Are you looking to get pre-approved for a home purchase? The first step in the process is understanding the difference between pre-approved and pre-qualified. To many lenders these terms are inter-changeable; however, their meanings are quite different.
Fairway offers many loan programs – to find the perfect fit for you, apply today on my secure website:
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Some of the most common loan programs:
To pre-qualify for a loan, you contact a Loan Officer, complete an application, credit might be pulled – and based on the information you stated on your application a Loan Officer can tell you what loan amount and product you are pre-qualified for.
A Pre-Approval is the next level after getting pre-qualified. We will ask you to document all items included in the application for mortgage such as: income, assets, credit explanations, and expenses. The documents will be reviewed and any questions addressed. Once you are pre-approved you can feel confident that you are ready to make you best offer when shopping for a home. It is a definite advantage if your offer includes a pre-approval letter because it shows the Seller that you are serious and have financing in place. It also give you piece of mind knowing that your application is solid.
Conventional Loans are 1st mortgage products that are used to purchase or refinance homes. These loans are underwritten using Fannie Mae and Freddie Mac guidelines. You can use conventional financing for your primary residence, vacation home, or investment property. Down payments of 3% or more are required.
Jumbo loans are of high credit quality and allow for higher loan amounts than conventional. Jumbo loans require a down payment of 10% or more, typically have a higher interest rate and additional underwriting requirements regarding assets and credit quality. It’s quite common to blend a Jumbo loan with a home equity loan to achieve a lower interest rate.
VA Loans are specifically for veterans or active duty service members of the United States Armed Forces. Often these loans require zero percent down and always have no monthly mortgage insurance. These loans are a great tool for Veterans who may not have had a chance to save for a down payment. VA Loans also allow for a higher debt ratio than Conventional or Jumbo loans. VA Loans may also be used with Jumbo loan limits with minimal down payment needed. I am also certified as a Military Mortgage Specialist. This specialized training provides me with the tools and education to serve those who service with excellence.
FHA Loans are overseen by the Federal Housing Administration and is a popular choice for borrowers. FHA loans require just 3.5% down, can be used to purchase a single family or multi family home, and have generous underwriting guidelines.
USDA Loans and Loans with Down Payment Assistance
The USDA has a loan program that allows for a zero down payment on single family residences. There are maximum income guidelines that apply and the property must be in a designated rural community.
Down payment assistance programs may come in the form of a loan or a grant. Buyers must qualify under the income guidelines and take an online or in person homebuyer class. I work with programs from the Washington State Housing Finance Commission and also from the National Homebuyers Fund (NHF Platinum).
Fairway Independent Mortgage Corporation NMLS 148939, MLO-450224
EQUAL HOUSING LENDER
Office: 425.419.2568 | Cell: 206.799.8775 | Email: [email protected]
19015 North Creek Parkway, Suite 101
Bothell WA 98011
Copyright © 2015 Fairway Independent Mortgage Corporation. NMLS#2289. 4801 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify, Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations should apply. Equal Housing Lender.