closing costs: What you should know about Down Payment Assistance - 07/26/16 05:04 AM
Down Payment Assistance (DPA) is a program offered by many “non-profit” institutions and government entities that provides First Time Homebuyers and non-First Time Homebuyers money to be used to pay for the Down Payment or Closing Costs and Prepaid Items necessary in buying a home. In most cases, the type of loans associated with DPA are government backed loans (FHA, VA), Fannie Mae’s HomeReady Program and Freddie Mac’s HomeSteps Program. There are thousands of companies and government entities offering DPA programs:
  
         Loan Officers tend to pre-qualify a person without taking into account the guideline requirements of DPA programs. Make sure … (2 comments)

closing costs: FHLB - Down Payment Assistance - 01/12/16 05:57 AM
What: FHLB Down payment assistance may soon be coming to your area.
Currently Where: Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia
FHLBATL.com
Who Qualifies: Anyone who earns less than 80% of the 2014 HUD median income. The 2015 median income is not available until 03/2016:  https://www.huduser.gov/portal/datasets/il/il2014/select_Geography.odn
Programs: Multiple
First home buyer Program (First time home buyer means not on title in last 3 years) requires minimum $1000 investment. Grant matches $4000 for every $1000. Maximum of $5000 with $1250 investment for first time home buyer program for down payment and closing costs.
Community Program for 1st time and non-first time buyers who work: … (0 comments)

closing costs: Quoting an Interest Rate is a Loaded Question - 01/12/16 01:23 AM
Quoting a mortgage interest rate is not as easy as one might think. There are several factors that can impact the pricing of an interest rate.
First, let’s look at how interest rates are priced based on a lender’s rate sheet. A Par interest rate looks like this: 4% = 100.000. This means that the interest rate quoted neither costs money to obtain it nor does it give a credit back to the borrower. Credits can be used to pay closing costs.
Bank 123 may offer an interest rate of 4% with pricing at 100.000 for a $100,000 loan and an interest rate … (12 comments)

 
Bill Polack, Bilingual Spanish Loan Officer in Southeast US. (First Option Mortgage)

Bill Polack

Bilingual Spanish Loan Officer in Southeast US.

Suwanee, GA

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