ARE YOU IN THE MARKET FOR A NEW HOME? MAYBE YOU WOULD LIKE TO REFINANCE THE ONE YOU CURRENTLY HAVE? PERHAPS YOUR LOOKING FOR HOME EQUITY FINANCING? WHATEVER THE CASE MAY BE, LUPUS FIGHTERS OF AMERICA IS HERE TO HELP EDUCATE AND GUIDE YOU ALONG THE WAY.
ALLOW ONE OF OUR LOAN ORIGINATORS TO ASSIST YOU..
HERE'S HOW WE CAN HELP:
Whether you are buying your first property or your fourth, if you have excellect credit or not so good. We understand it can be a big and often daunting decision on what to do, how to do it and if you can afford it. That's why we want to make the process and preperation of applying for a home loan, painless, unembarrassing, easy and affordable. We assist you with your personal credit blemishes, with guidence and providing you with the materials to address the legality of the misleading, inaccurate and or derogatory items on your credit file. Using legal procedures according to federal law, having the final results show your true credit history and creditworthiness to be approved for the affordable financing you deserve. We're here to educate and assist each individual along the way, and we always recommend to all consumers; not to live above your means when it comes to purchasing a home. Just because your pre-approved or approval for a $400,000 or a $1million home, dont mean you have to purchase a $400,000 or $1million dollar home. We educate people not to live above their means.
Please Have These Items Ready:
- Current and Previous Addresses (2 years)
- Property Information (if applicable)
- Current and Previous Employment Information and dates including monthly salary
- Bank Account Statements
- Current monthly housing expenses such as rent and mortgage payments
- Address and Market Value information for properties you own, including taxes & insurance
- Username & Password to Tri-Merger Credit Report, Min 580 Fico, Tax Returns, Income Amounts for all Borrowers. If a W-2 employee, pay stubs for the last 30 days
- If working with a real estate agent, their name, company and phone number
- Downpayment assistance programs to qualified borrowers
- Or have your closing cost, down payment and title fees tied into the loan
- Or have the seller contribute towards the appropiate fees
- We have motivated sellers willing to work with you
- We find motivated sellers willing to work with you
- We deal with direct lenders
Continue reading below to see how our personal credit restoration process works...
PERSONAL CREDIT RESTORATION
Experts state that 81% of Credit Reports have inaccuracies we can help.
What We Do:
Can I Roll Closing Costs Into an FHA Loan?
Closing fees add on to the cost of a loan when you buy a home or refinance your existing mortgage. Whether or not you can roll your closing costs into an FHA loan depends on certain factors. As a rule, it doesn’t matter if you are applying for an original mortgage loan or an FHA refinance loan: either way, you must have the property appraised if you want to include any of the closing costs in the loan.
About Closing Cost Fees
Like traditional mortgage or refinance loans, you must pay closing costs when you get an FHA loan. The difference is that the U.S. Department of Housing and Urban Development sets maximum fee limits in an effort to keep the cost of purchasing a home affordable. Closing costs include lender fees, prepaid costs such as mortgage insurance premiums, and other fees, such as title search fees, recording fees and attorney's fees. The FHA regulates which closing costs you must pay, as well as the specific amounts you can be charged. The seller or lender must pay any remaining closing costs that the FHA determines are not allowable for you to pay. If you roll closing costs into your loan, the house you are buying must appraise for the loan amount and closing costs combined.
Sometimes when a buyer is short on cash for settlement costs, the seller offers to pay a portion of the buyer's closing costs. According to FHA guidelines, the seller can't pay closing fees that amount to more than 6 percent of the sales price of the home. If this occurs, it may cause the loan you receive to be decreased. In addition, the costs to which the seller contributes must be directly related to processing the loan. Closing costs that the seller would have to pay anyhow are not included in the 6 percent.
When refinancing your mortgage with an FHA streamline loan, you can pay the closing costs out of your own pocket. In this case, you don't need to have your property reappraised as a condition for getting the loan. However, if you decide to roll your closing costs into a streamline loan, you must get a new real estate appraisal so that the lender knows how much your property is currently worth. This assures that you have enough equity in your home to cover the added closing costs.
Other Refinance Options
With a no-cost FHA refinance loan, you can roll the closing costs into the total cost of the loan, as long as you have your property reappraised. You will pay a higher interest rate, since the lender is paying the closing costs you would normally have to pay at settlement. Once you’ve owned your home for more than one year and built some home equity, another option is to apply for a cash-out refinance loan. You can refinance your existing mortgage loan for up to 85 percent of your home’s current appraised value with the closing costs added on top of the loan amount. Since states vary in the closing costs you are allowed to finance with an FHA loan, you should direct any specific questions you have to your local FHA office.