Colorado MortgagePRO
PreQualify by Phone in 5 Minutes !
Call Jerry Vinett
1(888) 503-8903
APPLY ONLINE
ZERO DOWN 100% Mortgage Financing!
FHA, VA, USDA,Conventional, Jumbo, Sub Prime
Good Credit, Bad Credit...Even No Credit
"We Say YES...Even If The Bank Said NO !"
HUD National Direct Lender
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| Bad Credit-Damaged Credit-Slow Credit |
A+ Borrowers - Good Credit
|
| We
have programs that allow charge off accounts to remain unpaid
and still qualify the borrower for 100% financing. Clients one
day discharged from bankruptcy can also qualify for 100% financing.
It is rare to find a credit problem that we can’t offer
a mortgage solution.Bad Credit,Damaged Credit =YES |
We lend with the nations top lenders and a do an automated search for the best rates and programs up to the minute. We also have 100% purchase loans with no PMI as well as 80/20 loans all with fixed rates.
Our PAY OPTION ARM is the best program offered anywhere.
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| Self
Employed Mortgage |
JUMBO and Super JUMBO Mortgage
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| We
have many programs for the self employed that include stated income
or limited doc, bank statement same as full doc. We even allow
letters from your clients to establish time in business instead
of business licenses or tax returns. |
We really shine on jumbo loans !!! most lenders charge a higher
rate on jumbo loans - we don’t ! we have 100% equity line
jumbo’s with no mortgage insurance required ……
that’s big. no lender beats our rates or service! |
| Construction
loans and Permanent Mortgages |
Down Payment Assistance and GIFT
Programs
|
We
offer several types of construction loans.
construction to permanent one closing costruction converts to
a predetermined fixed rate. construction loan only this requires
two closings. most buyers are more comfortable with the construction
to permanent. |
We
have access to the nations best down payment assitance and gift programs. Most
programs have no income qualifiers and are available for FHA
and conventional mortgages
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| NEW:
MTA Loan And Pay Option ARM |
FHA ,VA and Rural Housing Mortgages
(automated or manual underwriting)
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| This
is by far the most flexible payment plan avaliable giving the
home buyer (4) different payment options each month. the client
may pay 1) interest only 2) below prime interest only 3) 15 year
4) 30 year USDA rural development loans. 100% financing for clients
with no score or a score - no down payment and no closing cost
paid by homebuyer! |
Our
FHA ,VA and USDA Rural Housing programs meet the individual needs of our borrowers. the
program offers 97% financing but with our gift programs and
seller paid closing cost, the loan equals 100% financing. Manual
underwriting is for clients with credit challenges and enables
us to close loans that don’t pass on the automated Freddie
Mac system. |
| EQUITY
Lines of Credit / Heloc 100% to 125% |
First Time Home Buyers |
Purchase
or refinance, no mortgage insurance ever!
100%, 115%, or 125% of appraised value. |
100% financing is the norm for first time buyers. FHA ,VA
, conventional and special programs. All Zero Down Mortgages! |
| 100%,103%,107%
and 115% mortgages |
Manufactured
and Modular Homes
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| This
allows buyers to finance closing cost when seller is not paying
closing cost. we seldom use this program since most sellers are
willing to pay buyers closing cost. |
Modular equals stick built all programs available . Manufactured
single wide or double wide have special programs .
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| Interest
Only Mortgage |
Bank
Statements Equals FULL DOC
|
|
We offer interest only mortgages to all credit grades this guarantees
the lowest monthly mortgage payment and can save as much as half
on the monthly payment. |
We
allow clients to use bank statements (business or personal) 6 months is lite doc 12 months gets full doc pricing,
instead of w2 or 1099 to qualify at the low full documentation
rate (no tax returns needed)
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| Non-Permanent
RESIDENT ALIENS |
NO
DOCUMENTATION, Stated Income, No Income, No Asset, Etc. Mortgage
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| (EVEN
WITH NO CREDIT SCORE) can qualify for 100% financing. |
No Doc means no employment,no assets,just score and name and address. these programs offer 100% financing but more typically are 95%.Stated income is available to w-2 employees and the self employed with score down to 500
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PreQualify by Phone in 5 Minutes !
