Tuesday, July 12, 2016

10 Commandments For The Mortgage Process

1) Thou shalt NOT change jobs, become self-employed, or quit your job.
2) Thou shalt NOT buy a car, truck, van, motorcycle, ATV, or any other vehicle (or you may be living in it)
3) Thou shalt NOT use your credit cards excessively or let ANY of your payments fall behind.
4) Thou shalt NOT spend the money you have set aside for downpayment or closing costs.
5) Thou shalt NOT buy furniture, appliances, or household items before you buy your new house.
6) Thou shalt NOT originate or allow any new inquiries on your credit report.
7) Thou shalt NOT make any large OR 'cash only' deposits into your bank accounts or transfer money between accounts without first consulting your mortgage consultant.
8) Thou shalt NOT change bank accounts.
9) Thou shalt NOT co-sign for anyone, or allow authorized users to charge on your credit accounts.
10) Thou shalt NOT omit any debts or liabilities from your loan application.

Need A Good Lender or Maybe Just want to know more about the loan process Contact Me Below!!!!

WE DeKalb Housing Initiative, Down Payment Assistance Grant

We DeKalb stands for Work Force Enhancement.  it is a partnership with DeKalb Chamber of Commerce and Decide DeKalb Development Authority. The WE DeKalb housing initiative, a program that provides home ownership opportunities for DeKalb’s workforce.

DeKalb County businesses can offer this "owner-occupant program" to their employees as an economic incentive. The program also offers attractive re-financing opportunities for select homeowners’ existing mortgages, depending on the rate option selected.
Employees of DeKalb County businesses considering relocation to DeKalb County or currently residing there may take advantage of this unique program that offers qualifying home buyers, a 30-year fixed-rate mortgage with down payment assistance (DPA Grant) equal to either 3% or 5% of the mortgage amount, with no repayment. The grant can be used for down payment and or closing cost assistance.
Here's how the WE DeKalb Program works:
  • Select a lending institution from the approved lender list.
  • Contact the lender and present a letter of introduction along with your completed your mortgage application. The determination of your mortgage application is governed by the lending institution. The approved participating lender can help determine if you meet the program qualifications.
General Guidelines:
  • Mortgage rates for the program will be the same or slightly above the market mortgage rates depending on the selected DPA grant option. Rates will change periodically
  • Maximum qualifying income – $81,900 (families of 2 or less) and $95,600 (families of 3 or more)
  • Eligible VA and FHA loans
  • FHA mortgage limit is $342,700
  • VA mortgage limit is $417,000
  • Minimum FICO score of 660
  • 45% debt-to-income (DTI) ratio
  • No first-time homebuyer requirement
  • Residential property
  • Owner-occupied
  • Property must be located in DeKalb County
  • New or existing 1-4 units detached or attached, condos, town homes, and manufactured homes that meet service/guarantor requirements are eligible
  • No prepayment penalty
  • Standard agency guidelines still apply
  • Recreational, seasonal, or other types of vacation or non-permanent homes;
  • Buy downs are not permitted;
  • Cosigners are not permitted; and
  • Construction to permanent is not permitted.
Next Steps:
If you are interested in getting approved for the WE DeKalb Program please contact me by completing the information below.  Someone will reach out to you within 24 to 48 hours.