allied first bank fha streamline refinance

Allied Realty Financial · Central Valley Mortgage Group · Fremont Bank · Golden State Mortgage, Inc. · Mission San Jose Mortgage Inc. · Mortgage. FHA streamline refinance is a program that allows homeowners with FHA-backed mortgages to refinance with less time, hassle and paperwork. With a streamline. Jessee *** at Allied First Bank was my Mortgage Broker and led me though a VA refinance loan By locking in the rate - I was able to save a lot of interest.
allied first bank fha streamline refinance

: Allied first bank fha streamline refinance

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allied first bank fha streamline refinance
allied first bank fha streamline refinance

What Our Customers Say

Check out the reviews from some of our customers.

  • I enjoy working with Greg because I get a personalized service. I liked the ability to refinance with no out of pocket costs. Documentation process submission was easy, useful website resource to review pending tasks and documentation. Overall, a well managed and easy process.

  • Our experience was a very comfortable one. Marco was there for us every step of the way and made what seemed to be very overwhelming to us, he did at such ease. His years of experience showed. Marco helped us with our purchase of our first home during the COVID-19 and made it happen. He helped us out so much and we couldn't be more thankful!!! Thank you, Marco!

  • Steve O'Donnell answered all of my questions about the possible options for refinancing our mortgage. He also followed up regularly to explain the next steps in the process. It was a smooth process and I would recommend Steve to anybody trying to get a home loan. Thank you so much for your help.

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Reviews and comments (i) have been submitted by customers voluntarily, (ii) are solely the views of such customers, and (iii) have been screened by Freedom Mortgage Corporation prior to publication in accordance with our guidelines. Customers were not compensated for their reviews/comments but were informed that the submittals may be used in Freedom Mortgage Corporation advertising. Customer experiences are not meant to suggest future performance and may not be representative of your experience.

Источник: https://www.freedommortgage.com/

 

 











 











































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Источник: https://hexeqoq.tripod.com/

FHA Streamline Refinance: What You Need to Know

An FHA streamline refinance lets you skip right past one of the biggest hurdles to getting an FHA loan: The appraisal. This shortcut saves you time and money, but not everyone can take advantage of it. Only borrowers who meet certain conditions can get a break when refinancing a home purchase loan that was originally backed by the Federal Housing Administration.

Here's what you need to know if you want to score this refinance.

What is the FHA streamline program?

FHA streamline refinance is a program that allows homeowners with FHA-backed mortgages to refinance with less time, hassle and paperwork. With a streamline refinance, you don't need to go through the FHA appraisal process again, since the FHA has already valued the property.

There are two types of FHA streamline refinance: credit qualifying and non-credit qualifying. A credit-qualifying streamline refinance requires your lender to perform a credit check, calculate your debt-to-income (DTI) ratio and assess your ability to continue paying your mortgage.

These requirements don’t apply to non-credit qualifying FHA streamline refinances, so why would you opt for the more labor-intensive option? Specific circumstances, like needing to remove a borrower from the mortgage, require a credit qualifying streamline FHA refinance. There's a plus, though: The added documentation required with a credit-qualifying streamline refinance could result in a lower interest rate than you would get with the non-credit qualifying version.

The streamline program is only available to homeowners who already have FHA loans, but that doesn't mean you have to refinance with your existing lender. FHA loan requirements and fees may vary by lender. Comparing quotes from several different FHA streamline refinance lenders will help you find the best deal.

FHA streamline guidelines

Even with less paperwork, there are still conditions you’ll need to know about before beginning an FHA streamline refinance:

  • You can't be delinquent on your current FHA loan. The rules differ for credit-qualifying and non-credit qualifying streamline refinances, but bottom line, you need to have a history of on-time mortgage payments.

  • It's not an FHA cash-out refinance. FHA streamline guidelines limit borrowers to no more than $500 in cash from the refinance. That wiggle room is there to accommodate changes that might be made at closing.

  • It must be at least six months since your current mortgage was issued. Exceptions can be made for credit-qualifying streamline refinances where changes need to be made due to life changes like divorce or inheritance.

  • You will have to pay closing costs. If you need cash to cover FHA closing costs, your lender will have to OK the source of your assets.

  • The streamline refinance must result in a "net tangible benefit" to the borrower. That means the FHA is looking for you to reduce your term or lower your mortgage interest rate — or both.

Using a mortgage refinance calculator can help you understand the financial trade-off between lowering your payment and adding years to your loan term. The added costs of interest compounded over an additional number of years can significantly outweigh the advantages of is grated parmesan cheese bad for you lower monthly payment. While the FHA allows borrowers to increase their loan term by up to 12 years, it has to be offset by a rate reduction.

Looking to refinance your mortgage?

Refinancing your mortgage can be a great way to save. With NerdWallet, you can easily track your home value and see if you can save by refinancing.

FHA streamline refinance costs

One potential downside to an FHA streamline refinance: You'll pay a fresh upfront mortgage-insurance premium and continue shelling out monthly premium payments. The upfront premium is 1.75%, except for FHA loans originated before April 2009; those require an upfront premium of only 0.01%.

» MORE: What is FHA mortgage insurance?

In an FHA streamline refinance, you can wrap the upfront mortgage insurance premium — but no other closing costs — into a higher loan amount as a part of the refinance. Allied first bank fha streamline refinance you’re concerned about covering the allied first bank fha streamline refinance costs for an FHA streamline loan, you can look for a no-cost refinance, but be aware that you'll be charged a higher interest rate. Don't forget, the "net tangible benefit" requirement means the numbers have to work in your favor, all costs considered.

Calculating your long-term savings can help you decide whether an FHA allied first bank fha streamline refinance refinance is right for you. The FHA offers several refinancing options, including a 203(k) refinance for renovations and an FHA cash-out refinance, so it may take a bit of research and some number-crunching to figure out which best meets your needs now and down the road.

» MORE: See top FHA streamline refinance lenders

Источник: https://www.nerdwallet.com/article/mortgages/fha-streamline-refinance-5-strict-requirements

Can You Qualify for a Mortgage on Workers Comp?

A mortgage loan normally requires submitting your credit and financial chase bank leestown road lexington ky to close scrutiny. Mortgage lenders have a variety of qualification or underwriting requirements hopeful borrowers must meet before any loans are made. Fortunately for prospective homebuyers, lenders will count most types of income when making mortgage decisions – including long-term workers' compensation.

It's Income That Matters

Mortgage lenders usually require borrowers to document claimed income. Generally, any earned income such as salary or income paid by government entities – including workers' compensation – can be documented easily. In cases of workers' compensation, however, a mortgage lender may apply a different standard when evaluating pg 4 gatorade on a borrower's application. For mortgage qualification, workers' compensation income generally must be of a durable or long-lasting nature.

Workers' Compensation Counts as Income

Though workers' compensation is documented income, its temporary nature could present issues when it comes to mortgage qualification. Lenders typically look for evidence of a stable work history, as this implies you'll have a regular income coming in. Workers' compensation, by contrast, is often considered to be hypothetical or non-permanent. A mortgage lender might look at an applicant's workers' comp income, especially if the person is still considered employable, as obie trice eminem being predictable. Many mortgage lenders want applicants' income to be stable or predictable through at least the first three years of a mortgage loan.

