fha: Home Buying - From start to finish - 09/09/16 07:23 AM
If you are a first time home buyer, not knowing what to expect can be a little stressful. You may or may not encounter the process listed below. Hopefully the information below will give you an idea of what to expect.
         Find an area where you would like to live. The wider the area, the better chance of finding a home          Contact a Realtor OR Contact a lender (preferably me) who can refer you to a Realtor          Gather the following documents: Most recent pay stub, most recent bank statement, last 2 years federal tax returns, last 2 years … (1 comments)

fha: 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)

fha: Freddie Mac vs FHA - 01/25/16 03:54 AM
Freddie Mac (FHLMC) offers programs for conventional financing. Federal Housing Authority (FHA) offers programs for government financing. 
Freddie Mac Home Possible Advantage vs FHA
         Home Possible Offers - 97% LTV                  Allows for non-occupying co-borrowers          Does not require minimum reserves          Allows down payment from sources other than from applicant          Income cannot be greater than 100% of median income in higher income areas          No cap on percentage of median income if property located in underserved areas          At closing, the buyer cannot own other property          Mortgage insurance is around $123 on $100,000 loan (payment varies via … (1 comments)

fha: FHA vs FNMA HomeReady Program - 01/13/16 03:44 AM
FNMA replaced MyCommunity with HomeReady which offers a lower MI payment and a reduction of fees to lower income buyers. This effort is to compete with FHA. Below is a short comparison between the two programs.
MI - Mortgage Insurance
LTV - Loan To Value
DPA - Down Payment Assistance
First Time Homebuyer - Not on title in previous 3 years
Per Bank - Use Bank guidelines

fha: 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
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)

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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First Option Mortgage

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