The Best Mortgages for Military Personnel in 2021

Posted & filed under All About Mortgages, Blog, Mortgages for Champions, Mortgages for Military, special mortgages.

 

Mortgages for Military

Best Mortgages for our Military

Despite current challenges, now is still a great time for military personnel to purchase a home.

The world is still reeling from the outfall of COVID-19. Yet, we remain resilient as we stand on the brink of recovering from the pandemic. Still, the coronavirus has resulted in a significant financial shock for many people around the world—including active-duty military personnel, veterans and their families.

Fortunately, military personnel and veterans have continued to receive their pay and benefits. However, military families may still face financial strain due to employment losses or changes in military orders. If you find yourself confronting a similar circumstance, and you want to secure a mortgage, the Mortgages for Champions program can help.

To learn more about the best mortgages for military personnel in 2021, keep reading.

Special Protections for Military Personnel

If you’re in the military and facing a tough time financially, realize that you have options. The Servicemembers Civil Relief Act (SCRA) provides quite a few benefits for active-duty service members—including military mortgage protection.

The SCRA also provides credit interest rate relief. For example, the act requires creditors to reduce interest on your debts to 6% for liability that you incurred before enrolling in the military.

The act also provides postponement for foreclosures. Lenders cannot foreclose or seize your property for nine months after you started active-duty without a court order.

The SCRA offers many protections from foreclosures for military personnel, especially in states that do not require a court order to proceed with seizing a property. If you’re activated and missed a mortgage payment, you should contact your legal assistance office right away.

If you’re looking to secure a military mortgage, however, there’s another special military program you should learn about—the Mortgages for Champions Program.

Borrowing in the Current Environment

Fortunately, there’s always assistance available for servicemembers and military families. A loss of income can feel overwhelming.

Nevertheless, you have several decisions to make. Most importantly, you’re still in control of your money.

There are steps that you can take to protect yourself and your family during difficult times. However, members of the military and veterans also have access to programs that offer financial relief.

Borrowing Relief for Military Personnel and Veterans

RealFi Home Funding offers special military mortgages. Our Mortgages for Champions program does not require a DD214. Nor does it require a VA Certificate of Eligibility.

You can take advantage of the Mortgages for Champion program to purchase your first, or even your second, home. Alternatively, we could help you secure a 203K loan to streamline your mortgage and build out your home for a growing family.

With Mortgages for Champions, you can use military mortgages to finance a range of properties, including a single home, multifamily home or condominium. You may even desire to invest in a mixed-use commercial property to secure your family’s future.

Our Mortgages for Champions loan programs require little or no down payment. Furthermore, we offer competitive low-interest rates. Also, Mortgages for Champions offers more flexible credit terms compared to other available loan products.

We also offer mortgage refinancing programs. In some cases, you could refinance up to 97.75% of the appraised value of your home.

Thank You for Your Service: The Mortgages for Champions Program

RealFi Home Funding has created the Mortgages for Champion program to say thank you for your hard work and your selfless service. The program is also available for EMTs, firefighters, medical personnel, educators and other community champions.

The Mortgages for Champions program is our way of acknowledging that we appreciate what you do for our nation and our communities. We’re proud to offer you a special, discounted mortgage to express our gratefulness for your selfless dedication.

For instance, closing costs can add up to as much as $1,700 or more. When you take part in the Mortgages for Champions program, we waive all lender’s fees and closing costs.

With Mortgages for Champions, there’s no application or processing fee. There’s also no underwriting or commitment fee.

However, there are even more benefits with our Mortgages for Champions program. We’re committed to providing our champions with custom, personalized lending products and competitive rates.

Furthermore, we make sure that the process goes quickly. In these ways, we show our strong commitment to serving our champions.

The Best Mortgages for Military Personnel

There are several types of military home loans under the Mortgage for Champions program. Many of our loan products offer little to no down payment options. These products include USDA and VA military home loans.

The following is an overview of our available mortgage products.

VA Loans

VA loans are sponsored by the Veterans Administration. They’re exclusively for active-duty military personnel, veterans and surviving dependents or spouses. Eligible veterans can purchase a home with no money down and no cash reserve through the program.

The Veterans Administration establishes eligibility requirements and the maximum loan amount. All fees are rolled into the loan.

There are no income restrictions for a VA loan. Also, you may qualify to refinance at a lower rate when rates change.

USDA Loan

USDA loans are supported by the United States Department of Agriculture. This mortgage is also called the USDA Rural Development Guaranteed Housing Loan Program. It’s a zero down payment mortgage for eligible rural and suburban homebuyers.

The USDA program is one of the least well-known offerings among all loan products. Nevertheless, you may prefer this kind of loan if the idea of green pastures interests you more than the bright lights of the city.

FHA Loans

The Federal Housing Administration ensures FHA loans. The agency doesn’t underwrite loans. However, they do insure loans for lenders.

This kind of loan has lower credit requirements. Accordingly, you might apply for an FHA loan if you’re having difficulty with your credit.

You can use an FHA loan to purchase a home or refinance a mortgage. With an FHA loan, you might secure a home loan with as little as 3.5% down.

Conventional Financing

You might also consider a conventional loan. A conventional loan doesn’t include added fees such as those that come with VHA and FHA loans. However, a conventional loan typically requires a 5% down payment.

If possible, you may want to consider providing a 20% down payment. In this way, you can avoid the cost of mortgage insurance.

A conventional loan also has another benefit. Although this kind of loan has higher qualifications, it allows you to access better interest rates with a higher credit score.

Homebuyer Assistance Programs

We created our homebuyer assistance programs especially for first-time homebuyers. If you’re buying your first home, you might want to consider the HomeReady and HomePossible homebuying programs.

These programs will give you the ability to purchase a home with only 3% down. Yet, you’ll still have the ability to close with more flexible mortgage insurance options.

The HomeReady and HomePossible programs include first-time homebuyer courses. The courses will educate you on the full homebuying process. They’ll also help you to qualify for the programs.