APPLY ONLINE
Click Here
Call Jerry Vinett
1-888-503-8903
posted 12-26-05
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
AT A GLANCE:
2006 Discretionary Budget Authority: $28.5 billion
(Decrease from 2005: 11 percent)
Major Programs:
- Section 8 Rental Assistance
- Federal Housing Administration
- Public Housing
- HOME Improvement Partnerships Program
- Homeless Assistance Programs
- Housing for the Elderly and Disabled
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|
MEETING PRESIDENTIAL GOALS
Promoting Economic Opportunity and Ownership
- Supporting the President’s ambitious agenda for expanded homeownership by assisting approximately 40,000 low-income families with the downpayment on their first home.
- Preparing families for homeownership, identifying predatory lending practices, and helping current homeowners avoid default.
- Proposing two new mortgage programs that would help more than 250,000 families achieve homeownership.
- Supplying tax credits to increase the supply of single family affordable homes.
Supporting a Compassionate Society
- Working to end chronic homelessness through innovative local strategies to move chronically homeless individuals from the street to permanent supportive housing.
- Helping ex-offenders get a second chance at employment.
Making Government More Effective
- Reforming Housing Vouchers to improve results and better serve two million low-income households.
- Expanding outreach to faith-based and community organizations to level the playing field for the Department of Housing and Urban Development’s formula and competitive grants.
- Reducing improper payments in rental assistance programs.
PROMOTING ECONOMIC OPPORTUNITY AND OWNERSHIP
More Americans have achieved the dream of homeownership than at any time in our Nation’s history: Sixty-nine percent of households own their homes. For the first time ever in 2004, a majority of minority households own their own homes. The 2006 Budget supports ambitious goals to:
- Add 5.5 million new minority homeowners by 2010 (goal set in 2002)—1.9 million new minority homeowners were added by 2004; and
- Increase the supply of affordable homeownership units by seven million over the next 10 years (goal set in 2004).
American Dream Downpayment Initiative
Saving enough cash for the downpayment and closing costs is the greatest obstacle to homeownership for many. To help overcome this obstacle, the President proposed new Department of Housing and Urban Development (HUD) funding to help low-income families purchase their first homes. On December 16, 2003, President Bush signed the American Dream Downpayment Act. Six months later, HUD distributed $161.5 million in downpayment funds to over 400 State and local Governments. These funds have already helped over 4,000 families purchase their first homes; 50 percent of those families are minorities. The 2006 Budget provides $200 million to continue this initiative.
On December 16, 2003, President Bush signed the American Dream Downpayment Act. As a result of this initiative, on October 29, 2004, Taryn Ramos was able to purchase her first home with the downpayment assistance grants administered by Fresno, California.
Housing Counseling
The Budget proposes $40 million for Housing Counseling to prepare families for homeownership, identify predatory lending practices, and help current homeowners avoid default. In 2006, HUD will assist approximately 800,000 families to become homeowners or avoid foreclosure, using faith-based and community organizations in this effort.
Ensuring Government-Sponsored Enterprises Promote Affordable Housing
Government-sponsored enterprises (GSEs) were chartered to help low- and moderate-income families secure mortgages. HUD recently published a rule that requires Fannie Mae and Freddie Mac to increase their purchases of mortgages for low- and moderate-income households and underserved communities. These new goals will push the GSEs to genuinely lead the market in creating homeownership opportunities for less advantaged Americans.
In addition to increasing the annual housing goals through 2008 (see accompanying chart), HUD’s rule establishes new home purchase sub-goals in each of the three goal areas. This is intended to focus the GSE’s efforts on purchases of homes rather than refinancings. HUD projects that over the next four years, the GSEs will purchase an additional 400,000 home loans that meet these new and more aggressive goals as a result of the new rule.
