrowers who are either first-time buyers or who are unable to meet the standards for a conventional mortgage.

The property that is going to be mortgaged should be in an eligible rural area.

The USDA defines an eligible area as “open country or any town, village, city, or place, including the immediate adjacent densely settled area, which is not part of or associated with an urban area”.

The U.S.D.A loan does not require any money down

The Type of Interest on the Loan

The two main types of interest on loans that can be charged are an Adjustable Rate of Interest or a Fixed Rate of Interest. You need to know which type your mortgage lender would be willing to extend to you.

Adjustable-Rate Mortgage

The interest rate on an adjustable-rate mortgage, also known as an ARM, is adjusted, or changed, periodically. An index is the basis for the adjustment.

The index used for the adjustment may be either the 1-year Constant Maturity Treasury, CMT, securities; the London Interbank Offered Rate, LIBOR; the Cost of Funds Index, COFI; or the mortgage lender’s own cost of funds index.

Adjustable rates mortgages pass on a part of the interest rate changes from the lender onto the borrower.

The borrower can benefit if the interest rates go down but can be negatively affected if the interest rates go up.

Fixed-Rate Mortgage

A fixed-rate mortgage has an established rate of interest that does not change for the duration of the loan. As a result, your principal and interest monthly payment amounts remain the same.

A fixed-rate mortgage tends to be more popular than an adjustable-rate mortgage since it allows the homeowner to have a stable budget with regards to their mortgage over a long period of time.

The typical periods chosen for fixed-rate mortgages are 15-year and 30-year terms.

What Are the Qualifying Requirements for the Lender?

Mortgage lenders are usually looking for clients with certain characteristics. Some may require you to have FICO scores over 600. Others may be fine with lending money to those who have sub-par credit scores

There are lenders who may require you to put down 20% of the purchase price while others may allow you to put down as little as 3%, or no money down at all.

Ideally, your mortgage lender can choose to waive some or all lender’s closing costs which can include processing, application, and underwriting fees.

Making the Right Choice of Mortgage Lender

Choosing to buy a home was just the first step. Now that you have additional information, you can make an informed decision with regards to who holds your mortgage.

You should be looking for a mortgage lender who will provide competitive as well as diversified mortgage financing.

Here at RealFi, we are one of the top correspondent mortgage bankers in America. We would love to help you on your journey as you make owning your home a reality.

Also Please refer to These Articles – Mortgages for Champions Offers Nurses Savings on Closing Costs https://www.mortgagesforchampions.com/mortgage-loans-for-police-officers-and-law-enforcement/ https://www.mortgagesforchampions.com/mortgages-for-champions-teachers-get-better-loans/ What are Mortgages for Champions? Home Loans for Nurses: A Complete Guide to Buying and Refinancing Are you afraid to buy your first home?

Mortgages For Champions – Best Mortgage Options For Nurses

Posted June 15, 2021 & filed under All About Mortgages, Blog, Mortgages for Champions, Mortgages for Nurses, special mortgages.

So You Are A Nurse & You Need A Mortgage!

Mortgages for Health Care Professionals

Nursing is a flexible career choice for those looking for a fulfilling role in helping others. The average salary is around $73,000, making it an attractive financial choice as well.

However, if you’re looking to purchase a home, there can be some drawbacks to being a nurse. Mortgage lenders and banks often look at a nurse’s flexible schedule as being unstable. It’s also hard to figure out your full-time hours when many shifts nurses take are extra ones.

This guide will go over the different mortgage options for nurses. Just because your job situation can be complex doesn’t mean that you shouldn’t be able to qualify for a quality mortgage.

How to Qualify for a Mortgage as a Nurse

Staff nurses have the easiest time qualifying for a mortgage over other types of nurses. One of the primary reasons is the fact they have a base income that they can show to mortgage lenders. That’s a positive for them when lenders conduct their risk assessment.

However, that doesn’t mean they’re guaranteed to get a mortgage. A staff nurse can show a lender or bank proof of their base income, but that doesn’t always reflect their actual income.

The wages a nurse brings home are broken up into a few different types of pay. These include:

Overtime
Shift hours
Shift differential

A large portion of nurses work more than their assigned shift. It can be difficult for a lender to account for a nurse’s actual income.

