Home Buying Steps

by Allanach Mortgage Group

A guide to the steps necesary when buying your new home.

 

Get Qualified

Speak to a loan officer and go over your income, debt, and credit. It is these three things that the loan officer will review to get you a Pre-Approval Letter. These are the basics. There are many other things they will consider before final analysis. Click here to email our Mortgage Department.

 

Find Realtor

Many borrowers will ask friends and family which is always the best place to go. However, we suggest you look for a realtor that is full time. The Realtor is not just a person showing you homes. They will craft an offer designed to give you the best chance of getting it accepted.

 

Find a closing attorney

We believe family is the best place to start when choosing a closing attorney. Trust is crucial since the attorney will be reviewing the contract for what is often your largest investment. Just make sure the person is a licensed closing attorney — there are many qualified options in your area.

 

Home Inspection

You need an unbiased person which means you should do your due diligence. A realtor and lender can give you suggestions but its your future home and your possible problems. Please get a professional.

 

Home Possible Purchase & Refinance

• 95% - 97% Financing
• 1 - 4 Famlies
• Gifts allowed

 

Home Style Rehab

• 95% Financing
• 1 - 2 Units
• Credit score as low as 620
• Max debt ratio 50%

 

Investment Properties Non-Owner Occupied

• 1 - 4 Unit Properties
• 25% Down Payment
• Include 75% of rental income in final income
• Must be approved through Fannie Mae or Freddie Mac

 

Conventional / Construction 

• As high as 95% Loan-to-Value
• Pick your land.
• Already have land.
• Loan build in 5% overage
• Pick your builder / Needs approval

 

Federal Mortgages

 

VA Loans

• 100% Financing
• No PMI (Primary Mortgage Insurance)
• Accessible to regulary military and National Guard.
• No funding fee for disabled veterans.
• Credit scores as low as 580

 

FHA (Federal Housing Administration) Purchase

• 1 - 4 Unit owner occupied property
• FHA approved Condos
• Down payment can be gifted - 3.5%. Ask about our down payment grant.
• Debt ratios 40/50 up to 55 with a credit score of at least 680
• Credit scores as low as 580
• Co-signer can be a non-occupant

 

FHA 203K & Construction 1 Time Close

• 1 - 2 Family
• 3.5% down payment and it can be gifted
• Credit scores as low as 620
• Get your estimate by a state licenses contractor
• One time close

 

USDA Rural Housing

• 100% Financing
• Income Requirements
• LOW PMI (Primary Mortgage insurance)
• Suburban areas

 

Bank Statement Program / Self Employed

• 2 year work history
• 12 - 24 months of bank statements
• 50% of deposits used as income
• As high as 90% loan value

 

 

 

 

In Partnership with Allanach Mortgage Group Corporation. We arrange, but do not make loans - NMLS#2894. Licensed in CT ML-2894, MA MC2894, NH 5616-MB, Maine, RI 20051935LB, SC MLS-2894, VT 1463 MB, FL MLD1444, GA 65192, SC MLS-2894