Learning Center – Buying A Home
Buying A Home
I don’t have a lot of money for a down payment.
Check out an FHA loan. If you’d love to buy a home but lack credit, a large down payment, or are unable to cover closing costs, an FHA loan may be the solution. Here are some of the benefits:
• 3.5% down payment,
• 100% gift funds allowed,
• Up to 6% seller contributions toward closing costs, and
• Flexible credit qualifying.
I am a Military Veteran or am actively serving.
If you’re active-duty military, a veteran or an eligible family member of a military veteran, you may qualify for a Veterans Affairs loan. The VA Mortgage is a government-based product offering 100% financing of the reasonable value of the property, with less restrictive qualifying terms than conventional programs. Some states even offer property tax reductions to military borrowers (please consult a tax professional).
I want to buy an investment property.
BobMortgage offers loans specific to individuals who want to take the next step in homeownership and own an investment property.
Investment loans typically require a 20% down payment for a 1-unit property and a 25% down payment for a 2-4 unit property. Credit scores requirements typically start a 620 and debt to income ratios generally cannot exceed 45%. Loans are generally made to individuals and not LLC’s or other business structures.
I want to build a new home.
For those looking for a new construction home where you pick the model from a builder, this is the loan for you.
Not every mortgage lender understands the building community or what it takes to get buyers of a new construction home approved and closed without a lot of hassle. At BobMortgage, we’ve worked hard to make our new construction loan process seamless for everyone involved.
Who can benefit?
• Homebuyers ready to select a new construction model home from a development.
• Real estate agents who need a lender that knows what they’re doing.
• Builders and site agents who need a new construction home purchase closed on time.
I want to build a custom home on a lot I’ve already bought.
Get custom build financing, plus the permanent mortgage in one loan with one close and a low-down payment. Our construction to permanent program offers approved buyers the money to build and finance the newly built, completed home in one mortgage loan.
I want a home with a price that exceeds the conventional loan limit.
You’re ready to buy a home but live in one of the nation’s priciest housing markets. Inventory is low. Demand is high. And homes routinely cost over $1 million.
WHAT CAN YOU DO WHEN YOU LIVE IN A HIGH-PRICED AREA?
Get on the phone and talk to BobMortgage about taking on a jumbo mortgage.
A type of non-conforming loan, jumbos in most housing markets can buy you a home worth more than the limit for “conforming loans” supported by mortgage giants Fannie Mae and Freddie Mac. Non-conforming loans are any that exceed that funding limit.
I want to live in a rural area.
Guaranteed through the U.S. Department of Agriculture, USDA loans are government-insured home loans that allow borrowers to purchase homes in designated ‘rural’ areas with no money down. The ‘rural’ regions outlined by the USDA vary greatly and can frequently include suburban areas neighboring major metropolitan cities.
Offering 100% financing with fixed rates for 30 year terms, USDA loans (also known as the USDA Rural Development Guaranteed Housing Loan or Section 502 Loan) are unique in that they are currently the only zero money down mortgage program available for non-military personnel. They also provide the opportunity for the closing costs to be paid by the seller or financed into the loan amount.
USDA Loans were originally established in 1991 to increase the number of homes purchased in rural areas. With the U.S. Department of Agriculture loosely defining ‘rural’ areas, many properties located in communities near large cities are eligible. These loans are available for both first time home buyers and repeat home buyers and offer competitive interest rates.
I have great credit but not a lot of money.
If you’re a homebuyer with a good credit history and a stable job, but not a lot saved for a down payment, the Fannie Mae HomeReady and/or Freddie Mac Home Possible mortgage may be for you. They are a fixed-rate affordable housing program for low-to-moderate income borrowers with as low as a 3% down payment or up to 97% financing.
I want to purchase a condo.
If you’re in the market for a condominium, we have several options for you to consider. Benefit from our comprehensive condo offerings, and thanks to condo financing offered by many of our most popular loan products, condo buyers may be eligible across a range of financial standings, locations, down payments, and special qualifying factors.
What is a condo?
A condo is defined as a unit in a condominium project. Each unit owner has title to his or her individual unit, an individual interest in the project’s common areas and in some cases the exclusive use of certain limited common areas. In addition to meeting the requirements of each type of loan, the condo must meet specific requirements such as real estate specifications, HOA conditions and development and ownership rules.
I want to buy a house that needs some repairs.
Renovation loans are for properties that might need a little attention and improvements before becoming homes of the home buyers’ or homeowners’ dreams. Offering both purchasing and refinancing options, Renovation loans are one loan that includes the costs of renovation with the mortgage amount. The total loan can be financed up to 30 years at a fixed rate. The options to consider are an FHA 203K loan and a Conventional Homestyle loan.