ARM Loans

An ARM loan is an adjustable-rate mortgage. This kind of loan product has a fixed initial interest rate. However, the rate will change after a specified time, depending on current market conditions.

High Balance Loans

RealFi Home Funding also offers a loan product if you’re looking for mortgage loans for military personnel that goes beyond traditional conventional loan limits. If you’d like to purchase a property for a loan amount of more than $425,000, we can help.

Reverse Mortgage Loans

If you’re nearing retirement age, you may want to consider a reverse mortgage loan. A reverse mortgage loan is a powerful tool that enables individuals to age in place.

The amount that you can borrow with a reverse mortgage depends on several variables. Primarily, it will differ based on the value of your home, your age and current interest rates.

With so many options, you’re sure to find the perfect mortgage for your needs.

It’s Our Pleasure To Serve Your Needs!

Now you know more about the best mortgages for military personnel in 2021. If you’re seeking mortgages for military personnel, we’re ready to help.

RealFi Home Funding has made it our mission to provide the best mortgage products for more than 20 years. We’re the large mortgage lender that doesn’t act like one.

We’re one of the top correspondent mortgage bankers in the US. Also, we’re a licensed direct lender in 13 states, including CT, DC, DE, FL, GA, MD, NC, NJ, NY, PA, SC, TX and VA.

At RealFi Home Funding, refund all kinds of transactions. We’ll gladly help you to find the best home loan offers for military personnel. Whether you want to purchase a basic residential property or an investment property, we’re here to meet your needs.

Over the years, our clients have benefited greatly from our personalized lending process. More importantly, we’ll provide you with a competitive rate, exceptional customer service and a fast mortgage process.

Contact RealFi Home Funding today at +1 (800) 601-1917 or connect with us online to apply for one of our competitive mortgage financing options.

https://www.mortgagesforchampions.com/our-champions/doctors-nurses/          The True Meaning Of Memorial Day    5 Surprising Army Facts. Happy Birthday U.S. Army!     History of the Mortgage Rates     Special Loans for Firefighters    Are you afraid to buy your first home?    8 Steps To Reduce Property Taxes

RealFi Offer the Best Mortgages for Champions

Posted & filed under Blog, Mortgages for Champions, Mortgages for Nurses, Mortgages for Police.

RealFi Offer the Best Mortgages for Champions

Mortgages for First Responders

If you work as a law enforcement officer, you may want to learn more about a home mortgage program that’s specifically designed – Mortgages for first responders.

Law enforcement officers are our unsung heroes. You come to our aid when we are in need. Furthermore, you risk your life to save ours.

For these reasons and more, RealFi Home Funding wants to thank you for your service. We also want to show our appreciation for other first responders. Accordingly, we’ve created a special discounted mortgage program called Mortgages for Champions.

To learn more about how we offer the best mortgages for law enforcement officers on our website, keep reading.

What Is the Mortgages for Champions Program?

Mortgages for Champions is a special borrowing program with no lender fees. You may also hear people refer to lender’s fees as closing costs.

Usually, all lenders assess Closing Costs. These fees can often add up to more than $1,700.

With the Mortgages for Champions Program, however, we eliminate all closing costs. With our special lending program, we eliminate fees for:

• The application
• Commitment
• Processing
• Underwriting

What’s more, we’ll provide you with custom, personalized lending.

Furthermore, you’ll enjoy competitive rates when you take advantage of the Mortgages for Champions program. Also, the application process for the program is fast and convenient.

RealFi Home Funding has built lasting friendships with law enforcement and other first responders over the last 20 years. We’ve also actively engaged with our community.

For this reason, we’ve become the preferred lender for some of the biggest names in the first responder industry. What’s more, we truly believe in the Mortgages for Champions Program.

We go above and beyond to provide exceptional customer service for our champions. Our experienced loan experts will work with you to understand your unique financial situation. They’ll then present you with home products that fit your exact needs.

Why We Offer the Mortgages for Champions Program

rEALFI fUNDING mORTGAGES FOR fIREFIGHTERS

FIREFIGHTERS SAVE LIVES EVERYDAY

First responders are selfless, hard-working champions. The Mortgage for Champions Program is our way of saying thank you.

The program is our way of acknowledging that we appreciate what you do for us every day. It’s also our way of expressing our gratitude for how your work improves our communities.

Champions are selfless and dedicated. For this reason, we proudly offer you a special, discounted mortgage through the Mortgage for Champions program.

As a champion, you deserve a better rate on your mortgage. The program will enable you to access law enforcement mortgages that fit your exact needs.

The Mortgage for Champions Program is also available for a range of first responder professionals. These champions might include:

• Doctors
• EMTs
• Firemen & law Enforcement
• Government officials
• Military personnel
• Nurses
• Teachers  &

You or someone you know may work in first response or a closely related field. However, you might wonder if you qualify for the Mortgage for Champions program.

Please feel free to contact RealFi Home Funding to find out. We’ll gladly look into the matter.

Loan Options That You’ll Find on Our Website

The Mortgage for Champions program also gives you access to purchase a home with little or no money down. For example, you might take advantage of a USDA or VA loan through the program for up to 100% financing. In these instances, you’d have no down payment.

Mortgages for Champions

Mortgages for Champions

The following offers a closer look at our available mortgage for champions loan products.

ARM Loans

An ARM loan is an adjustable-rate mortgage. With this kind of loan, the loan will start with an initial fixed interest rate.

Over time, however, the interest rate will change. The rate will adjust based on current market conditions.

Conventional Financing

With a conventional loan, you won’t incur fees like you will with a VA or FHA loan. Typically, however, you’ll need at least a 5% down payment for this kind of financing. If you put down a 20% down payment, however, you can bypass mortgage insurance.

A conventional loan has higher qualifications, such as a better credit score. However, you’ll have access to better interest rates.

Also, you can customize the amortization of a conventional loan. For example, you can choose a 15-, 20-, or 30-year fixed-rate term.