Mortgage Qualification

Mortgage lenders consider whether it's reasonable to assume an applicant's income will continue for some time. If you're receiving workers' comp income and it will continue for at least three years, your chances of mortgage qualification improve. You'll need to provide a letter from the worker’s compensation insurer confirming the payments being made to you, and how long you will be receiving them. You may also need to provide a letter from your employer confirming that your job is still open and payslips showing your income prior to the injury. Workers' compensation recipients should also include any other sources of documented income, such as retirement accounts, social security and pensions when applying for mortgages. Generally, the more income you can document, the better your chances for mortgage loan approval.

Workers' Compensation Special Consideration

One benefit to workers' compensation is that it's nontaxable, which may appeal to a mortgage lender. Mortgage banking firm Allied Lending Corporation, for example, uses underwriting guidelines that give special consideration to nontaxable income such as workers' compensation. Workers' compensation payments may actually increase an applicant's adjusted gross income by 25 percent, improving the chances of mortgage loan approval in the process. Other sources of nontaxable income for mortgage application purposes include child support and even food stamps.

References

Resources

Writer Bio

Tony Guerra served more than 20 years in the U.S. Navy. He also spent seven years as an airline operations manager. Guerra is a former realtor, real-estate salesperson, associate broker and real-estate education val kilmer doc holliday outfit. He holds a master's degree in management and a bachelor's degree in interdisciplinary studies.

Источник: https://homeguides.sfgate.com/can-qualify-mortgage-workers-comp-95460.html

FHA Streamline Refinance Rates & Guidelines for 2021


The FHA streamline refinance program helps current FHA homeowners lower their interest rate and monthly payment — it’s a quick and cost-effective way to refinance with lenient documentation requirements and credit standards.

Also, if your FHA loan is under three years old, then you may be eligible for an upfront mortgage insurance premium refund. This refund allows a portion of the original loan’s paid premium to be applied to the upfront mortgage insurance premium of the new FHA streamline refinance loan. This means less money is required at closing.

Check your FHA streamline refinance eligibility today.

In this article:


Is an FHA streamline refinance worth it?

In general, FHA streamline refinances are worth it if there’s a financial benefit to you like a lower interest rate and monthly payment. This is true of all refinances — if it’s not going to benefit you, then it’s likely not worth it.

Streamline refinances offer some specific advantages when compared to other refinance loan types, including:

  • No income documentation is required like pay stubs and W2s
  • Lower available interest rates
  • Faster closing times than traditional refinances
  • No appraisal is required
  • Underwater homes are eligible
  • Potentially eligible for a partial refund of upfront mortgage insurance from your original loan
Check FHA streamline rates. Start here.

Do I qualify for an FHA streamline refinance?

FHA streamline refinance loans are available to homeowners who currently have an FHA loan with good payment history. Homes that have lost value and are now underwater are eligible too.

The most important qualification though, is that borrowers must receive a benefit from refinancing. This is called a net tangible benefit — FHA refinances can be approved if the combined interest rate drop is at least 0.5% (see Net Tangible Benefit section below).

FHA refinance rates today

Current FHA rates are some of the lowest in history. According to Ellie Mae’s March 2021 Origination Report, the average 30-year rate on FHA loans hovered at 2.99% in March.

The refinance interest rate you’ll qualify for depends on factors like your credit score, interest rate type, and loan type. You’ll have to speak to lenders to determine the specific FHA refinance rate you’re eligible for. Compare quotes from three to four lenders to make sure you’re getting the best rate and terms — the CFPB reports that comparison shopping can save borrowers approximately $300 per year and thousands over the life of the loan.

How does an FHA streamline refinance work?

In general, FHA streamline refinances are easier to qualify for than home purchase loans. If you meet five key requirements, then your FHA streamline refinance will likely be approved. Those key requirements include:

1. On-time payment history

You must show a history of on-time mortgage payments for your existing FHA loan to qualify for an FHA streamline refinance. If you have had a late payment, you are not automatically disqualified though. You allied first bank fha streamline refinance rebuild your history moving forward and qualify 12 months after your second most recent allied first bank fha streamline refinance payment.

FHA streamline refinance loan payment requirements:

  • If your mortgage is less than 12 months old, then all mortgage payments must have been paid on time.
  • If your mortgage is 12+ months old, then no more than one payment is permitted to be 30+ days late. The three months’ payments prior to the loan application must have been made on time.

2. Net Tangible Benefit

All FHA streamline refinances must result in a Net Tangible Benefit (NTB) for the borrower — the refinance must improve the borrower’s financial position as defined by the FHA. Generally, NTB is defined as reducing the borrower’s “combined rate” by at least 0.5%. (A combined rate is the interest rate of the loan plus the insurance premium rate.)

For example, a homeowner has a current interest rate of 4.5% and an insurance premium of 1.35% for a combined rate of 5.85%. If the homeowner refinances into a 4% interest rate with an insurance premium of 1.35%, then the new combined rate of 5.35% is a 0.5% reduction.

The 0.5% “combine rate” reduction rule applies if you’re refinancing a fixed-rate mortgage into another fixed-rate mortgage. If you’re refinancing into (or out of) a one-year ARM or Hybrid ARM (3- 5- 7- or 10-year ARM), then there are different NTB requirements.

Net Tangible Benefit (NTB) Combined Rate Requirements

Current Loan TypeRefinance Loan TypeNTB Requirements
Fixed rateFixed rateDecrease at least 0.5%
Fixed rateOne-year ARMDecrease at least 2%
Fixed rateHybrid ARMDecrease at least 2%
Any ARM w/ less than 15 months in fixed periodFixed rateIncrease no more than 2%
Any ARM w/ less than 15 months in fixed periodOne-year ARMDecrease at least 1%
Any ARM w/ less than 15 months in fixed periodHybrid ARMDecrease at least 1%
Any ARM w/ greater than 15 months in fixed periodFixed rateIncrease no more than 2%
Any ARM w/ greater than 15 months in fixed periodOne-year ARMDecrease at least 2%
Any ARM w/ greater than 15 months in fixed periodHybrid ARMDecrease at least 1%

3. FHA streamline waiting period

There’s a waiting period between when you first closed your loan and when you can refinance. So, if you’ve just closed on your loan, then you’re not eligible for an FHA streamline refinance.

The FHA streamline refinance waiting period requirements include:

  • You have made at least six on-time payments on your current FHA mortgage
  • It’s been at least six months since your first payment due date
  • 210 days have passed since the day your current mortgage closed

For example, if your current FHA loan closed on November 28, 2018, then your first mortgage payment was due on January 1, 2019. You can refinance as soon as July 1, 2019 — 210+ days after closing and six months after your first payment.

Get your FHA streamline rate. Start here.

4. Minimum credit score

The FHA does not require a credit report as part of the streamline refinance loan application. Most lenders will require one, though. A standard minimum credit score for the FHA streamline refinance program is 640. However, some lenders may allow a score between 600-620. If you’re denied, shop around.

Average FHA Loan Credit Score December 2019

Source: Ellie Mae Origination Report, December 2019

5. Closing costs for FHA streamline refinances

Closing costs on streamline refinances are generally the same as with other mortgages, except that there is no appraisal fee (unless you opt for one). You may also need to pay a portion of property taxes and insurance at closing.

For example, if your jurisdiction’s property taxes are due in the next few months, lenders require you pay that tax installment. Keep in mind, though, that you’ll receive a check from your current lender for taxes and insurance you’ve paid on your current loan, but haven’t been disbursed.

If you’re short on cash, then ask your lender if they offer lender credits — for a slightly higher interest rate, you can use the profits from the loan to pay for closing costs. Or, if you have equity in your home, then with an appraisal you may be able to wrap closing costs into the new loan amount.

