Profile cover photo
Profile photo
Gregg Pomeroy - Bank of England Mortgage
3 followers -
"The Home Loan Specialist"
"The Home Loan Specialist"

3 followers
About
Posts

ZERO DOWN USDA MORTGAGES FOR EXISTING & CONSTRUCTION

A USDA loan is one of the only loan programs offered that allows you to finance 100% of your home’s value. That means no down payment of any kind!

This loan program can be used for existing homes and to construct a new home !
USDA loans are made even more affordable through very competitive fixed interest rates, ensuring your payments will not increase every month.

A USDA loan requires a middle credit score of at least 620. If you are close, apply and I can help raise your credit score.

USDA home loans offer affordable 30 year terms. If you are a first time home buyer, or not, a USDA loan is the perfect fit.

A USDA loan allows you to finance in your closing costs up to the appraised value. Making the USDA loan the only mortgage on the market with this ability.

Location Qualification:

To be eligible for a USDA Loan the home being purchased has to be located in an area deemed eligible by the USDA’s Rural Development department. I can check the address for you if you contact me.

Income Qualification:

Per USDA’s Rural Development guidelines there are household income caps for the program which it has segregated based on county. The income caps include total household income. Not just the persons on the loan but any person that will be residing in the residence. The average income cap for total household income is about 78,200 a year for a one to four person household. Once you have more than 5 persons in the household the income limit goes up dramatically. Areas with higher median area income will have higher limits. Be sure to contact me to verify if your income meets the guidelines for the USDA loans program in your area.

USDA Loans Underwriting Approval:

To be approved for a USDA loan the borrower or borrowers must meet credit requirements. Your USDA loan application can receive an underwriting approval down to a 620 credit score, although it is much easier to get approved over a 640. Applicants must demonstrate repayment ability for the loan along with a job history of at least two years. If you have just graduated from school the two year employment history can be waived. If you require more in depth explanation please go to our USDA loans Guideline page.

If you are in the market to purchase a home you should apply for or research a USDA loan to determine if you are eligible. Im a USDA loan specialist and will be more than happy to see if you qualify.

Post has attachment
MANUFACTURED HOUSING MORTGAGES AVAILABLE

While other lenders have pulled out of the manufactured housing market, we have stood by offering a wide variety of manufactured housing financing options. With available programs ranging across FHA, VA, USDA, Fannie Mae and Freddie Mac delivery options, we are able to successfully meet the needs of a growing manufactured housing market.
A manufactured home is a complete dwelling designed for year-round living and substantially constructed in a factory. It conforms with a National Building Code developed in 1976 by the U.S. Department of Housing and Urban Development (HUD).

FHA HIGHLIGHTS
• 580 Minimum qualifying credit score
• Floor area no less than 400 square feet
• Classified as real estate and permanently affixed
to each section
• Not previously installed or occupied at any other site
• Singlewide, Doublewide, and Triplewide units permitted

USDA HIGHLIGHTS
• 620 Minimum qualifying credit score
• Property must be located in an eligible rural area
• Manufactured home must be less than 12 months old,
never occupied, and must include the site. The date of purchase agreement must be written within one year of the manufactured date displayed on the plate attached to the unit.
• USDA Pilot program: Existing home built after January 2006 eligible in CO, IL, IA, LA, NY, OH, TX, VT, NH, WY, NV, VA and ND.

VA HIGHLIGHTS
• 620 Minimum qualifying credit score
• Must be, or will be prior to closing, permanently
affixed to the foundation and taxed as real property
• Singlewide, Doublewide, and Triplewide units
permitted
• The borrower must occupy the property as his or
her principle residence

CONVENTIONAL HIGHLIGHTS
• 620 Minimum qualifying credit score (HARP as low as 580)
• Have floor area no less than 600 square feet
• Must be a one-unit dwelling legally classified as
real property
• Doublewide and Triplewide units permitted
Photo

Hello, I'm Gregg Pomeroy of Bank of England Mortgage. Im a very experienced mortgage banker that would like to share my knowledge with others. I created this community to help answer any questions people may have about obtaining a mortgage. Please feel free to ask any mortgage related questions you may have. You can also find more information or contact me thru my website www.thehomeloanspecialist.com. Thank You

Post has attachment
ONE-TIME CLOSE CONSTRUCTION-TO-PERMANENT LOAN

For Manufactured, Modular, and Stick Built properties: finance the construction, lot purchase, and permanent mortgage all with a single One-Time Close loan. No Re-Qualification.