FHA Loan

The Federal Housing Administration insures FHA loans. They do not underwrite the loans. They simply ensure the loan for lenders.

For this reason, an FHA loan is more accessible. You can access an FHA loan with a lower credit score.

Also, you can take advantage of an FHA loan with a lower down payment. In some instances, you could put as little as 3.5% down on a new home.

High Balance Loans

At RealFi Home Funding, we offer a unique solution if you need financing that goes beyond conventional loan limits. This kind of loan is available to purchase homes for more than $425,000.

Home Buyer Assistance Program

If it’s your first home, you might wonder how to find a mortgage. RealFi Home Funding offers loan programs that offer down payment assistance and home buying education.

Our programs are called HomeReady and HomePossible. Our home buyer assistance programs are a great avenue for first-time home buyers.

In some cases, you may only have 3% to put down on the purchase of your home. If so, you can close with more flexible mortgage insurance options using these programs.

When you participate in the HomeReady or HomePossible Program, you’ll also learn everything you need to know about the home buying process.

USDA Loan

The USDA Loan Program is one of the least known about mortgage assistance offerings. With a USDA home loan, you can purchase a rural or suburban home with no down payment.

The United States Department of Agriculture sponsors this loan program. If you prefer more green and less

Your Home is Your Castle

Your Home is Your Castle

pavement, you may find that a USDA loan is perfect for your needs.

VA Loan

Veterans Administration loans are available under the Mortgages for Champions program for active-duty military personnel and veterans. The program is also available for surviving spouses or dependents. Eligible borrowers can apply for the VA loan program to purchase a home with no down payment and no cash reserve.

The US veteran administration establishes the maximum loan amount. They also establish eligibility requirements for the VA loan program.

With a VA loan, your fees are rolled into the loan. There are no income restrictions to apply for the VA loan program. Furthermore, you may qualify to refinance at a lower rate when interest rates change.

Reverse Mortgage Loan

For some, a Reverse Mortgage Loan is a liberating source of funding for those in retirement. It can able individuals over retirement age to increase their income and remain comfortable in their homes.

You can qualify for a reverse mortgage if you or your spouse are 62 years of age or older. In that case, you may want to consider a reverse mortgage. The value of your home, your age and current interest rates will affect how much you can access using this program.

Experience the RealFi Difference

RealFi Home Funding has assisted homebuyers for more than 20 years. We’re the largest mortgage lender that doesn’t act like one.

Today, we’re one of the top correspondent mortgage bankers in the United States. We’ve earned that status by treating every client like family.

At RealFi Home Funding, we service all types of loans. From new home purchases to investment properties to construction loans—we’ve got you covered.

We have a mortgage solution for every borrower. What’s more, we’ve built a reputation for top-notch customer service and efficiency.

RealFi Home Funding is listed as one of the top Mortgage Bankers in America. We’ve earned that accreditation with high performance during periods of uncertainty.

Resultantly, we’re a force in the mortgage banking industry. However, our mission is simple.

It’s our goal to serve as the most diversified and competitive mortgage option for your needs. What’s more, we intend to meet that goal while providing the best customer service possible.

A Lender That Looks Out for Their Own

Now you know more about how we offer the best mortgages for law enforcement officers on our website.

RealFi Home Funding serves a wide range of borrowers, from first-time homebuyers to high-net-worth investors. We can provide you with the right financing to meet your unique needs.

At RealFi Home Funding, we maintain solid accounting principles and strict compliance policies. These practices have contributed to our solid financial performance. We continue to grow year after year, even during the most challenging economic times.

We’re committed to maintaining strong business principles. However, we’re also committed to providing customer-centric service with excellence. With these beliefs in mind, we created the Mortgages for Program.

Please feel free to contact RealFi Home Funding today at (800) 601-1917 or connect with us online to get started financing your next real estate transaction.

https://www.mortgagesforchampions.com/no-money-down-loans/     7 Facts to Know When A Police Officer Is Shopping For A Mortgage

https://www.mortgagesforchampions.com/fha-loans-requirements/    Home Loans for Nurses: A Complete Guide to Buying and Refinancing

How to close quickly on your mortgage

7 Facts to Know When A Police Officer Is Shopping For A Mortgage

Posted & filed under Blog, Mortgages for Champions, Mortgages for Police.

Mortgages for Champions Offers Law Enforcement Extraordinary Benefits

As a police officer (and other law enforcement personnel), you work hard to keep your community safe. Incredibly,

Mortgages for Police

Mortgages for Champions offers Special Programs for our Police

over the span of the last several years, those in law enforcement are getting paid less money to protect the people and enforce the laws in their community.

This decline in wages makes it seemingly impossible to pull together the funds to make a down payment for a home or to cover the closing costs of the purchase. And if you have bad credit? Well, you may be thinking, “there goes my chance of getting a decent loan with lower interest rates”.

It should be easier than that to purchase a nice home in your neighborhood without all of the extra work that goes into it. Something’s gotta give, right? There are home loans for police officers that make it so much simpler to place you and your family in your new home.

Read on to learn more about these loan programs for police officers and others in the law enforcement field.

1. There Are Special Home Loans for Police Officers

Several home loan programs are tailored to the first responders in law enforcement. Mortgages for Champions Program was created because we want to acknowledge and appreciate what our champions do for their communities. Law enforcement personnel are a huge part of this. So we offer them special, discounted mortgages.

Along with this discounted cost of a mortgage loan, we waive the lender fees. This loan is ideal for borrowers that have been or could be approved by Fannie Mae and the Federal Housing Administration (FHA).

2. Government Programs Are Available

Several government programs are available to assist government employees and law enforcement officials. Unfortunately, some of these programs aren’t very friendly to lower credit scores. They also may require you to pay a chunk of money for closing costs and down payments.

Government-backed loans can help borrowers who have decent credit ratings get access to loans that have lower down payment costs. All of this is possible while posing less of a risk to the lenders who provide the initial payment for the home.