A lender will look at how long a nurse has worked at their current position. The other types of pay they receive will be included if they’ve received that type of pay for over two years. That shows they consistently get that type and amount of pay.

Mortgage lenders or banks will weigh salary income that’s not included in your base pay differently when figuring out how much you qualify for. That includes weight night shift differential and overtime pay differently than what’s in your base salary.

How to Qualify for a Mortgage as a Travel Nurse

A travel nurse is an individual that’s hired on a contract to fill a hospital or other healthcare facility’s staffing needs. Since the nature of their work can be sporadic, it can be hard to secure a mortgage. Like with a staff nurse, it depends on your work history and where you’re currently employed.

As a travel nurse, there may be gaps in your employment. This can be due to having a few short contracts or changes in the agency you worked for. This doesn’t mean you’re a bad employee, but a lender may interpret these gaps differently.

When applying for a mortgage as a travel nurse, there are a few ways to give them context for your employment gaps:

Provide records of your end of the year documentation, W-2s, and paystubs
Draft a letter that explains your circumstances
Ask for a letter from your employer that gives tells how non-standard and overtime pay will continue
Request employment verification from the various nursing agencies you’ve worked for
Give the lender proof of employment history for at least two years

Giving the lender as many pay stubs as possible will help them when calculating your qualifying income. They’ll be able to more accurately determine what your income is. You’ll qualify for a better amount when the lender has a more complete picture of your finances.

If you get denied a loan, don’t distress. There are many mortgage loans for healthcare professionals available. Different agencies provide various services for those working in healthcare.

You can also check with the National Association of Nurses and other nationwide programs to see what resources they offer.

Mortgage Loan Assistance Programs for Nurses

There are a variety of loan assistance programs available with mortgages for nurses. At Mortgages for Champions, we offer assistance for healthcare professionals that have a medical degree or certificate. This includes:

Nurses
Pharmacists
Therapists
Social workers
Chiropractors

Our program reduces the amount of red tape and paperwork you’ll encounter. We can also help out with the additional out-of-pocket costs that come along with mortgage financing programs.

The program also eliminates the following items:

Loan processing fee
Loan application fee
Mortgage commitment fee
Mortgage underwriting fee

It also eliminates commitment points, which can save between 2-3%. Our program also includes the following items:

Financing for a single-family home, condominium, manufactured home, or multi-family unit
First time or second time home buyer program
Financing for mixed usage commercial property
Loan programs with little to no down payment
Low-interest rates
Highly flexible credit criteria
Refinancing programs

No matter where you are in your homebuying journey, Mortgages for Champions is here to help. You can find additional information on loans available on all nurse mortgage websites.

Explore Mortgage Options for Nurses

There are a variety of different types of home loans available, including Fannie Mae loans for nurses. It all depends on your financial situation and other factors.

Conventional Loans

Conventional home loans aren’t backed by a government agency. Your credit score typically needs to be at least 620. However, lenders usually want a score that’s above 740.

With a conventional loan, you may be able to put down as little as 3% for a down payment. It depends on your financial situation. Providing your lender with multiple paystubs and financial information will increase your chances as a nurse.

A conventional loan doesn’t have as many restrictions as other types of loans. You can use it to buy a rental property or a second home. The interest rates are also fixed during the lifetime of your loan.

Conventional loans also have a higher amount that lenders are willing to loan out. There are also no upfront costs for funding the loan.

The higher credit scores needed for a conventional loan are often a deterrent for people. Some government-backed loans only need a 500 credit score.

If you have a high credit score and can put down a larger down payment, a conventional loan may be the right choice for you.

USDA Loans

A USDA loan (United States Department of Agriculture) helps nurses finance homes that are in eligible rural areas. For a moderate-income household that wants to buy a home in a rural area, these loans give nurses a great opportunity.

These types of loans don’t need down payments and have low interest rates. This is also a good option if you’re struggling to qualify for a conventional loan.

Some of the advantages include:

No down payment required
Fixed and affordable interest rates, often as low as 1%
The length of the loan is around 33 years
You can use the loan to build a home
Flexible credit guidelines
Can be used to refinance a current home

USDA loans do have strict requirements, so reach out to one of our specialists if you have any questions. With our reduced fees, it’ll make the loan process much smoother.