No Second Appraisal.

MORE ABOUT ONE-TIME CLOSE

Why worry about re-qualifying or incurring additional costs? Designed for Manufactured, Modular, and Stick Built housing, this program offers an all-in-one financing option for construction, lot purchase, and permanent mortgage funding with one closing. Because the permanent loan is closed before construction begins, there is no need to re-qualify the borrower, simplifying the construction and purchase process.

Max LTV 96.5% through FHA or 100% LTV

through USDA or VA (not including the funding fee)

No payments due from borrower during construction

No re-qualification once construction is complete

Single closing reduces total costs

FINANCING ELIGIBILITY

• Available through FHA, VA and, USDA • 620 minimum qualifying credit score • 15 and 30 year fixed rates available

• 1 Unit single family residences, doublewide and triplewide manufactured homes and modular homes permitted
Photo

Post has attachment
ONE-TIME CLOSE CONSTRUCTION-TO-PERMANENT LOAN

For Manufactured, Modular, and Stick Built properties: finance the construction, lot purchase, and permanent mortgage all with a single One-Time Close loan. No Re-Qualification.

No Second Appraisal.

MORE ABOUT ONE-TIME CLOSE

Why worry about re-qualifying or incurring additional costs? Designed for Manufactured, Modular, and Stick Built housing, this program offers an all-in-one financing option for construction, lot purchase, and permanent mortgage funding with one closing. Because the permanent loan is closed before construction begins, there is no need to re-qualify the borrower, simplifying the construction and purchase process.

Max LTV 96.5% through FHA or 100% LTV

through USDA or VA (not including the funding fee)

No payments due from borrower during construction

No re-qualification once construction is complete

Single closing reduces total costs

FINANCING ELIGIBILITY

• Available through FHA, VA and, USDA • 620 minimum qualifying credit score • 15 and 30 year fixed rates available

• 1 Unit single family residences, doublewide and triplewide manufactured homes and modular homes permitted
Add a comment...

Post has attachment
ONE-TIME CLOSE CONSTRUCTION-TO-PERMANENT LOAN

For Manufactured, Modular, and Stick Built properties: finance the construction, lot purchase, and permanent mortgage all with a single One-Time Close loan. No Re-Qualification.

No Second Appraisal.

MORE ABOUT ONE-TIME CLOSE

Why worry about re-qualifying or incurring additional costs? Designed for Manufactured, Modular, and Stick Built housing, this program offers an all-in-one financing option for construction, lot purchase, and permanent mortgage funding with one closing. Because the permanent loan is closed before construction begins, there is no need to re-qualify the borrower, simplifying the construction and purchase process.

Max LTV 96.5% through FHA or 100% LTV

through USDA or VA (not including the funding fee)

No payments due from borrower during construction

No re-qualification once construction is complete

Single closing reduces total costs

FINANCING ELIGIBILITY

• Available through FHA, VA and, USDA • 620 minimum qualifying credit score • 15 and 30 year fixed rates available

• 1 Unit single family residences, doublewide and triplewide manufactured homes and modular homes permitted
Photo
Add a comment...

Post has attachment
New video by Gregg " The Home Loan Specialist" Pomeroy
Add a comment...

Using a 401k for a down payment on a home purchase:

When purchasing a home coming up with a down payment can be challenging. If you a short funds for a down payment and you have a 401k you may have a way to solve your down payment dilema.

The general rule is that money in 401K plans stays there until the account holder retires, but the IRS allows "hardship withdrawals". One acceptable hardship is making a down payment in connection with purchase of your primary residence.

A withdrawal a costly, however. The cost is the earnings you forgo on the money withdrawn, plus taxes and penalties on the amount withdrawn, which must be paid in the year of withdrawal. The taxes and penalties can add up.

Another approach is to borrow against your account, assuming your employer permits this. You pay interest on the loan, but the interest goes back into your account, as an offset to the earnings you forgo. The money you draw is not taxable, so long as you pay it back.

A few other benefits of using the 401k account funds as a down payment is that you may be able to not only reduce the principle amount owed on your mortgage but you could also possibly reduce or eliminate the mortgage insurance that you may of had to pay if you had a lesser down payment.
Add a comment...
Wait while more posts are being loaded