Purchases

CONVENTIONAL MORTGAGE LOANS- Guidelines for obtaining a mortgage loan through the Federal National Mortgage Association (FNMA):

• Total debts, including house payment cannot exceed 36% of gross income (after tax). 
• Generally 2 years employment in the same line of work, however, if you have changed occupations and increased your income this is usually acceptable. 
• A minimum down payment of 5% is required in most cases, a 3% down payment can be made for a 1st time home buyer with limited income. 
• Credit for the last 2 years is expected to be near perfect.

NO MONEY DOWN 100% FINANCING Guidelines for obtaining a mortgage with no money down and potentially zero out of pocket expense.

• Total debts, including the house payment cannot exceed 45% of gross income. 
• Though 2 years is required, there should be no gaps in employment and there should be a minimum of 1 month on the current job. 
• No down payment. 
• Credit should be fair, no major delinquencies in the past 2 years.

NO DOCUMENTATION REQUIRED FINANCING

• Income does not matter. 
• Perfect for self-employed borrowers who write off all or most of their income. 
• Potentially no down payment, however, 10% down is the general rule of thumb. 
• Credit needs to be near perfect. 

"B" PAPER FINANCING

• For those borrowers with less than perfect credit ranging from 1 or 2 lates on the mortgage, to those borrowers currently in foreclosure. 
• Rates are generally higher than conforming FNMA products. 
• Debt ratios can be as high as 55% on most products. 
• Perfect for those who have equity in their home and are looking to repair their credit rating by doing a consolidation loan. 
• Loan to values can be as high as 90% on most products.

F.H.A.

• 3% down payment required (can be a gift)
• Need near perfect credit, however, credit file can have some minor problems
• If no credit is listed alternate credit (utilities, insurance, rent checks) can be used
• Seller can pay full closing costs/pre-paids
• Back end debut ratio (all debts including house payment divided by income can not exceed 40%

Refinance Example

We have re-created a typical situation in which we were able to save a customer over $800 a month! Granted, not all situations are this dramatic (we have found most come close). We are confident we can improve your current situation.

Our Staff

Loan Application

Mortgage Calculator

Mortgage Express Inc. Home Page  - Clarinda.Net