Some of the eligibility requirements of a USDA loan include:

Applicants need to be a US citizen
Need to be without sanitary, safe, and decent housing
House needs to be your primary residence
Applicants need to meet income eligibility
Can’t be barred or suspended from participating in federal programs
Need to have a stable income

While USDA loans do have strict requirements, if you meet them, then they’re a great option for nurses. Not having to provide a down payment can be a lifesaver for someone attempting to get a home loan.

FHA Loans

An FHA (Federal Housing Administration) loan is insured by a governmental agency. The loan is sent out by an approved mortgage lender. This type of loan is ideal for moderate-income households that have low credit scores.

An FHA loan also requires a lower down payment. You can supply a 3.5 to 10% down payment. It doesn’t only apply to first-time home buyers.

Most nurses can qualify for an FHA loan since the requirements aren’t as rigid as with a conventional loan. Lenders look at an individual’s credit and work history. You can also roll your closing costs into the loan, so you don’t have to provide that money upfront.

There is an upfront funding fee, but Mortgages for Champions is available to help with this cost. Don’t let that deter you from applying.

Apply Now for a Mortgage With Mortgages for Champions

No matter your profession, you shouldn’t have to face red tape when qualifying for a home loan. There are plenty of mortgage options for nurses available if you know where to look. There are also agencies out there willing to help reduce additional costs and help you through the process.

To see if you qualify for a mortgage with Mortgages for Champions, fill out our online application.

Also Please See – https://www.mortgagesforchampions.com/mortgages-for-champions-offers-nurses-savings-on-closing-costs/ https://www.mortgagesforchampions.com/about-rh-funding-blog/ https://www.mortgagesforchampions.com/home-loans-for-doctors-nurses/ RealFi Offer the Best Mortgages for Champions

Mortgages for Champions Offers Nurses Savings on Closing Costs

Posted May 29, 2021 & filed under All About Mortgages, Blog, Mortgages for Champions, Mortgages for Nurses.

Mortgages for Champions Helps Nurses

You’re A Nurse, and You’re Awesome!

You work hard every day. You deserve a mortgage that’s right for you.

The Mortgages for Champions program helps nurses save on closing costs. In turn, you can find the best mortgage possible through the program.

We’ll walk you through how this program works. We’ll also show you why it’s an excellent option for nurses who want to buy a home but are worried about closing costs.

To learn more about how RealFi Funding offers nurses savings on closing costs, keep reading.

Mortgage Loans and Closing Costs

Across the United States, more than 3.8 million nurses are there when the community needs them the most. Yet, nurses can find that closing costs are an insurmountable obstacle when it comes to buying a new home.

It may surprise you how much closing costs add up. In some cases, closing fees can account for 3% to 6% of the total mortgage. For a $300,000 home, these costs can add up to between $9,000 and $18,000.

In some cases, you may see a home that you can’t do without. If so, it’s understandable that you might consider paying the closing costs.

Even slashing closing fees a little bit can help. With our Mortgages for Champions program, however, there’s no need to pay a penny in closing fees.

As a nurse, you might find a no-closing cost mortgage quite helpful. However, you don’t want the cost of closing folded into the loan. This method just adds the closing costs into your mortgage payment.

You deserve better than that. Instead, you deserve to have the closing costs waived so that they don’t affect your monthly mortgage payment.

If you’re considering buying a home, this point is especially valid if you’re concerned about spending too much money. Alternatively, you may not want to pay for these expenses up-front, and these points are understandable.

A Special Thanks to Nurses

Often, nurses have an irregular income. Accordingly, many nursing professionals want to make sure they stay within their means.

The RealFi Funding Mortgages for Champions program can address these issues. We’ve launched the program to thank our hard-working, selfless community champions for their dedicated service.

These champions include EMTs, firefighters, government employees, law enforcement—and yes, nurses. We’ve also extended the program to other select professionals who support our communities.

At RealFi Funding, we acknowledge and appreciate your service. What’s more, we admire your selfless dedication.

We offer our special, discounted mortgage for these reasons. With the Mortgages for Champions program, we waive all lending fees.

In addition, as a nursing professional, you deserve a better mortgage rate. We’ll provide you with the discounted rate that you’ve earned.

There also other benefits to the mortgages for champions program. For instance, there’s no origination fee. You also won’t have to pay for discount points.

We’ll also expedite the mortgage process. As a result, you’ll get a closing statement fast. Before you know it, you can move into your new home.

