4 Mortgage Application
4 Good Faith Estimate
4 Truth in Lending Disclosure
4 Credit Authorization and Release
4 Real Estate Contract
4 Deed of Trust
4 Mortgage Loan Disclosure
4 Tax Information Disclosure
4 Self-Employed Income Analysis
4 Disclosure Notices
4 Equal Credit Opportunity Act
4 Fair Lending Notice
4 Notice of Right To Cancel
4 Notice of Special Flood Hazard
4 Owner Occupancy
4 Appraisal Disclosure

Your credit profile is developed when creditors send updates to one or all three credit reporting agencies, usually once a month. These updates can include information on your payment status, current balance, and creditor information. Your credit profile will also include a FICO score, which is a statistical method of determining the credit risk of a loan applicant.

Once we have obtained your credit we will determine your Credit Rating by considering a number of different factors including,

4 Payment history
4 FICO score
4 Income stability
4 Employment history
4 Monthly debts in relation to your income
4 Savings amount and methods
4 Mortgage type Property type and value
4 Down payment amount
4 Timeliness of rent and utilities payments

Your credit profile is governed by the rules set by the Fair Credit Reporting Act and it may entitle you to receive a free credit report within 60 days from when your loan application has been denied.

Here is a list of the Credit Reporting Agencies:

For most people the lack of a downpayment is what’s keeping them from achieving there DREAM OF OWNING A HOME!

Don’t worry, there are many programs that can help you go beyond this barrier. The Federal Housing Administration (FHA) allows for borrowers to receive 100% gift funds for there down payment. However, before you except any gifts there are few important details to know before funds are transferred to you. It’s important that the gift funds be deposited in the borrower's bank or savings account, or in an escrow account, prior to underwriting approval. Also proof of deposit is required and gift donors are restricted primarily to a relative of the borrower. There are also other organizations, such as a labor union or charitable organization that can donate a down payment gift. Contact your local JMAC branch for complete information.

FHA, also known as the Federal Housing Administration, operates under the control of the Department of Housing and Urban Development (HUD) and has the primary responsibility for administering the government home loan insurance program.

This program can help first-time homebuyers, buyers with little or no credit, or buyers with imperfect credit. The most popular FHA home loan program requires a minimum of 3% from the borrower and permits 100% of their money needed to close to be a gift<link to gift page> from a relative, non-profit organization, or government agency.

The main advantage to a FHA home loan is that the credit criteria for a borrower are not as strict as conventional mortgages. Someone who may have a few credit problems or not enough credit will usually qualify for this program. In addition, the seller may help pay for part of the "traditional" closing costs while a borrower's allowable costs can partially be wrapped into the loan.

There are other details to FHA programs which include an upfront mortgage Insurance premium (MIP). On a 30 or 15 year FHA home loan that equals to 1.50% of the loan amount in addition to the 0.5% annual renewal premium that a borrower will pay for the life of the loan. In addition, FHA limits the amount a borrower can borrower.

For more information on FHA programs contact you local JMAC Branch

4 Standard fixed rate (FHA 203b)

4 FHA adjustable rate mortgage (FHA 251)

4 FHA 2-1 buydown (FHA 203b, FHA 251)

4 Energy Efficient Mortgages Program

10 things to consider before you decide to refinance!

1. Rate reduction that can help pay off your mortgage faster.
2. Refinance without having to pay cash out of your own pocket.
3. Streamline programs available for FHA borrowers.
4. Build Home Equity Faster shortening the term of the mortgage.
5. “Cash-Out”to make other investments.
6. Change loan programs, like an ARM for a Fixed Rate.
7. Lower interest rate can decrease annual tax deduction.
8. Analyzing your current loan to see if it’s wise to refinance.
9. Consulting a mortgage professional for available programs.
10. Refinance Calculator

Here is what you need to bring to your initial meeting with a JMAC Loan Officer!

General
W-2’s & 1040’s (last 2-years)
One month recent paystubs
Info on current & last employer
Info on landlord or current mortgage holder
Info on all open credit accounts
3-months bank statements

If purchasing a Home
Copy of purchasing agreement

If Refinancing
Title Insurance Policy
Mortgage Survey
Homeowners Insurance Policy

If self-employed
Previous 2 years business tax returns
Recent Profit & Loss Statement