My Mortgage Insider Tip

Are there closing costs with an FHA streamline refinance?

Generally, you can expect to pay between $1,000 and $5,000 in FHA streamline closing costs, though this amount may be higher or lower depending on your loan amount and other factors. You’ll need to provide 60 days of bank statements showing you have enough money to cover any out-of-pocket closing costs.

Your loan officer will provide an estimate of total funds due. This estimated out-of-pocket amount may increase during the mortgage refinance process, though. Be prepared to provide updated or additional bank statements to prove you have funds to cover the increased amount.

Note: Provide all bank statement pages, even blank ones, to your lender. Make sure your name, address, and account number appear on your statement too. Online bank printouts often don’t include your personal information, so you’ll need the mailed version or the PDF version of your full statement.

What documents do I need for an FHA streamline refinance?

Even though FHA streamline refinances have minimal documentation required for the loan application, that doesn’t mean there’s no documentation. Below is a list of things you’ll likely need for your refinance application, including your:

  • Current mortgage statement
  • Current FHA loan’s mortgage note, which shows your current interest rate and loan type
  • Final settlement statement (final HUD-1) or Deed of Trust with the FHA case number of your current loan
  • Employer HR department’s contact information (lenders need to verify your employment, not your actual income)
  • Two months of bank statements that show you have enough funds to pay for any out-of-pocket costs
  • Homeowners insurance agent’s contact information to obtain current proof of insurance

Also, make your next month’s mortgage payment as soon as possible. This allows your lender to obtain proof night at the museum 3 credits your FHA mortgage is current. Your lender may require more or less than the items listed above.

Other things to note about FHA streamline refinances

While streamline refinances are generally easy to apply and get approved than other refinance options, there are some things to consider in regards to the FHA loan program.

Adjusting loan types and terms

The FHA has specific rules on what types of loan adjustments are allowed. Not every loan type can be converted to another loan type or term with a streamline refinance. Some of the most common questions on these adjustments are:

  • Can I refinance my 30-year loan to a 15-year loan? No. The FHA does not allow reduction of your loan term with a streamline refinance.
  • Can I refinance my 15-year loan to a 30-year loan? Yes. Your combined rate must decrease by at least 0.5%.
  • Can I refinance my ARM to another ARM? Yes. You may use an FHA streamline refinance to refinance an adjustable-rate mortgage (ARM) to another ARM (for primary residences only).
  • Can I refinance my ARM to a fixed-rate mortgage? Yes. Though, there are additional requirements depending on the type of ARM and the original closing date. (See the Net Tangible Benefit section.)
  • Can I refinance my fixed-rate mortgage to an ARM? Yes. The combined rate requirement must be a 2% decrease.

Appraisals

There are two types of streamline refinances — those with an appraisal and those without. The majority of people opt for the no-appraisal option, because the application process is quicker, cheaper, and no equity is required.

So, why would someone get an appraisal on an FHA streamline refinance? Because you can only include closing costs in the new loan amount on streamline loans with an appraisal. Otherwise, closing costs have to be paid out of pocket (or with a lender credit).

If you order an appraisal, make sure you have enough equity in the home to cover the existing loan balance, closing costs, and any interest due. If you don’t have equity in your property, it’s best not to obtain an appraisal.

If allied first bank fha streamline refinance opt for a no-appraisal FHA streamline refinance, the maximum loan amount may include:

  • The current principal balance
  • Up to one month’s worth of interest payments
  • The new upfront mortgage insurance fee (subtract the mortgage insurance refund if applicable — applies if FHA loan originated less than three years ago)

Mortgage insurance premiums

There are two types of mortgage insurance premiums (MIP) for FHA loans — upfront and annual. Upfront mortgage insurance premiums (UFMIP) is a one-time fee charged when you close the loan. All FHA loan types UFMIP is 1.75% on the base loan amount. Annual insurance premiums are paid over the life of the loan in most cases. Percentages vary and are dependent on the base loan amount, your down payment amount, and the loan term. (See FHA insurance premium rates.)

Mortgage insurance refunds

When you refinance a current FHA loan, you may be entitled to a refund of the upfront mortgage insurance you paid when you opened your existing FHA mortgage. Usually, refunds are only available if the FHA loan is refinanced into another FHA loan within the first three years.

The refund amount is determined by how long ago the current loan was opened, and when the new FHA refinance loan closes. The refund amount decreases each month. If you refinance within 12 months, you may be refunded as much as 60% of your original upfront mortgage insurance. But, if you refinance after 30 months, you’ll only receive about 20%.

Read more: FHA Mortgage Insurance Refund Guidelines [Chart]

FHA streamline refinance loans and condominiums

Many condominiums have lost their FHA eligibility over the past few years. FHA streamline refinances are available on condos that were approved at the initial opening of the loan, but have since lost their approval.

The exception: When an appraisal is needed to qualify for the loan. In this case, the condo complex needs to be currently FHA-approved.

Read more: How to Find an FHA-approved Condo Quickly and Easily

FHA streamline refinance loan FAQ

Is cash back allowed on an FHA streamline refinance?

Cash back is not allowed for a streamline refinance loans. For that, you’ll need to apply for an FHA Cash-out Refinance.

The FHA does permit a small amount of cash, usually less than $500, to go to the borrower. Some lenders limit the amount to $250 or less. The cash back can only be the result of incidental changes in closing calculations, which happens often with all mortgages.

Can I refinance my second home or investment property with an FHA streamline refinance?

In most cases, the FHA allows streamline refinances on second homes and investment properties as long as the property currently has an FHA loan. Some lenders only accept streamline refinances on primary residences. It’s best to ask your lender about their specific rules.

Also, if your monthly payment is increasing of the new loan type is an ARM, then you won’t be able to use a streamline refinance — they’re not permitted on second homes and investment properties.

Can I add or remove borrowers with an Midland boat tours streamline?

The FHA permits a borrower to be removed from the original loan as long as one of the original borrowers remains on the new mortgage. If you want to “assign” the loan to another borrower entirely, though, then you can’t use an FHA streamline refinance. Also, borrowers can usually be added to the title without income or asset review. Though, check with your lender specifically to see if they allow it.

Can I use an FHA streamline to refinance my completed 203k rehab loan?

The FHA allows this type of refinance without an appraisal, though, your lender may require one. The completed work must be evidenced by:

  • A certificate of allied first bank fha streamline refinance final release of the rehabilitation escrow account
  • The original lender’s completion of the 203k closeout process

Can I use an FHA streamline if my home needs repairs?

The FHA does not require repairs on a home that is in sub-par condition as long as there is no appraisal required for the transaction. If you opt for an appraisal (or, your lender requires one), then you will be responsible for completing those repairs before loan approval.

Check FHA refinance rates today

The FHA streamline refinance is a great option for current FHA homeowners to lower their interest rate and monthly payment. And, with lenient credit standards and documentation requirements it can be the fastest and most cost effective options to refinance an FHA loan.

Check your FHA streamline refinance eligibility.
Tim Lucas (NMLS #118763 ) is editor of MyMortgageInsider.com. He has appeared on Time.com, Realtor.com, Scotsman Guide, and more. Connect with Tim on Twitter.
Источник: https://mymortgageinsider.com/fha-streamline-refinance-rates-how-to-qualify/

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Why Do Nurses Encounter Difficulty When Taking a Home Loan?

