VA and FHA Loans – Additional Selling Tools for Homeowners

Homeowners who purchased their homes with a VA or FHA loan can use their low interest rates as an extra incentive to buyers.  By assuming the current loan terms, buyers can take advantage of low interest rates and, in most cases, lower closing costs.  Another advantage is that the loan is further down the amortization schedule, which means more of their payments go toward principal.

Sellers can now offer a great home with a low interest rate that other homes cannot compete with.  Just remember that with VA loans, your VA eligibility is tied to the home as long as the loan exists.

If you are a homeowner in a similar situation, contact me for details.

Source: http://realtormag.realtor.org/daily-news/2013/09/20/sellers-can-use-their-fha-va-loans-marketing-tool?om_rid=AACLKS&om_mid=_BSPKI6B81T4DuK&om_ntype=RMODaily

What Documentation Is Needed to Apply for an FHA Loan?

What Documentation Is Needed to Apply for an FHA Loan?

Buying a home can be a trying experience. From negotiating a price to home inspections; whether it’s your first or fifth time there always seems to be surprises. Being as prepared as possible to meet with a lender will help make qualifying for an FHA backed loan a more pleasurable experience.

A loan officer will need several pieces of information, both personal and financial, to help you qualify for an FHA loan. The information is required of both you and a co-borrower if applicable. Bring this information with you to your first meeting with the FHA loan officer.

  • Your Social Security number
  • The addresses of all the places you have lived in the past two years
  • The names and addresses of all the places you have worked in the past two years
  • Your Gross Monthly Income (before taxes) or your current job or jobs
  • Pay stubs from the past four weeks
  • W-2 forms from all employers for the past two years
  • Personal tax returns for the past two years
  • Information about all current bank accounts
  • Bank name and address
  • Account numbers
  • Current available balance
  • Average balance over the past six months
  • Information regarding all current loans
  • School loans
  • Credit cards
  • Car loans
  • Any other loan – Information should include; account numbers, loan balance and minimum monthly payments
  • Information regarding any other real estate you own
  • The approximate value of your personal property including; jewelry, cars, bonds, etc
  • Self-employed individuals will be required to furnish a business balance sheet and current income statement
  • A certificate of eligibility is required for Veterans

Additionally, you should be prepared to pay for a credit check and property appraisal.

Being fully prepared for your first appointment with a loan officer will ensure fewer surprises on the road to home ownership.

(Article courtesy of www.fhaloansource.com.  Interested in advertising or posting content on www.GeorgetownCustomHomes.com/blog that will be beneficial to my readership?  Please contact me for details.)

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