FHA Zero Down Payment and Payment Incentives
To remove two large barriers to homeownership—the down payment and impaired credit—the Budget proposes two mortgage programs. The Zero Down Payment mortgage allows first-time buyers with a strong credit record to finance 100 percent of the home purchase price and closing costs. For borrowers with limited or weak credit histories, a second program, Payment Incentives, initially charges a higher insurance premium and reduces premiums after a period of on-time payments. In 2006, these new mortgage programs would assist more than 250,000 families achieve homeownership.
Single Family Homeownership Tax Credit
The President proposes a new Single Family Homeownership Tax Credit that will increase the supply of single family affordable homes by up to an additional 50,000 homes annually. Under the President’s plan, builders of affordable homes for middle-income purchasers will receive a tax credit. State housing finance agencies will award tax credits to single family developments located in a census tract with median income equal to 80 percent or less of area median income and will be limited to homebuyers in the same income range. The credits may not exceed 50 percent of the cost of constructing a new home or rehabilitating an existing property. Each State would have a homeownership credit ceiling adjusted for inflation each year and equal to the greater of $1.75 times the State population or $2 million. In total, the tax credit will provide $2.5 billion over five years.
Homeownership Vouchers
The Homeownership Voucher program, while still new, has successfully paved a path for low-income Americans to become homeowners. Strong and committed collaboration among public housing agencies, local non-profits, and lenders, as well as pre- and post-homeownership counseling for families has proven essential in making the program work. The greatest challenge to the success of the program is finding lenders who are willing to participate.
Although the Homeownership Voucher program is voluntary, a Program Assessment Rating Tool analysis completed on the program shows that it has over-achieved its annual goals consistently since the program began. In its first four years, the program helped over 2,000 low-income families that were renting through the Section 8 program to become homeowners. In 2006, the program plans to assist 5,000 families achieve homeownership.
Neighborhood Reinvestment Corporation
The Budget increases funding for the Neighborhood Reinvestment Corporation to $118 million. The Corporation, a public nonprofit organization chartered by the Congress in 1978 and independent of HUD, is also working to expand minority homeownership. The Corporation is pledging to provide direct assistance to over 170,000 families in 2006 through affordable mortgage and rehabilitation lending, comprehensive homebuyer education, and counseling services.
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FHA FREQUENTLY ASKED QUESTIONS
Q. Can only first-time home buyers use a FHA loan program?
A. No. You can use a FHA loan as many times as you desire. The only guideline is that you cannot have more than one outstanding FHA loan with a loan to value of higher than 75%. You can own rental property and purchase your primary residence using FHA financing.
Q. Does FHA use a FICO credit score for qualifying?
A. No. FHA is one of the only types of real estate mortgage loan programs that currently does not require a FICO score.
Q. Can I streamline refinance my FHA loan at any time?
A. Yes, you can assuming that the you are lowering your monthly payments or converting the loan to a fixed rate mortgage.
Q. Can I buy a 4 Unit Home with FHA loan financing?
A. Yes, you may use a FHA mortgage for 2,3, or 4 unit home purchase assuming that the FHA loan amount does not exceed the maximum loan limits for where the property is located.
Q. Can I buy a home with no down payment and get 100% financing using a FHA loan?
A. Yes. Using a real estate FHA first mortgage in combination with other specialized programs, you may be able to buy a home with no money down.
Q. How long after a bankruptcy can I use a FHA loan to buy a home or refinance my mortgage loan?
A. You may buy a home or refinance your mortgage using a FHA loan two years after the date of discharge for a bankruptcy, assuming that you have maintained perfect credit since the discharge of the bankruptcy.
Q. How long after a Foreclosure can I use a FHA home loan to buy a home or refinance a mortgage?
A. Three years after the final date of foreclosure you may use a FHA loan to buy a home or refinance, assuming that your credit since the foreclosure has been perfect.