Nurses, medical staff and other healthcare providers deal with shifting schedules, overtime, night differentials, W2 and 1009 income, and employment gaps. This gives your traditional mortgage lender a hard time. Lenders love the 8-to-5 workers who work on fixed shifts, are never in-between jobs and get a fixed compensation every month (that is, a stable income spread across a historical length of time).

And if you’re a travel nurse, you have it even harder because you tend to change employers and it’s normal to have employment gaps. You may also have non-taxable income from per-diem work and are unsure if this also qualifies when applying for a home loan.

How Is a Nurses Home Loan Program Different from a Traditional Home Loan?

Most traditional lenders lack the understanding and flexibility in handling applications of nurses and other applicants with special careers. The Nurses Home Loan Program was designed to adjust to nurse’s unique remuneration circumstances while giving them the best benefits from the start of the loan to the closing date.

What ae Benefits of Nurses Home Loan Program?

What Are the Allied first bank fha streamline refinance of a Nurses Home Loan Program? 

The Nurses Home Loan Program offers:

  • Simplified processing for an efficient close
  • Flexible credit requirements
  • Availability depending on your schedule
  • Credit score as low as 580 (depending on your allied first bank fha streamline refinance competitive interest rates and closing costs
  • Lowest down payment options available
  • Discounted interest rates (option available)
  • The ZERO PROGRAM (purchase your new home with no out-of-pocket expense)  
  • Down payment assistant programs (multiple options available) 580 or higher credit score required
  • Grant, subsidies, and concession programs to assist with your closing costs (options available)
  • No mortgage insurance option for conventional mortgages with less than 20% down payment
  • No upfront fees at the time of application
  • No rate lock fee
  • The Get Mortgage Ready Program
  • Flexible underwriting (580 credit score options available)
  • Low down east and west all star game score mortgage options (starting at zero down payment, 3% conventional, 3.5% FHA)
  • Mortgage credit certificate, an IRS tax credit up to $2000 for first time home buyers

What Are the Nurses Home Loan Program Guidelines?

  • This is not limited to just first-time buyers
  • For purchase or refinance
  • Conventional, FHA, VA, and USDA Loan Programs
  • No income zoey deutch topless scores as low as 580 depending on the program, 620 or higher is recommended
  • Down payment options as low as 0 – 3.5% with a new 3% down option
  • 15 or 30 year fixed loan terms available as well as adjustable rate mortgage options
  •  Debt to income ratios as high as 56%
  •  Primary residences, condos (non-warrantable possible) or second homes only
  • Single-family residences or 1-4 units only

* Income limits and additional guidelines may apply if combining with down payment assistance, HomeReady or HomePossible program.

Nurses Home Loan Program

Who Are Eligible for the Nurses Home Loan Program?

The following job descriptions are eligible to apply for the Nurses Home Loan Program:

Nurses
Physical Therapists
Medical Assistants
Specialists
Orthodontists
Endoscopy / Radiology Techs
Lab Techs
Chiropractors
Dentists
Veterinarians
Hospital Employees 
Pharmacists

What Properties Are Eligible for a Nurses Home Loan? 

Eligible properties include:

  • 1-4 single family residence (SFR)
  • Detached PUD/condos
  • Primary residences

Ineligible properties include:

  • Manufactured homes (occasional exceptions possible)
  • Log homes or condotels
  • Investment properties

How Can I Use All My Nurse Pay to Qualify?

Always remember to document your pay:

  • Keep all pay stubs for the past 2-3 months
  • Find your last pay stub from the prior year (it shows the year’s totals of your various income types)
  • Get your W2s for the past 2 years
  • Request a letter from your employer stating your shift differentials and overtime are likely to continue (please note that many employers won’t do this)
  • Give the contact name and number for your HR department to your lender
  • If you’ve changed employers, find your final pay stub and the W2 from all your former employers over the past 2-3 years.     

PRMI values the important work that you—our nurses and all the allied healthcare workers—do for our community. We’re determined to help you achieve your dream home for yourself and the people who matter to you. Call 302-703-0727 to get started today or you can APPLY ONLINE.

John R. Thomas – NMLS 38783
Certified Mortgage Planner – Primary Residential Mortgage, Inc.
302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office
248 E Fast times at ridgemont high pool Hill Rd, Newark, DE 19713

Источник: https://delawaremortgageloans.net/nurses-home-loan-program/

Allied first bank fha streamline refinance -

 

 











 











































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Источник: https://hexeqoq.tripod.com/

FHA Streamline Refinance: What You Need to Know

An FHA streamline refinance lets you skip right past one of the biggest hurdles to getting an FHA loan: The appraisal. This shortcut saves you time and money, but not everyone can take advantage of it. Only borrowers who meet certain conditions can get a break when refinancing a home purchase loan that was originally backed by the Federal Housing Administration.

Here's what you need to know if you want to score this refinance.

What is the FHA streamline program?

FHA streamline refinance is a program that allows homeowners with FHA-backed mortgages to refinance with less time, hassle and paperwork. With a streamline refinance, you don't need to go through the FHA appraisal process again, since the FHA has already valued the property.

There are two types of FHA streamline refinance: credit qualifying and non-credit qualifying. A credit-qualifying streamline refinance requires your lender to perform a credit check, calculate your debt-to-income (DTI) ratio and assess your ability to continue paying your mortgage.

These requirements don’t apply to non-credit qualifying FHA streamline refinances, so why would you opt for the more labor-intensive option? Specific circumstances, like needing to remove a borrower from the mortgage, require a credit qualifying streamline FHA refinance. There's a plus, though: The added documentation required with a credit-qualifying streamline refinance could result in a lower interest rate than you would get with the non-credit qualifying version.

The streamline program is only available to homeowners who already have FHA loans, but that doesn't mean you have to refinance with your existing lender. FHA loan requirements and fees may vary by lender. Comparing quotes from several different FHA streamline refinance lenders will help you find the best deal.

FHA streamline guidelines

Even with less paperwork, there are still conditions you’ll need to know about before beginning an FHA streamline refinance:

  • You can't be delinquent on your current FHA loan. The rules differ for credit-qualifying and non-credit qualifying streamline refinances, but bottom line, you need to have a history of on-time mortgage payments.

  • It's not an FHA cash-out refinance. FHA streamline guidelines limit borrowers to no more than $500 in cash from the refinance. That wiggle room is there to accommodate changes that might be made at closing.

  • It must be at least six months since your current mortgage was issued. Exceptions can be made for credit-qualifying streamline refinances where changes need to be made due to life changes like divorce or inheritance.

  • You will have to pay closing costs. If you need cash to cover FHA closing costs, your lender will have to OK the source of your assets.

  • The streamline refinance must result in a "net tangible benefit" to the borrower. That means the FHA is looking for you to reduce your term or lower your mortgage interest rate — or both.

Using a mortgage refinance calculator can help you understand the financial trade-off between lowering your payment and adding years to your loan term. The added costs of interest compounded over an additional number of years can significantly outweigh the advantages of a lower monthly payment. While the FHA allows borrowers to increase their loan term by up to 12 years, it has to be offset by a rate reduction.

Looking to refinance your mortgage?

Refinancing your mortgage can be a great way to save. With NerdWallet, you can easily track your home value and see if you can save by refinancing.

FHA streamline refinance costs

One potential downside to an FHA streamline refinance: You'll pay a fresh upfront mortgage-insurance premium and continue shelling out monthly premium payments. The upfront premium is 1.75%, except for FHA loans originated before April 2009; those require an upfront premium of only 0.01%.