We aim to provide a different lending experience for nurses. We want to take the stress out of mortgages for nurses by making the process easy, fast, and fair.

If you’re looking to save time and money, then you may find that the Mortgages For Champions program is right for your needs.

The Mortgages for Champions Program

Again, you can take advantage of the special Mortgages for Champions discount with our program.
However, you’ll also receive our promise. We promise to provide you with:

• A quick underwriting process
• Competitive rates
• Customize, personalized lending

We’re extremely dedicated to serving our community champions. For more than 20 years, we’ve built an enduring relationship with local teachers, law enforcement, medical personnel and other community professionals.

In some cases, we’ve become the preferred lender for some of the largest public service organizations in the nation. We genuinely believe in the Mortgages for Champions program. As a result, we go above and beyond for our community champions.

Saving on closing costs is one of the best benefits of the program. You could save more than $100,000 over a 30-year loan amortization period with our Mortgages for Champions program.

After all, we know how important it can be to save money where you can, especially when making your move into a new home or purchasing an investment property.

There’s no better way to do just that than with our Mortgages for Champions Program. It doesn’t matter what kind of mortgage product you want—we’ve got them all covered.

Available Loan Programs

When you work with RealFi Funding, we’ll also help you to find the most competitive loan offers in the marketplace. If you were to do an online search, you might find around 20 to 40 itemized quotes.

You’d also learn the average lending fees and possibly who’s willing to offer you the best deal. You could even save hundreds of dollars—but you can do better.

On your own, you can get mired in the details of reviewing a multitude of funding offers. At RealFi Funding, we make finding a loan easy by providing you with all the information you need in one place to make an informed decision.

The following are a few of the top loan products that we offer.

No Money Down Loans

We offer several options if you’re looking to purchase a home with little to no money down. These choices include USDA loans and VA loans for up to 100% financing with no down payment.

VA Loans

VA loans are available exclusively for active-duty personnel. They’re also accessible to veterans and surviving spouses or dependents.

If you’re a veteran, you can purchase a home with no money down and no cash reserve. There are also no income restrictions for a VA loan. Furthermore, you can refinance a VA loan when mortgage rates improve.

USDA Loans

A USDA loan is another zero down payment mortgage. You can use it to buy a rural or suburban home.

You might like the idea of less bright lights and more green pastures. If so, a USDA loan may serve your needs perfectly.

Conventional Financing

A conventional loan has fewer fees compared to VHA and FHA loans. However, these loans typically require a 5% down payment. If you were to provide a 20% down payment, however, you could bypass mortgage insurance.

Conventional financing requires a better credit score compared to other products. However, your higher credit score will also give you access to better interest rates.

Homebuyer Assistance Programs

Our homebuyer assistance programs—HomeReady and HomePossible—can provide you with down payment assistance. These programs are ideal for first-time homebuyers.

They’ll give you the ability to purchase a home with only 3% down. Yet, you’ll still have access to flexible mortgage insurance options.

ARM Loans

Our adjustable mortgage rate (ARM) loans have an initial fixed interest rate. However, depending on market conditions, the rate will change after a specified time.

FHA Loans

The Federal Housing Administration insures FHA loans. This kind of loan is ideal if you have less than perfect credit. You might even secure an FHA loan with a down payment of as low as 3.5%.

High Balance Loans

You may want a high-balance loan if you’d like to purchase a home that requires financing above the limits of a conventional loan. You’d apply for this kind of loan to purchase a home that costs more than $425,000.

Reverse Mortgage Loan

Finally, you may find that you’re nearing retirement from your nursing career. If so, you might find that a reverse mortgage is a powerful funding source to increase your comfort during retirement. The amount of money you can borrow is based on your home, your age and current interest rates.

Help for Nurses with Mortgages

Healthcare organizations pay nurses well. They also provide nurses with flexible schedules.

However, a flexible schedule isn’t always ideal when you’re seeking loan approval. Traditional lenders view flexible schedules as unstable.

Nursing schedules are complex. As a result, it can prove challenging to prove that you have a stable income to traditional lenders.

At RealFi Funding, however, we take great pride in understanding the needs of our clients. We understand the nature of your field. What’s more, it’s our privilege to help you to move into a new home.