Colorado
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Credit BureauPhone Numbers
Experian 1-888-524-3666
Equifax 1-800-685-1111
Trans Union 1-800-916-8800
WHAT IF I FIND A MISTAKE IN MY CREDIT HISTORY?
Simple mistakes are easily corrected by writing to the reporting company, pointing out the error, and providing proof of the mistake. You can also request to have your own comments added to explain problems. For example, if you made a payment late due to illness, explain that for the record. Lenders are usually understanding about legitimate problems.
WHAT IS A CREDIT BUREAU SCORE AND HOW DO LENDERS USE THEM?
A credit bureau score is a number, based upon your credit history, that represents the possibility that you will be unable to repay a loan. Lenders use it to determine your ability to qualify for a mortgage loan. The better the score, the better your chances are of getting a loan. Ask your lender for details.
53. HOW CAN I IMPROVE MY SCORE?
There are no easy ways to improve your credit score, but you can work to keep it acceptable by maintaining a good credit history. This means paying your bills on time and not overextending yourself by buying more than you can afford.
visit the HUD web site at http://www.hud.gov or call a HUD-approved counseling agency at 1-800-569-4287 or TDD: 1-800-877-8339.
100. HOW CAN I CONTACT HUD?
Visit the web site at http://www.hud.gov or look in the phone book "blue pages" for a listing of the HUD office near you.
Content updated April 4, 2003
U.S. Department of Housing and Urban Development
451 7th Street S.W., Washington, DC 20410
Telephone: (202) 708-1112 TTY: (202) 708-1455
No Lender offers more No money down first time homebuyers
Mortgage Programs than us
WE have all the Options
100% Financing
80/20 (no mortgage insurance)
Credit scores are not considered with FHA underwriting
Bad Credit , charge offs and Late payments OK
interest Only
Stated Income
40 year Mortgage
No income limits on Down Payment assistance.
6% seller concessions allowed
Up to $25,000 of down payment assistance (Available to qualified buyers)
Non-occupying cosigners allowed
Get PREQUALIFIED first,
A first time homebuyer loan,
To decide if you will be able to repay a first time homebuyer loan, your loan officer will look at many different pieces of information about you. This process is called underwriting. This information shows how well you have repaid your debts in the past, whether you are likely to repay your debts in the future, and your ability to repay the mortgage and your current debts.
There are first time homebuyer program guidelines that help a us in looking at these pieces of information about you. But you should also remember that there is some flexibility in these first time homebuyer guidelines, because we represent so many financial situation. If you are very strong in one area, it may help balance out another area in which you aren't quite as strong.
Time on your Job is important. Having a steady job as a first time home buyer helps you to keep your promise to pay back a mortgage loan. If you have been working continuously for two years or more, you are considered to have steady employment. A lender will need to know your job history, and it will be a factor in whether you qualify for a first time home buyer loan. However, you do not have to have held the same job for two years in order to be approved for the mortgage loan. Job moves that result in equal or more pay and continue to use proven skills are a plus for you. If you have been working continuously for less than two years, the mortgage lender will look for an explanation..
.
We will order a credit report to verify the information that you give and to check on how well you have kept your promises to repay your debts. Credit reports are provided by credit reporting companies that make inquiries through a wide range of available sources of information: banks that may have given you a car loan, credit card companies, even gasoline companies and department stores that offer credit cards.
If you have previously owned a home, and your mortgage loan has been foreclosed upon within the last seven years, the foreclosure will be revealed on your credit report. Having a foreclosure on your records doesn't mean you can buy another home. IF you’ve had a foreclosure inside a chapter 7 bankruptcy you could qualify as quickly as 1 day after the discharge date.
If you have declared bankruptcy within the past ten years, that also will be revealed on your credit report, We can qualify first time borrower for 100% 1 day after bankruptcy and we can further qualify borrower that are currently in chapter 13 bankruptcy. Reestablishing credit and show that you are again able to manage your financial affairs is important.