Federal Housing Administration

The Federal Housing Administration insures mortgage loans with a 3.5% or a 10% down payment depending on FICO credit scores.

This mortgage loan has a few other requirements for the borrower… They must have a mortgage insurance premium. The home needs to be in the same vicinity as the borrower’s primary residence. The borrower must have a steady income and must be able to provide proof of employment.

U.S. Department of Agriculture

The United States’ Department of Agriculture (USDA) also has a home loan option that requires that the borrower:

  • Is a U.S. citizen/resident
  • Has a 640 credit score
  • Is willing to repay the mortgage
  • Has a stable income and proof of employment
  • Has a household income of 115% of the median area income

There are also some requirements about the property when it comes to USDA home loans. It requires that the property is near the borrower’s primary residence and it has to be in a qualified rural area.

Veteran’s Affairs

Some police officers are military veterans. The VA can help to assist with the home buying process. This loan type doesn’t require a down payment and they don’t require the borrower to have mortgage insurance. It is a government-guaranteed approval so the borrower’s rates tend to be lower.

3. U.S. Housing and Urban Development Has Loan Programs

Some of the programs available to police officers via HUD might include Good Neighbor Next Door, Public Servant Next Door, and Officer Next Door. These programs are similar to the Teacher Next Door mortgage loans and offer up to 50% off of the cost of a home purchase.

The Good Neighbor Next Door program was created as a way to contribute to the revitalization areas by moving police officers, firefighters, and emergency service providers. Neighborhood revitalization is the act of improving the quality of life for the residents who reside in a neighborhood. Bringing police officers into these neighborhoods helps to solidify safety within these communities.

The Public Servant Next Door loan program is similar to the Good Neighbor Next Door program though it is for all government employees. It allows you to purchase any home that you’d like that is currently on the market. This program means that you are also eligible for the Public Servant Next Door grant and assistance with down payments.

With the Officer Next Door loan program, you will find that the police officers will also be eligible for the Teacher Next Door grant. You may also qualify for additional down payment assistance. You will also be able to purchase any home on the market.

Other law enforcement officials, such as bailiffs, parole officers, criminologists, and substance abuse counselors, may also qualify for the Officer Next Door program.

4. Geographic-Specific Loan Programs

Depending on the state where you reside, there may be additional loan programs that are available to police officers.

In New Jersey, for example, the local government has a program called the Police & Fireman’s Retirement System Mortgage Program. These are also considered to be government pension loans that are specifically for law enforcement personnel retirees who are looking to buy a home.

Check out the different loan programs that are specific to the area where you reside.

5. Anyone in Law Enforcement Can Qualify

It doesn’t matter if you are an active or retired police officer to be eligible for these loans. The title of law enforcement official can branch out to cover the staff of a law enforcement building, crime scene technicians, and corrections officers. This is not a comprehensive list as there are many types of law enforcement staff in the field.

6. These Loans Come With Tons of Benefits

First-time homebuyers (who work in law enforcement) can greatly benefit from going through Mortgages for Champions.

As we’ve covered before, police officers may not make enough money to live comfortably while juggling everyday life on top of a pricey mortgage. Utilizing these loans may help make your life a little bit easier because they come with so many benefits.

There are generally no closing costs. This may cover application fees, loan processing fees, mortgage underwriting fees, and mortgage commitment fees. Some third-party fees may still exist depending on the type of home loan that you go with.

You don’t have to have a perfect credit score to get help. Some of these programs can work with you regardless of your financial restraints.

The down payments are lowered or may not exist. Saving a little bit of money when it comes to closing costs can help you to pay any down payment that arises. However, it is likely that you will only have to pay a smaller down payment. In some cases, your down payment may not even exist.

They offer competitive mortgage rates. You will find that with these home loan programs, you aren’t paying nearly as much on your monthly mortgage as you would if you weren’t using any type of loan program. You may find it easier to add more money to your savings or your rainy day fund. The opportunities are endless.

7. We’ll Help in Any Way That We Can

If you have questions about which mortgage is right for you, don’t hesitate to reach out. Once you decide on the right mortgage for your personal situation, we will be able to speed up the process and get you into your new home as soon as possible. We will do what we can to make the entire process smoother for you and your family.

We will work with you to get you the right program with the most competitive rates for your future mortgage payments.

The Time to Buy Your Home Is Now

Don’t push buying a home to the backburner. It is just as important that you find the right home for you in your community as it is for you to protect the members of your community in your role as a LEO. There has never been a better time to do so.

We are here to answer any questions that you may have about these loan programs. We can also answer any mortgage-related questions that you may have.

Contact Mortgages for Champions today to learn more about these home loans for police officers. Not a police officer? Don’t worry. We have mortgage loans for all of our champions, including EMTs, firefighters, government, medical, military personnel, and teachers

https://www.mortgagesforchampions.com/police-officer-mortgage/  —-  https://www.mortgagesforchampions.com/our-champions/law-enforcement-mortgage-loans/

https://www.mortgagesforchampions.com/home-loans-for-government-employees/

https://www.mortgagesforchampions.com/home-loans-for-law-enforcement/

Home Loans for Nurses: A Complete Guide to Buying and Refinancing

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

 