We’ll work with you to show you how to present your income so you can access the best borrowing terms. We’ll do the necessary paperwork and present your income in a way that lenders can understand.

Don’t Wait Another Day, Access Funding Fast

Now you know more about how RealFi Funding offers nurses savings on closing costs.

As a nurse, it can prove challenging to secure a home loan. Nurses are some of the most important service providers in our society, but they often get overlooked when it comes to mortgages—but not at RealFi. We proudly provide special mortgage loans for nurses and other community professionals.

RealFi Funding offers flexible loan programs that allow you to buy your home with little or no down payment and competitive interest rates. We’ve designed our Mortgages for Champions program especially for community champions just like you.

Contact RealFi Funding today at (800) 601-1917 to learn more about accessing great financing for your home quickly. Alternatively, please feel free to apply for a fast, free mortgage quote online.

https://www.mortgagesforchampions.com/about-rh-funding-blog/

Mortgages for Champions – Teachers Get Better Loans

Posted May 9, 2021 & filed under All About Mortgages, Blog, Mortgages for Champions, special mortgages, Tips From Residential Home Funding's Experts, Uncategorized.

MORTGAGES FOR CHAMPIONS IS A LEADER IN TEACHER HOME FINANCING

Mortgages For Champions – Teachers Get Better Loans

Did you know that, according to Admissionly, there were over 3.6 million teachers in the US in 2017? Out of these teachers, around 60% of them are, unfortunately, underemployed. Mortgages For Champions Can Help.

If you’re a teacher—whether you’re working on-site at a K-12 school, a primary school, or at the university level—then you know how challenging it can be, sometimes, to find yourself underemployed or not making enough money.

When it comes to finding a mortgage as a teacher, this can be incredibly challenging because of the economic

LOW COST MORTGAGES FOR TEACHERS

situation of the educational industry.

Fortunately, we have a solution: the Mortgages for Champions loans for teachers. With these teacher loans, you can finally afford the house you want to buy. Read on to learn more.

Benefits of Mortgages for Champions

When you use this best loan for teachers, you get a large number of benefits. These benefits include waived lender fees, a quick process, personalized lending, and competitive rates. If you thought you couldn’t afford a mortgage before, you definitely can.

Waived Lender Fees

When you get a traditional mortgage, you have to spend a large amount on lender fees. These are also referred to as lender closing costs. All mortgage lenders, including banks, expect you to pay this fee when you buy a home.

These fees can include commitment, underwriting, processing, and application fees.

When you get a mortgage through Mortgages for Champions, however, you won’t have to pay these lender fees.

Considering that they can cost you over $1,700, you’ll save a lot of money upfront when you use Mortgages for Champions.

A Quick Process and Personalized Lending

One of the most challenging aspects of getting a mortgage is all the different paperwork you have to deal with. Even if you’re able to afford it, it’s easy to feel like you’re drowning in all the different documents to sign.

It’s almost as bad as having to grade student papers at the end of the school year.

Fortunately, at Mortgages for Champions, we streamline everything for you.

Part of why we’re able to do this is because we’ll give you access to a licensed loan officer who’ll help you not only with paperwork but also with understanding which loan will work best for your financial situation.

This way, you can focus on what matters most: finding your dream home.

Competitive Rates

When it comes to mortgage loans, we also offer some of the most competitive rates in the market. This is because we work within the industry, finding the best deal for you. Whatever your teacher salary, you’ll be able to afford a mortgage.

We’re Connected

Because Mortgages for Champions has been working with so many lenders, government programs, and champions such as firefighters, teachers, and doctors, we have connections through the industry.

Whatever financial situation you’re in, whatever stage in your career, we can find you a loan that’s more affordable than other mortgage loan providers.

All Types of Loans for All Types of Homes

When you get a loan through Mortgages for Champions, you can use it to get the type of home that’s best for you. We help you find the best home loan for mixed-use commercial properties, manufactured homes, and condominiums.

We also offer home loans for four-family homes, two-family homes, and single-family homes.

Types of Loans Available (for on-Site or off-Site Teachers)

Through Mortgages for Champions, there are many different types of loans available. These include no money down loans, conventional loans, FHA loans, ARMs, high balance loans, and reverse mortgage loans.

No Money Down Loans

When you get a no money down loan, you won’t have to pay for the downpayment of your new home. The options available through Mortgages for Champions are the USDA and the Veterans Administration (VA) Loans.

