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Creative Realty and Financing, LLC
Residential Financing
Choosing a Loan ProgramThere isn't a single or simple answer to this question. The right type of mortgage for you depends on many different factors: For example, a 15-year fixed rate mortgage can save you many thousands of dollars in interest payments over the life of the loan, but your monthly payments will be higher. An adjustable rate mortgage may get you started with a lower monthly payment than a fixed rate mortgage, but your payments could get higher when the interest rate changes. The best way to find the "right" answer is to discuss your finances, your plans and financial prospects, and your preferences frankly with a mortgage professional. FHA Loans FHA Loans FHA Mortgage Insurance Program Programs that help low and moderate income families become homeowners by lowering some of the costs of their mortgage loans. Fixed Rate Mortgages FHA Mortgage Insurance Costs FHA Escrow Refunds If you have ever paid off a home loan backed by FHA, you may have money owed to you. Down Payment Gifts for FHA Loans FHA allows 100% of the down payment to be a gift from friends, family or other sources. FHA Mortgage Closing Costs Closing costs can also be financed to reduce the up front cost of buying a home. FHA Streamline Refinance Loan A program that reduces the amount of documentation and underwriting that needs to be performed by the mortgage company. FHA Single Family Rehab Mortgage - Section 203(k) A single family home rehabilitation program that enables you to finance both the purchase or refinance of a house and/or the cost of its rehabilitation through a single mortgage. FHA Single Family Mortgage Insurance for Outlying Areas - Section 203(i) A single family mortgage program that provides mortgage insurance for a person to purchase a principal residence in a rural area. FHA Adjustable Rate Mortgage A single family adjustable rate mortgage that provide mortgage insurance for a person to purchase or refinance a principal residence at a lower initial interest rate. FHA Property Improvement Loan Insurance - Title I A program that makes it easier for consumers to obtain affordable home improvement loans by insuring loans made by private lenders to improve properties that meet certain requirements. FHA Energy Efficient Mortgage A program that provides mortgage insurance for the purchase or refinance of a principal residence that incorporates the cost of energy efficient improvements into the loan. Eligibility Requirements Veterans who served on active duty and were discharged under conditions other than dishonorable, during World War II and later periods are eligible for VA loan benefits. Eligibility Questions Answers to commonly asked questions about VA loan eligibility. Financing Benefits More than 29 million veterans and service personnel are eligible for VA financing. Even though many veterans have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement. VA Loan Purposes To buy a home, build a home, simultaneously purchase and improve a home, etc... Obtaining a VA Loan The CRV (certificate of reasonable value) is based on an appraiser's estimate of the value of the property to be purchased. VA Loan Costs A basic funding fee of 2.0 percent must be paid to VA by all but certain exempt veterans. A down payment of 5 percent or more will reduce the fee to 1.5 percent and a 10 percent down payment will reduce it to 1.25 percent. Restoration of Entitlement Veterans who had a VA loan before may still have "remaining entitlement" to use for another VA loan. VA Loan Questions & Answers Answers to commonly asked questions about VA loans. VA Office Locations VA has provided toll free numbers for the convenience of veterans and dependents. Second Mortgages and Home Equity Lines of Credit Home Equity Credit Line of Credit (HELOC) If you need to borrow money, home equity lines may be one useful source of credit. Initially at least, they may provide you with large amounts of cash at relatively low interest rates and they may provide you with certain tax advantages unavailable with other kinds of loans. Length of Your Second Mortgage Some second mortgage loans may extend for as long as 15 or 20 years; others may require repayment in one year. Second Mortgage Payment Calculations Be sure you understand how much your monthly payments will be and what they cover. Second Mortgage Costs Residential Finance Corp will charge a fee for lending you money. The fee is usually a percentage of the loan and is sometimes referred to as "points." Second Mortgage Rates If you have a fixed rate loan, the interest rate is set for the life of the loan. However, many companies offer variable rate mortgages, also known as adjustable rate mortgages or ARMs.