Mortgages for Nurses

Mortgages for Nurses – How We Can Help

Mortgages for Champions Helps Nurses

You’ve invested considerable time and money into your career. As a reward for your sacrifice, you can access financing that will make homeownership easier.
A career in nursing offers many benefits. Firstly, you get to help those in need. Also, a nursing career provides considerable flexibility. It also offers job security.
Nurses earn substantial salaries. On average, nurses earned $73,300 in 2019, according to the Bureau of Labor Statistics. These earnings equate to about $34.24 an hour for each working nurse.
With that kind of salary, you’d think nurses would find it easy to secure a home loan. However, this isn’t always the case.
To learn more about home loans for nurses, doctors, and other medical professionals, keep reading.
Why Nurses Need Help With Loans
A flexible schedule is great for nurses. However, lenders often view flexible schedules as an unstable income. This risk assessment is part of the loan approval process.
Even nurses with a full-time schedule may have trouble securing a loan. Often, nurses earn a significant part of their salary by working extra shifts. Unfortunately, lenders don’t weight extra shifts in the same way as they do regularly scheduled hours when considering a home loan.
Nursing schedules are complex—to say the least. Accordingly, it can prove challenging for nurses to paint a picture of a stable income to lenders.
Showing a steady income is particularly challenging for travel nurses. Often, nurses in this field have gaps in employment. They might also change employers frequently.
For example, travel nurses are some of the most highly paid professionals in the field. Still, it’s even more challenging for travel nurses to show a stable income.
Among all nurses, staff nurses have it the easiest when it comes to securing a loan. They have a solid base income to show lenders.
This characteristic helps them to pass a lender’s risk assessment. However, it still doesn’t guarantee that a mortgagor will approve a loan. For this reason, many nurses seek out special home loans for medical professionals—more on that in a moment.
                                           Understanding Nurse Salaries
A staff nurse might show a letter to prove their base income to a lender. This kind of information is important to mortgagors. In most instances, however, a staff nurse’s base income is only a part of their yearly wages.
Nurses typically receive three kinds of pay. These payments include base hours, overtime, and shift differentials. However, as much as a third of nurses in the United States work overtime regularly.
This circumstance raises a question. How do nurses who work overtime regularly present their full income for a home loan risk assessment?
In part, the answer depends on how long you’ve worked as a nurse. If you’re a full-time nurse, a lender will consider all of your base pay. However, a lender may only consider other kinds of payments if you’ve received them for two or more years.
Also, the odds of receiving a loan approval depend on how your lender weighs non-base salary. In most instances, a lender views over time and differential pay differently compared to base pay. However, a lender that specializes in home loans for healthcare workers can help you to overcome this issue.
Calculating Your Income
When considering a home loan, it helps to evaluate your total income. Imagine, for example, that you’ve held the same position for 12 to 24 months.
You’ll need to collect pay stubs that show consistent bonuses, overtime, and differential pay. Next, you need to calculate your various types of income.
First, you’d calculate your base pay for two years. You’d multiply your weekly hours by your hourly pay rate to determine this figure.
Next, you’ll need to calculate your differential pay for two years. You’ll multiply the differential hours that you worked for two years by the rate for differential pay.
Finally, you’ll need to make a two-year assessment of your overtime pay. For this calculation, you’ll multiply the overtime rate by your hourly rate.
Among nursing professionals, travel nurses are the highest paid in the field. Ironically, they have the most difficult time securing loan approval. Still, with the right tactics, even travel nurses can access a home loan.
Negotiating With Mortgagors
If you’re a travel nurse, you’ll most likely have gaps in employment for any number of reasons. You may have worked on several short contracts.
Alternatively, your per diem may have changed. In yet another scenario, you may have changed travel nursing agencies.
Obviously, none of these circumstances mean that you’re a bad employee or have trouble finding work. However, it can prove challenging to show a lender otherwise if they view your work history out of context.
For this reason, it’s a good idea to write a letter explaining your work history. You should also request a letter from your current employer. The letter should explain that your nonstandard and overtime pay will continue.
Furthermore, you’ll want to request employment verification letters from the agencies you’ve worked for in the past. For this task, you should collect letters that cover at least two years of your work history.
Ideally, you’ll want to show a year of staff nursing experience. You also want to show a full year of travel nurse employment.
Hopefully, you saved important work-related documentation. This documentation should include your pay stubs, W-2s, and tax returns. It should also include any other information relating to working for travel nursing agencies.
It’s helpful to provide as many pay stubs as possible to your potential lender. This information will help them to calculate your qualifying income more accurately.
Programs for Home Loans for Nurses
Now, you know a bit more about negotiating with lenders. However, it’s helpful to learn more about programs that can make buying your home easier.
The Nurse Next Door Program
The Nurse Next Door Program is a national home buying program. It caters especially to nurses and healthcare workers buying a home.
The program is part of an initiative that also benefits other public service professionals. These professionals might work in education, law enforcement, or government. They may also serve as firefighters or in the military.
With the Nurse Next Door Program, public service professionals can realize their dream of owning a home. The program leverages a combination of grants, down payment assistance, and other benefits for first-time homebuyers.
The Nurse Next Door Program also offers assistance if you have credit issues. The program’s Fresh Start initiative can help you to get your credit back on track.
The Homes for Heroes Program
If you’re a registered nurse or nursing assistant, the Homes for Heroes Program can help you access a mortgage loan. For example, you can work with the program to refinance your home.
Also, the Homes for Heroes Program offers a .7% rebate for working with program real estate specialists. Furthermore, you’ll earn further savings when you work with a designated Homes for Heroes Program mortgage specialist.
On average, nurses save about $2,400 when buying or selling a home through the Homes for Heroes Program. Resultantly, real estate professionals who participate in the program can offer you great savings and rewards.
Finding the Right Mortgagor for Your Needs
By working with a mortgage expert such as Mortgages for Champions, doctors, nurses and other medical professionals can access a home loan. We eliminate many out-of-pocket costs for medical professionals. We also make accessing home loans for doctors, nurses, and other medical professionals much easier.
With Mortgages for Champions, you can eliminate 2% to 3% of the cost of securing a loan. For instance, you might save on:
• Commitment points• Loan application fees• Loan processing fees• Mortgage commitment fees
We also offer home refinancing for nurses that can allow you to access up to 97.75% loan-to-value of the appraised value of your home. You can also access a cash-out refinance mortgage for up to 85% loan-to-value for any reason.
Whether you’re a first-time homebuyer or buying your second property, Mortgages for Champions is your solution for accessing a loan. You can even secure a 203K loan for home renovations.
You may want to finance your first home. Alternatively, you might have an interest in purchasing multiple-family homes.
With our programs, you can even access a loan for a condominium or manufactured home. Furthermore, we can help you secure funding for mixed usage commercial property. What’s more, many of our programs require little to no down payment.
Trust Us to Help You Finance the Perfect Home
Now you know more about home loans for nurses, doctors, and other medical professionals. What you need now is a lender with a proven track record of providing home loan funding for medical professionals.
Mortgages for Champions a division of RealFiFunding has helped medical professionals access home loans for more than 20 years. We’re the national mortgage lender that doesn’t act like one!
Today, we’re one of the top correspondent mortgage bankers in the United States. We offer direct loans in 13 states, including CT, DC, DE, FL, GA, MD, NC, NJ, NY, PA, SC, TX, and VA.
At RealFi Home Funding, we treat each and every borrower like family. Whether you want to purchase your first home or an investment property, we’ve got you covered.
Contact RealFi Home Funding today at (800) 601-1917 or simply fill out our online form here to get started with the loan application process.

