The most important step if you plan to finance the purchase of your first or next property is to get pre-qualified for a mortgage. This is also the first step towards home ownership. The financing arena is always like a moving target with a lot of the requirements changing, and every buyer is different with each having their own particulars in regard to a financial picture.
I have been working with the same mortgage representative for years. Desiree Gardner is with Aspire Lending in Fort Myers. She has been a mortgage representative for many years. She is presently the Branch Manager for the location at 8300 College Parkway Suite 203, Fort Myers, Florida 33919. Desiree is very knowledgeable and can guide you thru the process of getting pre-qualified and finally to closing. Being in the financial lending business Desiree is very familiar with the loan products that are presently on the market, and is always available to answer questions and/or put together information for you.
Contact Info: Desiree Gardner – 239-292-0154
NMLS#378590 - License number
VA loans are Offered by the Department of Veterans Affairs to individuals who have served in the military and have been honorably discharged. These loans do not require a down payment – 0% down – which is a benefit our veterans enjoy. There is a qualification process that involves a certificate of eligibility, this eligibility requirement is mandatory to be approved for VA financing. There is a VA funding fee and limits to how much can be borrowed, the rates may possibly be better than conventional financing. Private Mortgage Insurance is
These loans are provided by private lenders and backed by the Federal Housing Administration – a government program, the FHA insures the loan. Down payments are low at 3.5% making a home purchase more affordable for those with limited cash funds on hand. Also on some occasions all of the closing costs may possibly be paid by the seller, or a portion of them. In some situations closing costs may be rolled into the loan, it depends on a lot of particulars that Desiree can investigate.
A Conventional Loan is not insured by the Federal Government compared to the VA & FHA loan programs. When the loans are originated they may be what’s called a "conforming" or a "nonconforming" loan. When a loan is conforming it follows Fannie Mae & Freddie Mac terms and conditions. A nonconforming loan doesn’t follow those standards but is still considered a conventional loan. Usually a conventional loan is easier to obtain because the underwriting criteria will be less strict compared to the Federal VA or FHA loan programs. Putting down 20% helps also because the buyer now has more equity into the property, and monthly payments will be lower because private mortgage insurance (PMI) is not needed.
Items to take into account are:
Principle & interest of loan
Real Estate Taxes
Insurance on Property
HOA fees if present