Tip 1: Analyze Your Income
Before you reach the agreement with all parties involved in your transaction, here are some things to think about that will help you reach that goal:
- The most common myth is that you have to have 20% down in order to secure your home loan. There are many new programs available with reduced down payments specifically for those people seeking a home, but don't think they can afford the down payment. We have access to those programs other mortgage companies may not have even thought about offering.
- Be sure to maintain your credit score (if it is good) or ask your loan officer about programs to help improve it so you can more easily qualify for whatever loan you seek.
- Use your loan officer as a coach. He/she has made him/herself available for you to help you get through the sometimes confusing process of securing your home loan. At Winterwood Mortgage, we strive for excellence with every borrower. We will work with you to help secure your loan so you can get back to your every day life. As a Christian-based organization, our faith and morals help ease the worries that brought our country into a recession in 2008. Our honesty and integrity means you have piece of mind that we will work for your needs ahead of our own.
Tip 2: Check into Available Programs
Winterwood Mortgage offers many programs that will help you succeed in your next home financing endeavor. Two of the most current programs are below:
FHA Streamline Program: Do you currently have an FHA mortgage that was approved and accepted by FHA by May 31, 2009 or before? If so, you may be able to refinance your current loan with little to no effort on your part. Follow this link for more information about the program.
HARP 2.0 Program: This program is more liberal on credit and income guidelines, has no restriction on equity in your home, and is currently supported through Fannie Mae. If you do not know if your home is owned by Fannie Mae, follow this link to find out. The same guideline as the streamline program applies as far as the loan must have originated on or before May 31, 2009.
Tip 3: Documentation is Important
Home loans always come with some preparation on the borrower's account. The process begins with gathering your necessary documents relating to your personal finances. Tax returns, pay stubs, liabilities & debts you already own, etc. Your mortgage transaction will always be so much smoother if you have these documents at the ready when you are thinking about financing your home.
Follow this link to download our whitepaper that lists all of the most common documents you need in order for us to facilitate your loan. If you come prepared with these documents, you will show your loan officer not only how serious you are about your new loan, but also that you've read this post!
At Winterwood Mortgage, we're committed to educating you on what can be the largest purchase you will ever make in your life. Following these easy home financing tips will guarantee you are on the right track to your dreams. So what are you waiting for?