The most common type of mortgage program where your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable. Fixed rate mortgages are available for 30 years, 20 years, 15 years and even 10 years. There are also "biweekly" mortgages, which shorten the loan by calling for half the monthly payment every two weeks. (Since there are 52 weeks in a year, you make 26 payments, or 13 "months" worth, every year.) Fixed rate fully amortizing loans have two distinct features. First, the interest rate remains fixed for the life of the loan. Secondly, the payments remain level for the life of the loan and are structured to repay the loan at the end of the loan term. The most common fixed rate loans are 15 year and 30 year mortgages. During the early amortization period, a large percentage of the monthly payment is used for paying the interest. As the loan is paid down, more of the monthly payment is applied to principal. A typical 30 year fixed rate mortgage takes 22.5 years of level payments to pay half of the original loan amount. Adjustable Rate Mortgages (ARMs) These loans generally begin with an interest rate that is 2-3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home. However, the interest rate changes at specified intervals (for example, every year) depending on changing market conditions; if interest rates go up, your monthly mortgage payment will go up, too. However, if rates go down, your mortgage payment will drop also. There are also mortgages that combine aspects of fixed and adjustable rate mortgages - starting at a low fixed rate for seven to ten years, for example, then adjusting to market conditions. Ask your mortgage professional about these and other special kinds of mortgages that fit your specific financial situation. Standard ARMS and the Differences A few options are available to fit your individual needs and your risk tolerance with the various market instruments. ARMs with different indexes are available for both purchases and refinances. Choosing an ARM with an index that reacts quickly lets you take full advantage of falling interest rates. An index that lags behind the market lets you take advantage of lower rates after market rates have started to adjust upward. The interest rate and monthly payment can change based on adjustments to the index rate. 6-Month Certificate of Deposit (CD) ARM 1-Year Treasury Spot ARM 6-Month Treasury Average ARM 12-Month Treasury Average ARM VA Loans
Certificate of Eligibility
The most common type of mortgage program where your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable. Fixed rate mortgages are available for 30 years, 20 years, 15 years and even 10 years. There are also "biweekly" mortgages, which shorten the loan by calling for half the monthly payment every two weeks. (Since there are 52 weeks in a year, you make 26 payments, or 13 "months" worth, every year.) Fixed rate fully amortizing loans have two distinct features. First, the interest rate remains fixed for the life of the loan. Secondly, the payments remain level for the life of the loan and are structured to repay the loan at the end of the loan term. The most common fixed rate loans are 15 year and 30 year mortgages. During the early amortization period, a large percentage of the monthly payment is used for paying the interest. As the loan is paid down, more of the monthly payment is applied to pincipal. A typical 30 year fixed rate mortgage takes 22.5 years of level payments to pay half of the original loan amount.
Tri Merge Credit Reports with Fico Scores
Most of our investors and our financial institutions lenders have some programs that are no credit needed but some of the programs are Fico Driven. We will need to know the mid score of all three ficos to know which loan programs to do for your project. Please get your own report it will not pull your fico score down. Please visit www.shopmystore.com to get your 3 Bureau fico scores. By ordering your own credit report it will not effect your fico scores. Please order your free credit score, you will begin a 7-day free trial of 3-bureau credit monitoring and score tracking. You will receive email alerts whenever there is a significant change to your credit reports or score. Each month you will be billed a $19.95 membership fee. Credit/Debit Card - Your credit card will not be charged your membership fee during the free trial period. However, valid credit card information is required to establish your account.
"The Affordable Solution for Any Situation"
We look forward to working with you to achieve your real estate funding needs.
There are no restrictions with Our program if you follow our Guidelines:
Click Here for a PreQualify Application!
Credit Required - Download Conv/FHA Application
No Credit Required - Download Lease Purchase Application
No Credit Required - Download 99% Project Funding Program
No Credit Required - Download Debt Consolidation / Refinance Program
No Credit Required - Download Sale and Leaseback ProgramWe have a direct and reliable investors sources which ensures that our clients get exactly what they need to get their project funded.
All information you provide is secure and will be kept strictly confidential.
Our team works at the highest level of integrity and confidentiality.
CRF has a zero tolerance fraud policy. We Love Referrals - * If you refer someone to us and they proceed with us you will receive a referral fee at closing. |
