Mortgage Information

FHA:

Through First Trust Financial, LLC., The Federal Housing Administration (FHA) offers numerous programs to support home ownership within the middle-class. Due to the fact that FHA loans require such a small down payment, the FHA housing program may be the ideal way of purchasing your first or next home.

FHA insures their loans against home owner default; meaning that the lender will be protected from any financial loss, which will increase your chances of being accepted. You will be charged an upfront mortgage insurance premium, which is included in your monthly mortgage payment.]

(Qualifications)

·         Fair grade credit history.

·         Reasonable debt-to-income ratio

*You be more likely to be approved for a home loan relative to the property value in your area of search.  

(Benefits)

·         Down payments as low as 3.5%

·         FHA loans can be assumed by someone else looking to buy your home

·         Very few prepayment penalties

·         Very few credit qualification restrictions

 

FHA Streamline:

Ever since the real estate market crashed in 2008, millions of people in America now owe more on their homes than the actual market value. Moreover, causes them to become “underwater” on their homes and couldn’t refinance unless they paid the difference of the loan and current property value.

However, interest rates are at a record low and the FHA has developed a way for homeowners to stay in their homes and reduce their payment. Here at First Trust Financial, LLC, we will help you with your “underwater” problems and take advantage of FHA Streamline program.

(Qualifications)

·         Must originally have FHA loan

·         Cannot be late more than once in the last 12 years with no lates  in the last 3 months

·         Must be 210 days after you last loan and have made at least 6 mortgage payments

·         You must benefit from the program, meaning that you mortgage payments must be reduced

*Mortgage premiums are higher when replacing a loan that was endorsed after June 1, 2009.

(Benefits)

·         Lower mortgage payments

·         Build equity in your home instantly

·         Reduced interest rates

·         No appraisal needed

·         No credit check

·         No income verification

 

VA:

VA loans are home loans for the purchase of a primary residence available to consumers who have served or are presently serving in the U.S. military. While the Department of Veterans Affairs (VA) does not lend money for VA loans, it backs loans made by private lenders (banks, savings and loans, or mortgage companies) to veterans who qualify.

Many veterans today aren’t taking advantage of the VA loan housing program, according to the American Census Bureau. Unfortunately, only 10% of eligible veterans have taken advantage of these benefits since 2009. First Trust Financial, LLC has decided to do something about this issue by being proactive in the community and promoting VA loans. So if you’re a veteran and you’re looking to purchase a home, let RFS explore your options for a VA loan.

(Qualifications)

·         You have to be a veteran of course

·         VA certificate

 

Status

Qualifying Wartime & Peacetime Periods

Qualifying Active Duty Dates

Minimum Active Duty Service Requirement

Veteran

WWII

9/16/1940 - 7/25/1947

90 total days

Post-WWII

7/26/1947 - 6/26/1950

181 continuous days

Korean War

6/27/1950 - 1/31/1955

90 total days

Post-Korean War

2/1/1955 - 8/4/1964

181 continuous days

Vietnam War

8/5/1964 - 5/7/1975 *For Veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961

90 total days

Post-Vietnam War

5/8/1975 - 9/7/1980 *The ending date for officers is 10/16/1981

181 continuous days

24-month rule

9/8/1980 - 8/1/1990 *The beginning date for officers is 10/17/1981

  • 24 continuous months, OR
  • The full period (at least 181 days) for which you were called or ordered to active duty

Gulf War

8/2/1990 - Present

  • 24 continuous months, OR
  • The full period (at least 90 days) for which you were called or ordered to active duty

Currently On Active Duty

Any

Any

90 continuous days

National Guard & Reserve Member

Gulf War

8/2/1990 - Present

90 days of active service

  • Six years of service in the Selected Reserve or National Guard, AND
    • Were discharged honorably, OR
    • Were placed on the retired list, OR
    • Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable, OR
    • Continue to serve in the Selected Reserve

 

*If you do not meet the minimum service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions, or (5) a service-connected disability.

 

(Benefits)

·         Often requires no down payment

·         Little to none out-of-pockets expenses

·         Save thousands of dollars in interest rates and mortgage expenses

 

 

VA Streamline (IRRL):

We are now in a time where many of us, even veterans, owe more on our home than the actual market value, while interest rate are plummeting down by the day. With those two facts, the VA has come up with a program to making it easier for veterans to refinance. RFS will help you maximized your opportunity as a veteran to take advantage of this VA program if you’re looking to reduce your monthly mortgage and lower your interest rate.

(Qualifications)

·         Must have original Certificate of Eligibility

·         Must have second mortgage loan agree to be subordinate to the new loan 

(Benefits)

·         Lower mortgage payments

·         Build equity in your home instantly

·         Reduced interest rates

·         No appraisal need

·         No credit check

·         No income verification

 

Non-Conforming:

Non-Conforming loans are not standard loans, meaning that the amount of the loan normally exceeds the standard amount a bank will approve for a loan. A non-conforming mortgage is a term in the United States for a residential mortgage that does not conform to the loan purchasing guidelines set by the Federal National Mortgage Association/Federal Home Loan Mortgage Corporation (Fannie Mae and Freddie Mac). Due to the nature of non-conforming loans we advise you contact us to examine your need for a non-conforming loan.

 

HARP (Home Affordable Refinance Program):

The HARP (Home Affordable Refinance Program) is a federal program that was developed by the Federal Housing Finance Agency in March 2009 to assist underwater homeowners refinance their mortgages. This program was designed to benefit homeowners whose mortgage payments are current but cannot refinance due to dropping home prices. RFS will assist you in the examination of your need for the HARP.

(Qualifications)

(Benefits)

·         Lower mortgage payments

·         Build equity in your home instantly

·         Reduced interest rates

·         No appraisal needed

 

Reverse Mortgage (Home Equity Conversion Mortgage or HECM)

Unlike most Reverse Mortgages, the Home Equity Conversion Mortgage (HECM) is regulated and backed by the federal government. An FHA reverse mortgage is designed for homeowners age 62 and older. It allows the borrower to convert equity in the home into income or a line of credit. The FHA reverse mortgage has a variety ways the borrower can receive the money including monthly payments, a line of credit, or combinations of payments and credit. The borrower does not pay on these loans until the house is sold. The loan is repaid from the proceeds of the property sale including interest. Any remaining equity in the home after the loan has been repaid belongs to the homeowner. RFS specializes in the HECM reverse mortgage program, and will provide you with above standard service.

(Qualifications)

 

(Benefits)

·         No monthly mortgage payments

·         You still own your home

·         Exact you home equity in a cash payout

·         No income or credit requirements

 

 

 

 

 

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