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What are Mortgages for Champions?

Posted & filed under Blog, Homeowner Tips, Mortgages for Champions.

What are Mortgages for Champions? Length: 7 minutes.

You are our unsung heroes, those who come to our aid, risking your life to save ours. The estimated number of career and volunteer first responders in the United States is 4.6 million. We offer a huge Thank You to those champions, including all of you who serve us as EMTs, firefighters, government, medical care, law enforcement, military, and education we offer a special discounted mortgage.
To learn how you can receive Mortgages for Champions, complete with discounts, lending personalized for you, competitive rates, and a quick lending process, read on.

What are Mortgages for Champions?

When you participate in the Mortgages for Champions discount program, we wave all the lender closing costs. Those costs sometimes exceed $1,700.
When applying for a mortgage through RealFi you will not pay any application fees, processing fees, underwriting fees, nor commitment fees. You will receive a licensed loan officer who will work with your individual financial situation to secure a loan that fits your personal needs.
This is not an exclusive “doctor’s only” program for the medical profession. It doesn’t matter if you are a nurse, doctor, EMT, or other health care professional, you can receive the special Mortgage for Champions discounts.

Nurses often have difficulty obtaining a mortgage because banks sometimes view flexible schedules as unreliable. You may be able to provide a letter verifying your base income, but that does not necessarily reflect your true income level with double shifts, extra shifts, and more.
If you have a history of a higher income, that may not be a problem. If you have been in the industry for less than two years, it will be difficult to substantiate your income level to satisfy most lenders.

Not in the health care industry? These special discounts apply to all special workers, including teachers, law enforcement, government, and firefighters. In fact, many persons involved in the educational field, guidance counsellors, tutors, librarians, athletic directors, coaches, and even retired teachers may qualify.

It doesn’t matter if your employment was in private or public school, nor whether it was a grammar school, high school, or special education. All you need to do is show verification of past employment and your certificate of teaching or degree to qualify.
To get you started we recommend you use our convenient mortgage calculator. The calculator allows you to enter the value of a property you wish to purchase and you will see an estimate of your monthly payment.
Once you have an idea of what your payment would be, you are in a better position for selecting a mortgage option that works for you. Don’t worry if you are unsure. Your RealFi loan officer will review your personal situation and qualifications and make a recommendation on your best loan options.

Which Mortgage to Choose

When applying for your Mortgage of Champions, there is a wide range of mortgage types to choose from. You may select from the following:

No Money Down

Just because you don’t have thousands of dollars available for a down payment does not mean you will be unable to obtain a loan. With a no money down loan, you can purchase a home using 100% financing under various loan options including a USDA loan or a VA loan.

USDA Loan

These mortgages are obtained through the USDA Rural Development Guaranteed Housing Loan Program that is available through the United States Department of Agriculture. This zero-down mortgage is not widely known and is available to those in rural and suburban areas.
The program is unique because it is the only zero-down government-backed program that does not require the borrower to have served in the military. The USDA’s definition of rural is very liberal. There are many exurbs, suburbs, and small towns that fulfill the rural requirement.
The USDA also has very lenient requirements for eligibility. This allows low to medium-income families to purchase at a rate that is often below those of a conventional 30-year fixed-rate mortgage.

VA Loan

One of the benefits of military service is the ability to obtain a VA loan. The loans are also available to veterans, surviving spouses, and dependents. This benefit is available with a zero-down option.
There are no income restrictions, and all loan fees may be rolled into the mortgage. The maximum loan amounts and eligibility requirements are set forth by the Veterans Administration.
Determination of eligibility includes reviewing your duty status and character of service. You do need to have a satisfactory credit rating and an income level sufficient for the monthly payment obligation, and a valid Certificate of Eligibility.

FHA Loans

When you have an FHA loan it is insured, but not underwritten, by the Federal Housing Administration. This loan is easier to obtain because it does not require you to have a high-paying job or an excellent credit rating. Combining the low credit requirements with a lower down payment and the ability to use these loans for purchasing or refinancing makes it an excellent option.
The fact is, FHA is the largest insurer of residential mortgages world-wide. They are a perfect option for first-time purchasers, as well as those who have gone through bankruptcy or foreclosure.
If you have a credit score of 500 to 579 you will need a 10% down payment, but with a credit score of 580 or above, you only need a 3.5% down payment. They do require you to be under a 43% debt to income ratio, and they require Mortgage Insurance Premium (MIP). You must provide proof of a steady income and employment, and the purchase must be for use as your primary residence.

Conventional Financing

When applying for a conventional loan there are no additional fees like those with FHA and VA loans. There normally is a requirement of a 5% down payment.
If you meet higher qualification levels, such as a high credit score, you will have the ability to obtain a better interest rate. The amortization, meaning the number of years you have to repay the loan, is available in 15, 20, or 30 year fixed rate terms.
One thing to keep in mind is that while the payment will be higher for a 15 or 20-year amortization, your overall payout will be considerably less because there will be a lesser time period in which you are paying interest on the loan. It is advisable to go with the least number of years you can afford without risking a fault on the loan.
Fixed-rate mortgages lock in the interest rate for the duration of the loan. This means that regardless of what the economy does, your interest rate remains the same. This is to your benefit if you obtain your mortgage when interest rates are low and later climb.
One thing that may also be offered is an ARM, which is an adjustable-rate mortgage. This loan begins with a fixed interest rate, but after a specific period of time, such as five (5) years, the rate becomes variable. This can work to your benefit in periods of low-interest rates, but if interest rates have sky-rocketed, your mortgage payment may also jump considerably at that time.