» MORE: What is FHA mortgage insurance?

In an FHA streamline refinance, you can wrap the upfront mortgage insurance premium — but no other closing costs — into a higher loan amount as a part of the refinance. If you’re concerned about covering the closing costs for an FHA streamline loan, you can look for a no-cost refinance, but be aware that you'll be charged a higher interest rate. Don't forget, the "net tangible benefit" requirement means the numbers have to work in your favor, all costs considered.

Calculating your long-term savings can help you decide whether an FHA streamline refinance is right for you. The FHA offers several refinancing options, including a 203(k) refinance for renovations and an FHA cash-out refinance, so it may take a bit of research and some number-crunching to figure out which best meets your needs now and down the road.

» MORE: See top FHA streamline refinance lenders

Источник: https://www.nerdwallet.com/article/mortgages/fha-streamline-refinance-5-strict-requirements

FHA Streamline Refinance Rates & Guidelines for 2021


The FHA streamline refinance program helps current FHA homeowners lower their interest rate and monthly payment — it’s a quick and cost-effective way to refinance with lenient documentation requirements and credit standards.

Also, if your FHA loan is under three years old, then you may be eligible for an upfront mortgage insurance premium refund. This refund allows a portion of the original loan’s paid premium to be applied to the upfront mortgage insurance premium of the new FHA streamline refinance loan. This means less money is required at closing.

Check your FHA streamline refinance eligibility today.

In this article:


Is an FHA streamline refinance worth it?

In general, FHA streamline refinances are worth it if there’s a financial benefit to you like a lower interest rate and monthly payment. This is true of all refinances — if it’s not going to benefit you, then it’s likely not worth it.

Streamline refinances offer some specific advantages when compared to other refinance loan types, including:

  • No income documentation is required like pay stubs and W2s
  • Lower available interest rates
  • Faster closing times than traditional refinances
  • No appraisal is required
  • Underwater homes are eligible
  • Potentially eligible for a partial refund of upfront mortgage insurance from your original loan
Check FHA streamline rates. Start here.

Do I qualify for an FHA streamline refinance?

FHA streamline refinance loans are available to homeowners who currently have an FHA loan with good payment history. Homes that have lost value and are now underwater are eligible too.

The most important qualification though, is that borrowers must receive a benefit from refinancing. This is called a net tangible benefit — FHA refinances can be approved if the combined interest rate drop is at least 0.5% (see Net Tangible Benefit section below).

FHA refinance rates today

Current FHA rates are some of the lowest in history. According to Ellie Mae’s March 2021 Origination Report, the average 30-year rate on FHA loans hovered at 2.99% in March.

The refinance interest rate you’ll qualify for depends on factors like your credit score, interest rate type, and loan type. You’ll have to speak to lenders to determine the specific FHA refinance rate you’re eligible for. Compare quotes from three to four lenders to make sure you’re getting the best rate and terms — the CFPB reports that comparison shopping can save borrowers approximately $300 per year and thousands over the life of the loan.

How does an FHA streamline refinance work?

In general, FHA streamline refinances are easier to qualify for than home purchase loans. If you meet five key requirements, then your FHA streamline refinance will likely be approved. Those key requirements include:

1. On-time payment history

You must show a history of on-time mortgage payments for your existing FHA loan to qualify for an FHA streamline refinance. If you have had a late payment, you are not automatically disqualified though. You can rebuild your history moving forward and qualify 12 months after your second most recent late payment.

FHA streamline refinance loan payment requirements:

  • If your mortgage is less than 12 months old, then all mortgage payments must have been paid on time.
  • If your mortgage is 12+ months old, then no more than one payment is permitted to be 30+ days late. The three months’ payments prior to the loan application must have been made on time.

2. Net Tangible Benefit

All FHA streamline refinances must result in a Net Tangible Benefit (NTB) for the borrower — the refinance must improve the borrower’s financial position as defined by the FHA. Generally, NTB is defined as reducing the borrower’s “combined rate” by at least 0.5%. (A combined rate is the interest rate of the loan plus the insurance premium rate.)

For example, a homeowner has a current interest rate of 4.5% and an insurance premium of 1.35% for a combined rate of 5.85%. If the homeowner refinances into a 4% interest rate with an insurance premium of 1.35%, then the new combined rate of 5.35% is a 0.5% reduction.

The 0.5% “combine rate” reduction rule applies if you’re refinancing a fixed-rate mortgage into another fixed-rate mortgage. If you’re refinancing into (or out of) a one-year ARM or Hybrid ARM (3-, 5-, 7-, or 10-year ARM), then there are different NTB requirements.

Net Tangible Benefit (NTB) Combined Rate Requirements

Current Loan TypeRefinance Loan TypeNTB Requirements
Fixed rateFixed rateDecrease at least 0.5%
Fixed rateOne-year ARMDecrease at least 2%
Fixed rateHybrid ARMDecrease at least 2%
Any ARM w/ less than 15 months in fixed periodFixed rateIncrease no more than 2%
Any ARM w/ less than 15 months in fixed periodOne-year ARMDecrease at least 1%
Any ARM w/ less than 15 months in fixed periodHybrid ARMDecrease at least 1%
Any ARM w/ greater than 15 months in fixed periodFixed rateIncrease no more than 2%
Any ARM w/ greater than 15 months in fixed periodOne-year ARMDecrease at least 2%
Any ARM w/ greater than 15 months in fixed periodHybrid ARMDecrease at least 1%

3. FHA streamline waiting period

There’s a waiting period between when you first closed your loan and when you can refinance. So, if you’ve just closed on your loan, then you’re not eligible for an FHA streamline refinance.

The FHA streamline refinance waiting period requirements include:

  • You have made at least six on-time payments on your current FHA mortgage
  • It’s been at least six months since your first payment due date
  • 210 days have passed since the day your current mortgage closed

For example, if your current FHA loan closed on November 28, 2018, then your first mortgage payment was due on January 1, 2019. You can refinance as soon as July 1, 2019 — 210+ days after closing and six months after your first payment.

Get your FHA streamline rate. Start here.

4. Minimum credit score

The FHA does not require a credit report as part of the streamline refinance loan application. Most lenders will require one, though. A standard minimum credit score for the FHA streamline refinance program is 640. However, some lenders may allow a score between 600-620. If you’re denied, shop around.

Average FHA Loan Credit Score December 2019

Source: Ellie Mae Origination Report, December 2019

5. Closing costs for FHA streamline refinances

Closing costs on streamline refinances are generally the same as with other mortgages, except that there is no appraisal fee (unless you opt for one). You may also need to pay a portion of property taxes and insurance at closing.

For example, if your jurisdiction’s property taxes are due in the next few months, lenders require you pay that tax installment. Keep in mind, though, that you’ll receive a check from your current lender for taxes and insurance you’ve paid on your current loan, but haven’t been disbursed.

If you’re short on cash, then ask your lender if they offer lender credits — for a slightly higher interest rate, you can use the profits from the loan to pay for closing costs. Or, if you have equity in your home, then with an appraisal you may be able to wrap closing costs into the new loan amount.

My Mortgage Insider Tip

Are there closing costs with an FHA streamline refinance?

Generally, you can expect to pay between $1,000 and $5,000 in FHA streamline closing costs, though this amount may be higher or lower depending on your loan amount and other factors. You’ll need to provide 60 days of bank statements showing you have enough money to cover any out-of-pocket closing costs.