Sometimes credit reports are inaccurate, or they give a misleading picture of past credit problems that have since been resolved. We can except receipts or letters of proof that issues have been resolved and we won’t have to wait for the credit bureau to update the info.
If you have never had any credit cards or taken out a loan through a financial institution, the various credit reporting firms may not be able to issue a credit score on you. In that case, you may be able to use a "nontraditional" credit history. For example, you may be able to document that you pay your rent, telephone bills, or utility payments on time each month. You can put these records together yourself by making copies of canceled checks or showing copies of monthly bills that do not have any late charges. A mortgage lender may be able to help you put this information together
If you have a good record of paying your rent and other bills and will be able to prove that record. You will be approved for a 100% first time buyers mortgage.
Some lenders have programs to help a first time buyer. With some of these programs, you may be able to accept a gift from a relative or to borrow a portion of the money you will need for the down payment and closing costs from a local non-profit organization or government agency. We may be able to get down payment assistance program or other first time home buyer funds that you will not have to repay and can use to cover some of these costs.
Ask your Mortgage PRO about our Jumbo 'Smart Mortgage' Home Loans. The best Jumbo mortgage Product Avaiable .No hit to the rate for Jumbo Mortgages. If you have a Jumbo Mortgage Loan with any other lender Your Probably Paying to Much!!!
We enjoy helping First Time Homebuyers... ..and we're experts at solving the common problems these buyers face!
First time buyers enjoy 5 minute prequalifications and 100% financing in most cases.We offer every available type of loan and down payment assistance program that exists.First time homebuyers can get an FHA home loan with down payment assistance and bring zero down payment to close on a new home purchase.Mortgages with zero '0' down payment are the Norm for first time home buyers with us.
NEED A REALTOR ?
When you want to buy your first home you will also need your first mortgage loan. As a first time homebuyer the first question is whether you are actually ready to buy. Finding the right first home is not always easy and a good REALTOR can help you in the process. If you haven’t selected a REALTOR we are glad to recommend a REALTOR that works with First time homebuyers. And getting a first time homebuyer mortgage loan with us will be the easy part.
Are you ready to be a first time home buyer, lets take you through the steps a that we use to decide if you qualify for a first time home buyer loan. When you take out a loan, you sign documents that say you promise to pay back the loan.
'We Say Yes.....Even When Other Lenders Say No!'
REASONS TO GET PREQUALIFIED BEFORE YOU START SHOPPING FOR A HOME
You do NOT have to have a home under contract to obtain a home loan. The lender is looking at your credit history and income when considering a loan application.
Some potential home buyers think they will have no problem qualifying for a loan only to be disappointed when they find out they don't. Others may afraid they won't qualify so they don't apply. We often see people who don't think they qualify for a home loan but don't know that many lenders offer loan programs for all types of borrowers.
Avoid disappointment resulting from looking at homes that are out of your price range. Looking at homes in a price range you can afford will keep you from being disappointed if you fall in love with a home only to find out that it is beyond your financial abilities.
Insure that you will meet your moving dead line. Knowing you must move by a certain date and still working on proving you are qualified for a loan can be a stressful experience. The two most common problems are resolving credit issues and proving you have the cash for your down payment and closing costs.
Applying for a loan as soon as possible will insure that any incorrect information in your credit history can be corrected before the closing date. It often takes 60 days or more to have information corrected in your credit files.
Having a Loan Commitment in your hand is like being a cash buyer. Every seller wants to work with cash buyers. It gives you leverage when presenting an offer and negotiating a counter offer. It will insure that the closing process goes smoothly when you do find your new home. Do not mistake a Loan Commitment with a pre-approval or pre-qualification, a pre-approval does not carry much weight with a seller since a pre-approval is only a cursory look at your credit history.
Applying for a home loan online can be a real convenience. You can apply for a mortgage online 24 hours a day 7 days a week. You can apply from your home, office, local library or any location that offers Internet access. No need to take time off work or away from play. Avoids feeling pressured by sitting in a lenders office and allows you ample time to collect all the necessary information
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