Reverse Mortgages

If you or your spouse are at least 62 years old, this is an excellent way to boost your income to allow for a comfortable retirement. The amount you receive under this option depends on how much equity you have in your home, current interest rates, and more.
The way a reverse mortgage works is it provides a way for you to stay in your home while converting all or part of your home equity into cash payments to you. This means that instead of you paying the lender, the lender is paying you.
You do not have to pay the lender back as long as you reside in the home. When you move out of the home, sell the home, or die the loan must be repaid in full.

HomeReady and HomePossible Programs

At RealFi you may be able to participate in a program that provides first-time buyers with down payment assistance. This means you may be able to purchase a home with as little as 3% down and receive a higher level of flexible mortgage insurance options.
You may participate in a first-time homebuyer education course. The course provides you with information on the process to qualify you for a loan. Participation in these programs gives you the opportunity to roll closing costs of up to 3% of the purchase price into your loan.
Another option is the ability to have 100% of your down payment to be a gift from a friend or family member. The HomeReady program is provided by Fannie Mae and the HomePossible program is available through Freddie Mac.

Who is RealFi Home Funding Corporation?

RealFi ranks as one of the top 10 non-bank mortgage companies that are privately held. In business for more than 20 years, they believe customers benefit from dealing with industry professionals, not algorithms generating from a computer program.
The local market experts that RealFi uses understand the current regulations. They are able to recommend mortgages that fit each applicant’s financial situation at competitive rates. The hands-on method of mortgage lending utilized by RealFi results in a process that is beneficial to everyone, including the home builder, real estate agent, and the purchaser of the home.
In addition to standard mortgage options, RealFi offers solutions to those who wish to finance in excess of conventional limits. We are able to provide loans in excess of $425,000.
Learn Your Options

When you are ready to purchase a home, you need to find out all your options from a company that has been in business for more than 20 years. Mortgages for Champions is a program that will put you in the home you desire with a loan that is personalized to your needs.
Contact RealFi today to discuss your options. You may contact us by phone at (914) 923-4300, email us at inquiry@rhfunding.com or complete our online form. The sooner you contact us, the faster your dream home will become a reality.

 

©2021 RealFi. All rights reserved

 

8 Steps To Reduce Property Taxes

Posted & filed under Blog, Uncategorized.

shutterstock_69889069As the sluggish economy drags on, county boards everywhere are looking for ways to replace lost income, and re-assessments of residential real estate taxes is just one of those ways. Sometimes it’s fair, other times it avoids belt-tightening. If your property taxes have been raised and you feel it’s unfair, here is how to prepare to meet your assessor for a review to lower them:

1. Look for reporting mistakes.

Examine the assessor’s entire property description. Note discrepancies and document them with blueprints, surveys, photos or other inspection reports.

2. Compare neighborhood assessments.

Are other homes in your neighborhood assessed similar to yours? Check the web first; some counties post-assessments online.

3. Compare current sales.

Talk to a local real estate agent (if you need a referral, I’m glad to help) and get a report of comparables sold within the last 6 months. Sold homes count, listings don’t.

4. Take pictures.

Document where your home needs repair compared to other homes in better shape in your neighborhood

5. Get a new appraisal.

If your home is unusual or hard to “comp” this is the one time it can work in your favor. If you recently refinanced and the value is lower, use that report instead.

6. Get your contract.

If your taxes increased soon after you purchased, values probably haven’t changed that much. Document with your purchase agreement.

7. Are you exempt?

There are many special exemptions: homestead, mortgage, senior citizens, veterans, disabled persons, and even energy-efficiency. Check with your county and check them all.

8. Prepare your case.

In writing, briefly and professionally describe why you are entitled to the reduction, followed by documentation of your reasons. Make sure you have any required forms completed and know all deadlines for your appeal.

 

©2013 Mortgage Success Source, LLC. All rights reserved

 

5 Surprising Army Facts. Happy Birthday U.S. Army!

Posted & filed under Blog.

ArmyToday we celebrate the United States Army. It was this day 241 years ago that Congress adopted the “American Continental Army” which was originally kept very secret. Below are 5 surprising army facts  you may not have known about those in Uniform:

#1 On June 14th in 1775, Congress authorized the enlistment of “expert riflemen” to serve the United Colonies for one year, serving as light infantry for the Boston Seige. The Army consisted of ten companies of riflemen appointed under Washington and Schuyler, who were also responsible for 15,000 New England troops. They expanded quickly and doubled their numbers by the end of July. This makes the Army older than the US itself!

#2 The Special Forces wasn’t an official Army branch until April 9, 1987.

#3 The Army is the second largest employer with well over 1 million active people on their payroll.

#4 The US Army protects most countries on the planet. Our Special Ops Forces have been deployed in 135 countries, helping them handle counter insurgency, info operations, recon, defense against WMD’s, and more.

#5 Fewer than 28% of Americans aged 17 to 23 are qualified to serve.

We are grateful for those who have served. Happy Birthday to the United States Army from Mortgages For Champions!

3 Social Media Habits that leaves a big welcome signs for home burglars

Posted & filed under Blog.

