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Specialize in Hard to Place - High Risk - Jumbo - No Doc

Buying a home and looking for a mortgage loan is a stressful event.  With headlines stating that mortgage lenders are becoming more apprehensive about granting loans, a once stressful event is now instilling fear in millions.  You can buy a home, gain a mortgage and start building your life, but you need to do your research.  By nature, financial institutions are competitive.  You can use their competitive nature to your advantage!

Those with bad credit can also find mortgages suitable to their needs.  Again, they will have to look at many programs to find mortgage loans that work to their advantage.  Rates for those with bad credit are higher, but with some research, you will be able to find decent mortgages that help you rebuild your credit, not put you further into debt.

Mortgage products vary in nature.  Every mortgage loan comes with different terms, varying fees and changing risk levels.  Products you may encounter include:

Adjustable Rate Mortgages (ARM):  Adjustable rate mortgages offer lower interest rates to start, but the interest rate is tied directly to the federal rate and your monthly loan payment.  If the rate climbs, so will your monthly payment.  If it drops, your mortgage payment decreases.  ARMs can be risky because your mortgage payment can suddenly skyrocket.

Bailout/Foreclosure Mortgages:  If you have not paid your mortgage in three months (120 days), you probably have bad, that likely needs to be repaired with services like these, you have the option of avoiding foreclosure by applying for a bailout/foreclosure mortgage.  This mortgage helps you get back on track, but often the interest rates are higher.  To qualify for a bailout mortgage, you must have at least 25 percent equity built up in your home and a credit score of over 500.

Construction Mortgages:  When you are building a home, money becomes due at certain times rather than in one lump sum when you purchase a new home.  Often with construction loans, you are required to make interest-only payments while your home is being built.  This can be stressful on those paying for their current home or apartment.

FHA/VA Mortgages: the federal government administers FHA/VA mortgages.  FHA (Federal Housing Administration) and VA (Veteran’s Affairs) make it easier for veterans, low-income people and those with disabilities to get mortgages they can afford.

Fixed Rate Mortgages:  Fixed rate mortgages are the most common mortgage.  The terms are generally 15 or 30 years and require you to make a payment that covers the interest and a portion of the principal in one shot.  Your interest rate correlates to your credit score at the time you are approved for the mortgage.

Interest Only Mortgages:  This newer mortgage requires you to only pay the interest with your monthly payment.  If you have extra money to spare, you can send it as payment to increase equity.  Rates on interest-only mortgages are adjustable, so the payment can rise or decline rapidly.

Jumbo Mortgages:  Jumbo mortgages are loans in which the amount you are borrowing is considered excessively high by the federal government.  In 2008, the loan amount considered jumbo is valued at $417,000 or higher.

Low Down Payment Loans:  With low down payment loans, you put little money down.  Private insurance is required in any home purchase where 20% down is not made.

No Doc Loans:  Perfect for self-employed, No-Doc loans require no documentation to prove income and employment.  Rates will be higher.

Rehab Mortgages:  Rehab mortgages are used to fix up a home that is in dire need of repair.

Refinance/Equity Loans:  Refinance loans are used when you want to use equity in your home to help pay expenses like credit card debt or home repairs.

Self-Employment Mortgages:  Self-employment mortgages are offered to those who are self-employed and may have a hard time proving a steady monthly income.

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