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   Mortgage Disclosure

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   Government Grants

• Before You Apply

  What to do to prepare up to a year in

  advance of your mortgage application.

• Can You Trust Your Loan Officer?

  Who does your loan officer really work

  for, and how do you find the best one?

• Lender, Broker, or Bank?

  What type of loan Provider is right for

  you?

• Types of Mortgage Loans

 The types of mortgage loans and

  their advantages and disadvantages.

• Types of Documentation

  Your options for disclosing how much

  you make and where it comes from.

• Underwriting Requirements

  What does an underwriter look for

  when analyzing your loan application?

• Pre-Approval

  What it is and isn't and how it saves

  you time and heartache.

• Credit

  What it is, and how it affects your life.

• Income & Employment

  How much you need to make and for

  how long in order to qualify.

• Assets/ Down Payments

  How much, where from, and what

  kind of money will work.

• Down Payment Assistance

  Short on funds?  Learn about your

  options and explore these resources.

• Processing

  What happens to your application after

  you sign it and before you close?

• Title

  What is it, what does it mean, and how

  does it work?

• Appraisals

  What is your home worth, why you

  should bother  to find out, and how

  does it affect your loan?

• Alternate Financing

  Facing rejection?  Time to get creative.

• Which 1st, a Mortgage or a Home?

  Why you should get pre-approved

  first before you start to fall in love

  with a house.

• FHA

  Low down payment, forgiving

  qualifications.  A great loan option.

 

 

 

First Time Home Buyer Grants

  Another type of assistance available to homebuyers, this type

  exclusively for first time homebuyers, is the government

  grant. Government grants have no seller conditions or

  contribution requirements.  They do however, have maximum

  and income limits which vary from county to county according

  to median income and depend upon the number of

  dependents.

  Most government grants are offered in the form of "silent

  seconds".   A silent second is a loan that only must be

  repaid if the property is sold within a specific time frame

  (generally 5 to 15 years).  No interest is charged.  If the

  recipient has remained within the property for the specified

  period, the loan is forgiven. 

  Some down payment assistance programs actually require the

  funds to be repaid, generally on a monthly basis. The

  payment then becomes part of the qualifying ratios.

 

 

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