Your loan officer will provide an estimate of total funds due. This estimated out-of-pocket amount may increase during the mortgage refinance process, though. Be prepared to provide updated or additional bank statements to prove you have funds to cover the increased amount.

Note: Provide all bank statement pages, even blank ones, to your lender. Make sure your name, address, and account number appear on your statement too. Online bank printouts often don’t include your personal information, so you’ll need the mailed version or the PDF version of your full statement.

What documents do I need for an FHA streamline refinance?

Even though FHA streamline refinances have minimal documentation required for the loan application, that doesn’t mean there’s no documentation. Below is a list of things you’ll likely need for your refinance application, including your:

  • Current mortgage statement
  • Current FHA loan’s mortgage note, which shows your current interest rate and loan type
  • Final settlement statement (final HUD-1) or Deed of Trust with the FHA case number of your current loan
  • Employer HR department’s contact information (lenders need to verify your employment, not your actual income)
  • Two months of bank statements that show you have enough funds to pay for any out-of-pocket costs
  • Homeowners insurance agent’s contact information to obtain current proof of insurance

Also, make your next month’s mortgage payment as soon as possible. This allows your lender to obtain proof that your FHA mortgage is current. Your lender may require more or less than the items listed above.

Other things to note about FHA streamline refinances

While streamline refinances are generally easy to apply and get approved than other refinance options, there are some things to consider in regards to the FHA loan program.

Adjusting loan types and terms

The FHA has specific rules on what types of loan adjustments are allowed. Not every loan type can be converted to another loan type or term with a streamline refinance. Some of the most common questions on these adjustments are:

  • Can I refinance my 30-year loan to a 15-year loan? No. The FHA does not allow reduction of your loan term with a streamline refinance.
  • Can I refinance my 15-year loan to a 30-year loan? Yes. Your combined rate must decrease by at least 0.5%.
  • Can I refinance my ARM to another ARM? Yes. You may use an FHA streamline refinance to refinance an adjustable-rate mortgage (ARM) to another ARM (for primary residences only).
  • Can I refinance my ARM to a fixed-rate mortgage? Yes. Though, there are additional requirements depending on the type of ARM and the original closing date. (See the Net Tangible Benefit section.)
  • Can I refinance my fixed-rate mortgage to an ARM? Yes. The combined rate requirement must be a 2% decrease.

Appraisals

There are two types of streamline refinances — those with an appraisal and those without. The majority of people opt for the no-appraisal option, because the application process is quicker, cheaper, and no equity is required.

So, why would someone get an appraisal on an FHA streamline refinance? Because you can only include closing costs in the new loan amount on streamline loans with an appraisal. Otherwise, closing costs have to be paid out of pocket (or with a lender credit).

If you order an appraisal, make sure you have enough equity in the home to cover the existing loan balance, closing costs, and any interest due. If you don’t have equity in your property, it’s best not to obtain an appraisal.

If you opt for a no-appraisal FHA streamline refinance, the maximum loan amount may include:

  • The current principal balance
  • Up to one month’s worth of interest payments
  • The new upfront mortgage insurance fee (subtract the mortgage insurance refund if applicable — applies if FHA loan originated less than three years ago)

Mortgage insurance premiums

There are two types of mortgage insurance premiums (MIP) for FHA loans — upfront and annual. Upfront mortgage insurance premiums (UFMIP) is a one-time fee charged when you close the loan. All FHA loan types UFMIP is 1.75% on the base loan amount. Annual insurance premiums are paid over the life of the loan in most cases. Percentages vary and are dependent on the base loan amount, your down payment amount, and the loan term. (See FHA insurance premium rates.)

Mortgage insurance refunds

When you refinance a current FHA loan, you may be entitled to a refund of the upfront mortgage insurance you paid when you opened your existing FHA mortgage. Usually, refunds are only available if the FHA loan is refinanced into another FHA loan within the first three years.

The refund amount is determined by how long ago the current loan was opened, and when the new FHA refinance loan closes. The refund amount decreases each month. If you refinance within 12 months, you may be refunded as much as 60% of your original upfront mortgage insurance. But, if you refinance after 30 months, you’ll only receive about 20%.

Read more: FHA Mortgage Insurance Refund Guidelines [Chart]

FHA streamline refinance loans and condominiums

Many condominiums have lost their FHA eligibility over the past few years. FHA streamline refinances are available on condos that were approved at the initial opening of the loan, but have since lost their approval.

The exception: When an appraisal is needed to qualify for the loan. In this case, the condo complex needs to be currently FHA-approved.

Read more: How to Find an FHA-approved Condo Quickly and Easily

FHA streamline refinance loan FAQ

Is cash back allowed on an FHA streamline refinance?

Cash back is not allowed for a streamline refinance loans. For that, you’ll need to apply for an FHA Cash-out Refinance.

The FHA does permit a small amount of cash, usually less than $500, to go to the borrower. Some lenders limit the amount to $250 or less. The cash back can only be the result of incidental changes in closing calculations, which happens often with all mortgages.

Can I refinance my second home or investment property with an FHA streamline refinance?

In most cases, the FHA allows streamline refinances on second homes and investment properties as long as the property currently has an FHA loan. Some lenders only accept streamline refinances on primary residences. It’s best to ask your lender about their specific rules.

Also, if your monthly payment is increasing of the new loan type is an ARM, then you won’t be able to use a streamline refinance — they’re not permitted on second homes and investment properties.

Can I add or remove borrowers with an FHA streamline?

The FHA permits a borrower to be removed from the original loan as long as one of the original borrowers remains on the new mortgage. If you want to “assign” the loan to another borrower entirely, though, then you can’t use an FHA streamline refinance. Also, borrowers can usually be added to the title without income or asset review. Though, check with your lender specifically to see if they allow it.

Can I use an FHA streamline to refinance my completed 203k rehab loan?

The FHA allows this type of refinance without an appraisal, though, your lender may require one. The completed work must be evidenced by:

  • A certificate of completion
  • A final release of the rehabilitation escrow account
  • The original lender’s completion of the 203k closeout process

Can I use an FHA streamline if my home needs repairs?

The FHA does not require repairs on a home that is in sub-par condition as long as there is no appraisal required for the transaction. If you opt for an appraisal (or, your lender requires one), then you will be responsible for completing those repairs before loan approval.

Check FHA refinance rates today

The FHA streamline refinance is a great option for current FHA homeowners to lower their interest rate and monthly payment. And, with lenient credit standards and documentation requirements it can be the fastest and most cost effective options to refinance an FHA loan.

Check your FHA streamline refinance eligibility.
Tim Lucas (NMLS #118763 ) is editor of MyMortgageInsider.com. He has appeared on Time.com, Realtor.com, Scotsman Guide, and more. Connect with Tim on Twitter.
Источник: https://mymortgageinsider.com/fha-streamline-refinance-rates-how-to-qualify/

Can You Qualify for a Mortgage on Workers Comp?

A mortgage loan normally requires submitting your credit and financial information to close scrutiny. Mortgage lenders have a variety of qualification or underwriting requirements hopeful borrowers must meet before any loans are made. Fortunately for prospective homebuyers, lenders will count most types of income when making mortgage decisions – including long-term workers' compensation.

It's Income That Matters

Mortgage lenders usually require borrowers to document claimed income. Generally, any earned income such as salary or income paid by government entities – including workers' compensation – can be documented easily. In cases of workers' compensation, however, a mortgage lender may apply a different standard when evaluating it on a borrower's application. For mortgage qualification, workers' compensation income generally must be of a durable or long-lasting nature.