USDA Home Loan

If you’re a teacher who lives in a certain suburban or rural area, you might be able to apply for a USDA home loan. This home loan program, which is also called the USDA Rural Development Guaranteed Housing Program, is available through the US government.

Very few people don’t know about this mortgage program—so if you want to buy a home in a rural area, this is definitely the choice for you.

Veterans Administration (VA) Loans

If you’re a teacher who’s been in the military before, or you’re a military dependent or spouse, then you can qualify for the VA loans. You won’t need to pay a downpayment, and there also isn’t any need for a cash reserve.

There aren’t any income restrictions for these loans. Additionally, when rates change, you can qualify for refinancing your mortgage with a lower rate.

Conventional Loans

Conventional loans are also available through Mortgages for Champions. You’ll have to pay a downpayment that’s usually around 5%. If you put 20% down, then MI isn’t required. If you want better interest rates, then you need a good or great credit score.

There’s a big variety of loans you can get when you choose a conventional loan, including 30, 20, and 15 year fixed rate terms.

Home Buyer Assistance

Through Mortgages for Champions, you can also get access to homebuyer assistance. When you take part in this program, we’ll help you pay for your home’s downpayment. We do this through the HomePossible and HomeBuyer programs.

If you’re a first-time homebuyer, you should be able to take advantage of these programs.

The downpayment required is only 3% down, after which you’ll have mortgage options that are far more flexible than with a traditional loan. You’ll also get educational information through a course for first-time homebuyers.

The downpayment, when you pay it through these programs, can be a gift from a family member or friend, whether it’s the entire amount or only part of it.

HomePossible is available through Freddie Mac, while HomeReady is available through Fannie Mae.

ARMs

SPECIAL TEACHER FINANCING

Through the Mortgages for Champions program, we also offer access to adjustable-rate mortgages, also known as ARMs. This is a type of mortgage loan where the fixed interest rate you get at the beginning changes depending on current market conditions.

High Balance

If you want a larger amount of financing to afford the home you’re dreaming of, we can make that possible for you with our high-balance loans. If the home requires you to pay more than $425,000, we can get you the loan you need.

This is a great alternative to going through a traditional lender, who might charge you high fees or high-interest rates when providing you with a loan of this size—or completely refusing to do so.

FHA Loans

FHA Loans are also available through the Mortgages for Champions program. We can access this type of loan because of the Federal Housing Administration, which insures these loans. Note that they don’t underwrite it; they simply insure it for your lender.

This is a great loan if you’re currently struggling financially since they don’t require great credit or a high income.

Downpayments with FHA loans are often lower, and you might even be able to find one that’s only 3.5%. Additionally, you can use these loans for both a refinance or purchase.

Reverse Mortgage Loans

Through Mortgages for Champions, you can also get reverse mortgage loans. If you’re looking to support yourself during retirement after a lengthy teaching career, this can be a great opportunity that makes this possible.

To qualify for a reverse mortgage loan, you or your spouse has to be at least 62 years old.

The amount you can get through this type of loan depends on several factors, including current interest rates, your age, and your home’s value.

230K Streamline Loan

Another loan we offer is the 230K streamline loan. Through this loan, you can get more money as your family grows, updating your bathrooms, putting in more bedrooms, or expanding your living room or basement.

Need More Information?

Now that you’ve learned about the different loans you can get as an on-site or off-site teacher through Mortgages for Champions, you might need more information. Maybe you need help figuring out which of these mortgage options is best for you.

Or maybe you need help budgeting so that you can save to buy a home.

Whatever information you need, we can help. At Mortgages for Champions, we’re experts when it comes to mortgage loans.

We also offer mortgages to champions like you. To apply for a mortgage through Mortgages for Champions, get started now.

Also Consider – https://www.mortgagesforchampions.com/mortgage-loans-for-police-officers-and-law-enforcement/ https://www.mortgagesforchampions.com/teachers-our-every-day-heroes/ https://www.mortgagesforchampions.com/home-loans-for-teachers/ https://www.mortgagesforchampions.com/fha-loans-requirements/ RealFi Offer the Best Mortgages for Champions Home Loans for Nurses: A Complete Guide to Buying and Refinancing 7 Facts to Know When A Police Officer Is Shopping For A Mortgage