Get Your Mortgage Purchase Approved!
Mortgage Purchase Approved with Down Payments of 5% up to 20% or More.
If we can’t get your Mortgage Purchase Approved, Chances are No One Can!
Congratulations, you have taken the first steps towards Home Ownership, or you this may be your second, third or even fourth go around at.
Nonetheless, Mortgage Rules and Regulation are constantly changing and the Government is always introducing new measure to maintain stability in the Real Estate Market. Whether you are a First Home Buyer or an Experienced Home Buyer, it always a good idea to stay up to date with the latest Rules and Regulations regarding the Mortgage Industry.
When it comes to Mortgage Financing My Team and I are here to Help make sure you are well qualified and your Mortgage Purchase will be Approved without any delay or unexpected surprises.
We Work with Top Mortgage Lenders and have access to Special Financing Programs you are not able to access on your own from our Extensive Mortgage Lending Network, which includes; Major Banks, Alternate Lenders, B Lenders, and Private Lenders.
I want to Purchase a Home, What are the Steps I should Take?
We strongly recommend before you Call a Realtor, and start Looking at Homes for Sale, that you get Pre-Approved or Pre-Qualified by one our Mortgage Brokers who can Properly assess your Borrowing Qualifications which include your Income, Credit Report, and source of Down Payment. After having your Borrowing Qualifications assessed, you will have a good understanding of what type of rate you will be Qualified for and how much your Maximum Purchase Price will be.
What Documents will I need to get Approved for a Mortgage?
Here are the List of Basic Documents you will Need to get Approved for a Mortgage;
*Copy of most recent Equifax Credit Report
*Purchase and Sale Agreement
*Confirmation of Down Payment (Bank Statement showing Balance)
*Letter of Employment (recent within 2 weeks)
*Pay Stubs (recent 2 pay periods)
These are just the basic Documents required to get the Approval process started, once all the Basic documents have been reviewed then additional supporting documents will be requested.
What is an Insured Mortgage, and how can I Qualify?
An Insured Mortgage is where you have less than 20% Down Payment available for the Purchase of a Home and the Mortgage must be Insured so that in the event Default, the. To Qualify for an Insured Mortgage, Here are the Basic Qualifications:
*Credit Score should be at least 680 and Above (Equifax) with No Negative Reporting within a current 2 year period
*Must be Employed past Probationary period, and generate an income that will qualify for the Request Mortgage
*(GDSR) Gross Debt Service Ration should not typically exceed 35% of your Gross Monthly Household Income. (Don’t Stress if you are above the 35% GDSR, We Can still get you Approved.)
*(TDSR) Total Debt Service Ratio should not typically 42% of your Gross Monthly Income. This Includes (Don’t Stress if you are above the 42% TDSR, We Can still get you Approved.)
*Down Payment should be at least 5% or less than 20% of Purchase Price.
Don’t worry if this doesn’t make any sense to you or if this is too confusing, Our Team is here to Help and we can make it Easy for you and Help get you Approved. We specialize in Mortgage Approvals for Insured Mortgages and have Helped Many First Time Home Buyers get their Insured Mortgage Approved.
What is (GDSR) Gross Debt Service Ratio?
(GDSR) the Gross Debt Service Ratio is your Monthly Housing Cost. This Includes (Monthly Mortgage Payments, Taxes, Heating Expenses, and if Half of Monthly Condominium Fee if your Purchase is a Condo or Condo Town Home)
What is (TDSR) Total Debt Service Ratio?
(GDSR) the Total Debt Service Ratio is the Entire Monthly Debt Load. This Includes (Housing Costs, Debts attached to your Credit such as Car Payments, Personal Loans, Credit Card Payments, Student Loans, and any Existing Mortgage Amount you have Co-signed for)
How much Minimum Down Payment do I need if I am Purchasing a Home?
When Purchasing a Home, here are the Minimum Down Payment amounts required;
*Home Prices of up to $500,000 will require 5% Minimum Down Payment
*Home Prices of $500,000 up to $1,000,000 will require 10% to 20% Minimum Down Payment
*Home Prices of $1,000,000 and up will require a 20% Minimum Down Payment
It is important to keep in mind these are just Minimum amounts for a Required Down Payments and Home Buyers must have Credit and Income Qualifications.
What if I don’t have enough Down Payment, Can I still get my Mortgage Approved?
Yes, we can. We understand that Down Payment is the toughest part for most buyers who wish to become Home Owner, without a Down Payment it is nearly Impossible to get Approved for a Mortgage even though you may have strong Income and Credit to qualify, if you don’t have the necessary Down Payment in place your Mortgage will not get Approved. Not worry, our Team can Help find ways where we can help you obtain Mortgage Financing if you are short on Down Payment.
What If I can’t get Approved under the Insured Rules or the Bank has Declined my Mortgage, Can I still get my Mortgage Purchase Approved?
Yes, you can get Approved even if you don’t qualify under the Insured Rules, or the Bank has Declined your Mortgage Purchase. Because we deal with many Lenders outside of your Traditional Bank, we have access to many Lending options you would not have access to on your own.
What if I am Purchasing with 20% Down Payment or more, Can you get my Mortgage Purchase Approved, even though the Bank has Declined me?
Yes, we are able to get your Mortgage Purchase Approved if you are Purchasing a Home with a Down Payment of more than 20% (25%, 35% or even 50%). The Good News is, we work with Mortgage Lenders who;
*Offer Great Rates
*Do Not required to you through a Stress Test
*Have Special Programs in place to help you get Approved, even if your Income does not fully Qualify with your Bank.
So there is no need to worry about the Stress Test, if you are not able to qualify with your Bank, then you can count on us our Team to Help you get your Home Purchase Approved
What is the Minimum I need to put down for a Second Home Mortgage Purchase?
You can Purchase a Second Home with a minimum Home with 5% Down Payment as long as your First Property has the Default Mortgage Paid in full and has more than 20% Equity and you have the required Income and Credit Qualifications. To get more details about how to qualify for a Second Home Purchase with a minimum 5% Down Payment, contact our Team.
You can count on My Team and I to use our Experience of 50 Years to Help get you the Mortgage Purchase Financing you require. We work fast to ensure your Mortgage Approved in time so you can start enjoying your New Home without any last minute surprises on your closing day.