Services
Throughout my career, I’ve spent the time to learn about all the tools I can add to my arsenal to ensure you have the best rate and approval chance possible. Let me put my knowledge to work for you and find you the right home loan to make your dreams a reality.
Available Loan Programs
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FHA Loans are a good option for young, first-time homebuyers who have not had as much time to save for a large down payment and/or establish high credit scores.
Unlike most conventional loans, FHA does not require a large down payment. You can put down as little as 3.5% of the purchase price of the property.
The debt-to-income ratio (monthly payments divided by gross monthly income) maximum is higher than with conventional loan underwriting guidelines.
The minimum credit score is much lower for FHA than conventional loans.
Even if you’ve suffered from a bankruptcy or foreclosure that has hindered your ability to qualify for traditional loans, you may still qualify for a mortgage through the FHA.
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Conventional mortgages make up the majority of all home loans. Conventional loans are often sold to government entities like Fannie Mae & Freddie Mac.
Conventional loans are ideal for: those with stable full-time jobs that provide regular, consistent paystubs and self-employed people with three or more years of consistent, reliable income.
Standard qualification requirements include: a debt-to-income ratio under 49%, credit scores close to or higher than 700. You can have a down payment as low as 3%…20% if you want to avoid paying monthly mortgage insurance (PMI).
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VA Loans help service members, Veterans and eligible surviving spouses become homeowners. They provide a home loan guaranty benefit and other housing-related programs to help you buy, repair, retain or adapt a home for your own personal occupancy. VA guarantees a portion of the loan, enabling lenders to provide you with more favorable terms. These include: no down payment requirement, low interest rates, limited closing costs, no monthly PMI.
You can use the VA Guaranty multiple times, not just for your first home.
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Commonly referred to as a USDA or a RD loan, these will allow you to buy a home with no down payment in eligible rural and suburban areas. This program is guaranteed by the USDA so banks and lenders have a reduced risk when lending.
Qualifying for an RD loan is very similar to an FHA mortgage regarding credit scores and less strict underwriting criteria. Applicants need a minimum credit score of 640-660, need to meet household income limits based on area and household size, and the maximum purchase price is $224,500.
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The Michigan State Housing Development Authority (MHSDA) has programs available to help home buyers with their down payment and closing costs by loaning them up to $10,000!
Buyers must complete an online Homebuyer Education class, have a minimum credit score of 640-660, meet household income limits based on area and household size, and have a maximum purchase price of $224,500.
Available specialty services…
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I have many tools in my arsenal to analyze your credit scores and tell you exactly what to do (and what not to do) to improve your scores. You don’t need an 850 credit score to buy a home, and paying off accounts or collections may not always be the right thing to do.
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If you just want to rent for now, we can work together to present you as a strong candidate for available rentals. We can compare the pros and cons of renting vs. buying - remember, it’s not always about the monthly payment. Sometimes you just aren’t ready for the commitment of a home purchase. Let me help you decide when is the right time and what monthly payments you are comfortable with.
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Self-employed? Not a problem. Many loan officers cringe when they hear those words. My extensive knowledge of tax returns means I can analyze your income immediately, not wait for a processor or underwriter to review and get back to me.
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I have dealt with customers who own dozens of rental properties, as well as customers buying their very first investment. I know how it works, and I know what you have to go through to start and build an investment property portfolio.
These are just some of the techniques and specialty services I can provide my clients outside a typical home mortgage. Before deciding what may be right for your specific situation, we will have a thorough consultation to decide how best to proceed.