Workers' Compensation Counts as Income

Though workers' compensation is documented income, its temporary nature could present issues when it comes to mortgage qualification. Lenders typically look for evidence of a stable work history, as this implies you'll have a regular income coming in. Workers' compensation, by contrast, is often considered to be hypothetical or non-permanent. A mortgage lender might look at an applicant's workers' comp income, especially if the person is still considered employable, as not being predictable. Many mortgage lenders want applicants' income to be stable or predictable through at least the first three years of a mortgage loan.

Mortgage Qualification

Mortgage lenders consider whether it's reasonable to assume an applicant's income will continue for some time. If you're receiving workers' comp income and it will continue for at least three years, your chances of mortgage qualification improve. You'll need to provide a letter from the worker’s compensation insurer confirming the payments being made to you, and how long you will be receiving them. You may also need to provide a letter from your employer confirming that your job is still open and payslips showing your income prior to the injury. Workers' compensation recipients should also include any other sources of documented income, such as retirement accounts, social security and pensions when applying for mortgages. Generally, the more income you can document, the better your chances for mortgage loan approval.

Workers' Compensation Special Consideration

One benefit to workers' compensation is that it's nontaxable, which may appeal to a mortgage lender. Mortgage banking firm Allied Lending Corporation, for example, uses underwriting guidelines that give special consideration to nontaxable income such as workers' compensation. Workers' compensation payments may actually increase an applicant's adjusted gross income by 25 percent, improving the chances of mortgage loan approval in the process. Other sources of nontaxable income for mortgage application purposes include child support and even food stamps.

References

Resources

Writer Bio

Tony Guerra served more than 20 years in the U.S. Navy. He also spent seven years as an airline operations manager. Guerra is a former realtor, real-estate salesperson, associate broker and real-estate education instructor. He holds a master's degree in management and a bachelor's degree in interdisciplinary studies.

Источник: https://homeguides.sfgate.com/can-qualify-mortgage-workers-comp-95460.html

How hard is it to cancel PMI?

How to Get Rid of Mortgage Insurance

Mortgage insurances are measures put in place to protect lenders from buyers who default on their home loans. The insurance repays the lender in the event of a no-show from the borrower. A Private Mortgage Insurance (PMI) is the more popular type of mortgage insurance, and it is sold by private companies. The other type of mortgage insurance is the FHA mortgage insurance. This type is sold by the Federal Housing Administration. Mortgage insurances are quite expensive, especially the PMIs. That fact, combined with the fact that the borrowers have to pay the insurance premiums alone, is the reason most buyers cannot wait to get rid of their mortgage insurances. However, you should note that while you can get rid of your PMI, you can't get rid of recent FHA insurance. 

To get rid of your PMI, you would need to have built at least 20% equity in the home. This means that you have to bring down the balance of your mortgage to 80% of its initial value (home initial purchase price). At this stage, you may request that your lender cancel your PMI. When your mortgage balance drops to 78% of the initial purchase price of the house, the lender has to eliminate your PMI.

According to the Consumer Financial Protection Bureau, these are the requirements to be met before you can get rid of your PMI:

  • You must request in writing for the cancellation of your mortgage insurance. 
  • You must have a great payment history and be up-to-date on all your payments. 
  • With some lenders, you might have to show that you don't have any other mortgages on the home.
  • With some lenders, you might have to get an appraisal that proves that your loan balance isn't more than 80% of the current value of the home.

Getting Rid of PMI With a Mortgage Refinance

In a situation where you are unable to convince your lender to cancel your PMI, you should consider refinancing your mortgage. Refinancing is usually considered by buyers who are looking to reduce their interest rates or extend their loan term so that their monthly payments are reduced. However, it is also a useful tactic to eliminate Private Mortgage Insurance. The logic behind this is that by replacing your current loan with a new one, your mortgage balance changes. If the new balance falls below 80% of the value of your home, then your lender will be required to cancel your PMI. 

Before you refinance your mortgage, you should calculate the closing costs of the new mortgage and compare it with the potential savings to be made from not having to pay your mortgage insurance. If the cost of your refinance is higher than the money you save from getting rid of your PMI, then you shouldn't get a refinance. 

Refinancing your mortgage is advisable if the value of your home has increased significantly since your last mortgage. People who reside in neighborhoods where the values of houses are constantly on the rise can take advantage of this detail. Another important thing to note is that most lenders will require that you wait a specified length of time before you can refinance to cancel your PMI. This period is usually at least two years.

Frequently Asked Questions

It varies, depending on the terms of your mortgage. You would be required to pay PMI until you have brought your mortgage balance down to 80% of its original amount.

Simply divide the present balance of your mortgage by its initial value, then multiply your answer by 100. If you get a value that is less than 80%, then you can request that your PMI be removed.

Your options are either to pay off your FHA mortgage or refinance it into a conventional loan that has no PMI requirements.

A PMI cancellation letter is written by the homeowner to the lender requesting that they get rid of the PMI. You can write a cancellation letter once your mortgage balance is at 80%. When it reaches 78%, with or without a cancellation letter, your lender will have to cancel your mortgage insurance. 

You don’t have to. Lenders are required by law to tell homeowners how long it will take for them to reach the 80% mark at which point their PMIs can be removed.

Источник: https://www.mortgageloan.com/

Mortgages & Home Equities

Traditional Mortgages

Fixed Rate Mortgages

With a fixed rate mortgage, your monthly principal and interest payment will remain the same over the life of the loan. We offer a number of fixed rate programs for purchase and refinance transactions with a variety of terms including Conventional Mortgages, Government Loan Programs, and Jumbo Mortgage Programs for higher balance loans.  

Adjustable Rate Mortgages

With an Adjustable Rate Mortgage (or ARM), your interest rate is established for a specific period of time and then may adjust based on changes in an index. The change in the rate will result in a change in your monthly principal and interest payment. ARMs typically have a rate that starts below fixed rate mortgages. Similar to fixed rate loans, these products are available for purchase or refinance transactions and feature a variety of term options. These are available for conventional and jumbo loan amounts.

Affordable Housing

Home For You Mortgage

This loan program is designed to provide easier access to home ownership for borrowers whose income is less than 80% of the area median income. This program features a low down payment, no private mortgage insurance, and down payment and/or closing cost assistance for qualified applicants.

Neighborhood Mortgage Loan

The Neighborhood Mortgage Loan is an option for borrowers purchasing a home in low to moderate income geographies without any income limit restrictions. The loan program features a small down payment and no private mortgage insurance (PMI).

Government Sponsored Programs

  • Federal Housing Administration (FHA) Mortgage- FHA fixed rate mortgages are available with various terms. FHA products feature lower down payment options and flexible credit guidelines.
  • State of NY Mortgage Association (SONYMA) Mortgages- The SONYMA mortgage program provides first time homebuyers with an alternative to conventional loan programs. SONYMA features low down payments, flexible credit guidelines, and down payment assistance for qualified applicants.
  • United States Department of Agriculture (USDA) Mortgage- The USDA mortgages offer borrowers that meet geographic and income requirements up to 100% financing.
  • Veterans Administration (VA) Mortgage- A loan product specifically for Veterans, VA mortgages offer up to 100% financing.

Other Featured Products

New Construction Mortgage

If your tomorrow includes building, financing is available for new construction. We offer a single close new construction loan with plenty of time to complete your home - up to nine months.