3 Social Media Habits that leaves a big welcome signs for home burglars

Social Media is wonderful! We can say what we want, whenever we want and share it with the world. You can let your followers know what you had for breakfast and ask questions you can normally find the answers in the library. However, there is a point of oversharing. Let’s take a look at the Karadshian’s for an example. When Kim Kardashian flaunted her $4.49 million engagement ring on Instagram in October, thieves were tracking her down in her Paris apartment and stole her ring. Police are also warning the younger sister Kylie to stop posting her GPS coordinates on Snapchat because there is a fear that strangers will be lining up her front door. While this example is mainly for the stars and celebrities of Hollywood, this mistake could happen to anyone really. Posting vacation pictures or images of pricey gifts like rings, cars, jewelry, etc., is sharing information not only to your BFF from another mother, but it is also sharing the information to criminals and leading them straight to your home and valuables. One study found that nearly 80% of burglars use social media to plan their heists. Kind of creepy when you think about it, but there are ways to avoid it. Here are three main social media habits that we all might be guilty of doing, but instead it is leading burglars and criminals to our save haven instead.

  1. Including locations in your posts – When you post an update on social media, they will typically ask if you want to tag the location in the post. Twitter has an option to share your precise location when you make a tweet. This is BAD! Especially when you are posting at home, your GPS location is giving the criminals the address of where you are and where your valuables are stored. All that is next is they are waiting for a post that you are going away on vacation or taking a couple of days out of town. So first thing firsts, to solve it let’s take a look at your permissions. Make them viewable only by “friends” and not to the public. Yet however, sometimes that is not enough. If you’re your friend’s account gets hacked and compromised, anything you share to your “friends” will be viewable to the burglar now. As an added extra layer of security, make sure you don’t include your location. If you REALLY want to share with your friends that your toes are in the sand, post those pictures later. Let your friends know that it’s from a previous vacation and no, you are not pulling a Ferris Bueller and sipping a cocktail with Mickey Mouse and his friends at the current moment.
  2. Posting photos of expensive items – Even if you have the high-security update on your social media account that restricts locations from your posts, your photo posted from your iPhone may automatically contain geotags with your GPS coordinates. Major social media sites like Facebook, Twitter, and Instagram will stripe the location data from the phone, there are some sites like Tumblr that don’t. So if you upload to your social media account that you got a fancy new painting or that new 4K flat screen system with all the bells and whistles on it, you might as well have a neon light pointing on the item saying “Take me I’m free!” So the best option to keep you safe is to not post pictures of your expensive/valuable items on social media. However, if you have the urge to post it and you NEED to let your friends know, you should disable the option on your iPhone to adding the GPS location on your pictures. To make that edit, in the iPhone 6, go to Settings/Privacy/Location Services/Camera/Choose “Never”.
  3. Adding your hometown, birth date, and other personal details to your profile – Even if your exact home address is not on your profile, did you know some simple details like your hometown and workplace can make robbers use the information on sites like Intelius or Spokeo to locate where you actually are? Kind of creepy isn’t it? So don’t add your personal information like your birth date, hometown, and any other personal information. Even if your profile is private and is only view able by friends, your information can still be at a risk. Not only could your friend’s account could be hacked, but a burglar could create a fake profile and try to add you as a friend on social media.

The bottom line here is try to think twice before you make an update on your social media account. Do you want to make a road map to your home and let strangers know what they can grab from your home?

For more information on how to be safe on the internet and how to keep your house safe, visit us here.

The True Meaning Of Memorial Day

Posted & filed under Blog.

The True Meaning Of Memorial Day

On the last Monday of May every year, The United States of America considers this day as a federal holiday and calls it “Memorial Day”. To most people, they are usually off from work as a paid holiday and they take advantage of the three day weekend with barbeques, trips down to the beach, or a nice quick 3 day vacation. As nice as that extra day off can be for us, we need to stop and take a moment to remember what Memorial Day is really about. No, it’s not because the air travel and supermarkets are looking to make a couple extra bucks in a way. Memorial Holiday is observed to remember the brave men and women who’ve died while serving in the armed forces while it could be the Navy, Marines, Army, Cost Guard, or the Air Forces.

It all started back in the Civil War era. People were decorating soldiers’ graves with flowers to show respect to the fallen soldiers. Originally, they made a day out of it on May 30th and it was considered “Decoration Day. However, shortly after World War II, it was becoming more known as “Memorial Day” instead of Decoration Day. Because it was mostly known as “Memorial Day” Congress made it a federal law in 1967 and changed the name. However, in 1971, Congress changed the date from May 30th to the last Monday in May to make it more convenient for a three-day weekend.

So on Monday, May 29th 2017, let’s take a moment to observe and thank all of the fallen soldiers who fought and sacrificed their lives to keep us free. The ones who make sure we are still the best country to live in.

On behalf of Residential Home Funding Corp. and Mortgages for Champions, we are honored to pay our respects to the men and women who have sacrificed their lives to continue making us free. Thank you.

Why You Should Buy a House in New Jersey Now

Posted & filed under Uncategorized.

nj-home

If you are buying a house, it can be a very daunting prospect. However, if you are considering buying a house, first time house-buyer or not, now is the time you should purchase your home.

Home prices will continue to rise over time. According to the most recent Home Price Index, they reported that home prices have appreciated nearly 6 percent in the last 12 months. The same report also predicted an increase of 5.3 percent during the next 12 months as well.

As of June 2019, residential real estate in New Jersey is performing as predicted with sales also increasing.
Are you also thinking about selling your home? If you are, now is the time to do it. Currently, there are fewer homes for sale to meet the high demand of sales and due to limited inventory, many sellers have been receiving a higher percent than asking prices.

Most interest rates for 30 year mortgages have been hovering around 4 percent today. Many experts, including the Mortgage Bankers Association, Freddie Mac, Primary Mortgage Market, and National Association of Realtors are predicting that interest rates will shoot up nearly a full percentage point over the next calendar year. With that in mind, potential homeowners may be able to save on their monthly payments by buying now than later.

When you buy a home, you are investing in your own financial future. When you rent, you have no stake in the property you are paying for. Compared to if you own your own home, your monthly payments are going toward a tangible asset that will likely increase in value throughout the years.

For more information, contact us at 973-577-7008.