First Time Home buyers

First Time Home buyers

first time home buyer

First time home buyers are our specialty and we offer ALL the various loan programs to fit ALL possibilities. We offer down payment assistance for first time home buyers too. You may consider FHA from fico scores in between 500-579 with 10% down. FHA 3.5% down requires a minimum 580 fico score to qualify. You may qualify for 3% down conventional with a minimum 620 fico score or 5% down conventional with NO Mortgage insurance (Lender paid MI) from a minimum 620 fico score. 

It only takes a few dozen questions to qualify you in minutes for the loan program to fit your needs the best financially. Once you are pre-qualified you can submit the needs list documentation to verify the numbers given to receive a pre-approval letter or DU approval. You have many down payment and closing cost assistance options whether you are a first time home buyer or not. 

I specialize in first time home buyers as well as Under and Over 640 Fico Score Loans.  We offer credit repair advice at no cost to raise fico scores to qualify for programs, rates and terms as necessary. I can raise fico scores within 3-4 days in most cases. Your expenses will be a down payment if any, earnest money deposit to open escrow, appraisal fee and the closing costs. You may utilize premium financing to cover portions of your closing costs to achieve minimum out of pocket expenses. Here is a needs list for a pre-approval letter to get you out shopping for a home of your choice.

                 LOAN PROCESSING NEEDS LIST

Once the requested documents are received I can issue a pre-approval letter within 24 hours so you can get out shopping for a home of your choice. We offer many Down Payment Assistance programs whether you are First Time Home buyers or not. Why rent if you may qualify to purchase and pay less than you are paying for rent.

Get pre-approved today and buy your dream home. Contact Sheryl Arndt, Sr. Loan Officer Navy Veteran office 760-983-4549 or cell 760-486-4225           


The Mortgage Process
Even the most experienced homebuyer can find the home mortgage process hard to understand and if so we can refresh your memory. Even as first time home buyers you should understand the process and that should make the transaction less stressful and smoother.
Step 1: Pre-Qualification / Pre-Approval

We will need to gather information about your income and debts and figure out how much you can afford to borrow. There are many different programs available, which can result in different pre-qualification loan amounts. We'll help you pick the ones that best fit your situation. We can also order a credit report and run your home loan through an automated underwriting system.

**You will have to submit paystubs, bank statements, tax returns, ID, etc. You will then be issued a pre-approval letter/DU approval once pre-approved. *You will need a pre-approval letter to be able to meet an agent to view and submit offers on any homes of your choice.

Step 2: Loan Application

Choose a loan program and we prepare a formal loan application. The processor may request additional updated or necessary documents if needed. You may do this via email, fax or mail if you're too distant from our office.

Step 3: Processing

We review your credit reports and verify your debts and payment histories. If there are late payments, collections or judgments or other concerns, we get a written explanation letters from you for the underwriter. Employment, assets and other documentation are also verified. Finally title and homeowner's insurance is ordered for a complete package to go to underwriting.

Step 4: Underwriting

Underwriting is where we make sure your home loan package meets all lender requirements for first time home buyers. Therefore, at this point we have usually gathered all the information we need. However, we may require additional information and will contact you quickly to make sure approval happens on time.

Mortgage Insurance Underwriting

Do you have less than 20% down? If so, all lenders require Private Mortgage Insurance (PMI) to insure the loan in case of a default. You can pay your PMI upfront, pay it monthly or finance it in with your loan. After a few years, you may be able to eliminate PMI if your home goes up in value resulting in 20% equity (We provide future refinances at a discount and wholesale rates). Your refinance may or may not require a new property appraisal.

Step 5: Closing

You sign your loan documents after your final loan approval. A mobile notary will notarize the loan documents at an escrow company, in your own home or a location of your choice. The bank will set up funding once  you wire your closing funds to escrow per wiring instructions and the signed documents are returned to the bank. The title company/escrow company will set up the recording of your grant deed after funding. Once your loan has funded and recorded you will receive the keys to your home.

Sheryl Arndt, Professional Realty card

 

 

 

 

 

Lending in CA only.

 

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Pre-Approval loan application for loan processing

 

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