Vacant Land Mortgage

If you are looking to purchase vacant land, we have the financing for you. Fixed rate mortgages and adjustable rate mortgages (ARM) are available with various terms.

ALL LOANS ARE SUBJECT TO CREDIT APPROVAL

Fill out and submit the contact form below.

Home Equity Products

Home Equity Line of Credit Special

AD - Special Introductory Rate fixed for six months at 2% APR. After Introductory Period Rates as low as 3.25% APR.

*All loans are subject to credit approval and program guidelines. The introductory rate is fixed for the first six billing cycles and is subject to change on the first day of the seventh billing cycle after closing ("Introductory Period"). After the Introductory Period the Annual Percentage Rate (APR) will be subject to change each billing cycle, however, it will never exceed 16% or fall below 3.25%. The monthly APR changes will be based on the Prime Rate as published in the Money Rates section of The Wall Street Journal plus a margin. The Prime Rate as of 4/6/21 was 3.25% and the rate shown of 3.25% is based on a $100,000 line of credit and a 85% Combined Loan to Value (CLTV). Other terms and rates are available and actual APR may vary based on amount of line and CLTV. The maximum CLTV cannot exceed 90%. Five Star Bank will pay the associated third-party fees at the time of closing. These fees generally total between $750 and $1,500. If the loan is terminated within 36 months of closing, you will be required to reimburse Five Star Bank for these fees. Hazard, flood, and title insurance, if applicable, are required. Property must be in New York State.

Additional happiness in progress

You’ve put a lot of love into your home. It’s time to let it give a little back to you. We can help you borrow against the equity in your home for things like building an addition, updating the kitchen or bath, paying for your child’s college tuition or purchasing a car.

With a Home Equity Line of Credit you enjoy a six month introductory rate so you can reduce your interest payments on your next big project. Being able to make several draws on your line of credit also helps in emergencies or unexpected events. It does have an adjustable rate, but you only pay after using the line. What that means is during the draw period, you only pay interest on the balance you use and those payments may change over time. The Five Star Bank Home Equity Loan is a great option if you have a planned project with a fixed cost. Unlike the Home Equity Line of Credit, The Home Equity Loan features a fixed rate with steady payments for the term that works best for you.

Get in touch with one of our residential lending experts today to find the product that best fits your today and tomorrow.

Schedule of Retail Mortgage & Home Equity Loan Servicing Fees

Click here to view fees(Opens in a new Window)that may be associated with the servicing of your retail mortgage or home equity loan.

All loans subject to credit approval.

Fill out and submit the contact form below.

Источник: https://www.five-starbank.com/banking/personal-banking/mortgages-and-home-equities

(302) 703-0727

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The Ultimate Loan Program That Benefits Nurses, Physical Therapists, and People in the Medical Industry!

Are you a nurse, physical therapist, veterinarian, dentist or someone working in healthcare? Here’s the home loan program made especially for you! The Nurses Home Loan Program. For all the things that you do—it’s time someone helps you too! Call 302-703-0727 to get started today or you can APPLY ONLINE.

The Nurses Home Loan Program was designed to help nurses, as well as other healthcare providers, benefit from a housing loan that removes the roadblocks often encountered by people from the healthcare sector.

Why Do Nurses Encounter Difficulty When Taking a Home Loan?

Nurses, medical staff and other healthcare providers deal with shifting schedules, overtime, night differentials, W2 and 1009 income, and employment gaps. This gives your traditional mortgage lender a hard time. Lenders love the 8-to-5 workers who work on fixed shifts, are never in-between jobs and get a fixed compensation every month (that is, a stable income spread across a historical length of time).

And if you’re a travel nurse, you have it even harder because you tend to change employers and it’s normal to have employment gaps. You may also have non-taxable income from per-diem work and are unsure if this also qualifies when applying for a home loan.

How Is a Nurses Home Loan Program Different from a Traditional Home Loan?

Most traditional lenders lack the understanding and flexibility in handling applications of nurses and other applicants with special careers. The Nurses Home Loan Program was designed to adjust to nurse’s unique remuneration circumstances while giving them the best benefits from the start of the loan to the closing date.

What ae Benefits of Nurses Home Loan Program?

What Are the Benefits of a Nurses Home Loan Program? 

The Nurses Home Loan Program offers:

  • Simplified processing for an efficient close
  • Flexible credit requirements
  • Availability depending on your schedule
  • Credit score as low as 580 (depending on your program 
  • Very competitive interest rates and closing costs
  • Lowest down payment options available
  • Discounted interest rates (option available)
  • The ZERO PROGRAM (purchase your new home with no out-of-pocket expense)  
  • Down payment assistant programs (multiple options available) 580 or higher credit score required
  • Grant, subsidies, and concession programs to assist with your closing costs (options available)
  • No mortgage insurance option for conventional mortgages with less than 20% down payment
  • No upfront fees at the time of application
  • No rate lock fee
  • The Get Mortgage Ready Program
  • Flexible underwriting (580 credit score options available)
  • Low down payment mortgage options (starting at zero down payment, 3% conventional, 3.5% FHA)
  • Mortgage credit certificate, an IRS tax credit up to $2000 for first time home buyers

What Are the Nurses Home Loan Program Guidelines?

  • This is not limited to just first-time buyers
  • For purchase or refinance
  • Conventional, FHA, VA, and USDA Loan Programs
  • No income limit*
  • Credit scores as low as 580 depending on the program, 620 or higher is recommended
  • Down payment options as low as 0 – 3.5% with a new 3% down option
  • 15 or 30 year fixed loan terms available as well as adjustable rate mortgage options
  •  Debt to income ratios as high as 56%
  •  Primary residences, condos (non-warrantable possible) or second homes only
  • Single-family residences or 1-4 units only

* Income limits and additional guidelines may apply if combining with down payment assistance, HomeReady or HomePossible program.

Nurses Home Loan Program

Who Are Eligible for the Nurses Home Loan Program?

The following job descriptions are eligible to apply for the Nurses Home Loan Program:

Nurses
Physical Therapists
Medical Assistants
Specialists
Orthodontists
Endoscopy / Radiology Techs
Lab Techs
Chiropractors
Dentists
Veterinarians
Hospital Employees 
Pharmacists

What Properties Are Eligible for a Nurses Home Loan? 

Eligible properties include:

  • 1-4 single family residence (SFR)
  • Detached PUD/condos
  • Primary residences

Ineligible properties include:

  • Manufactured homes (occasional exceptions possible)
  • Log homes or condotels
  • Investment properties

How Can I Use All My Nurse Pay to Qualify?

Always remember to document your pay:

  • Keep all pay stubs for the past 2-3 months
  • Find your last pay stub from the prior year (it shows the year’s totals of your various income types)
  • Get your W2s for the past 2 years
  • Request a letter from your employer stating your shift differentials and overtime are likely to continue (please note that many employers won’t do this)
  • Give the contact name and number for your HR department to your lender
  • If you’ve changed employers, find your final pay stub and the W2 from all your former employers over the past 2-3 years.     

PRMI values the important work that you—our nurses and all the allied healthcare workers—do for our community. We’re determined to help you achieve your dream home for yourself and the people who matter to you. Call 302-703-0727 to get started today or you can APPLY ONLINE.

John R. Thomas – NMLS 38783
Certified Mortgage Planner – Primary Residential Mortgage, Inc.
302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office
248 E Chestnut Hill Rd, Newark, DE 19713

Источник: https://delawaremortgageloans.net/nurses-home-loan-program/

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