Keep Your Home - Avoid Foreclosure

To Save Money

In recent years loan programs have provided a variety of options available for home buying that are simple yet powerful. Get a loan with little or no income verification or get a loan with little or no down payment. The end result is more money in your pocket for repairs, improvements or furnishings.

The initial step is to get pre-qualified. This means filling out an application with your income information, asset information and credit history. This can be done without a subject property. Therefore we can proceed to determine the down payment, maximum loan and interest rate. To expedite the transaction, CENTRAL MORTGAGE will issue a prequalification letter to present it to the home owner or real estate agent. Once you find your home all we would need is a satisfactory appraisal and title report.

NO INCOME VERIFICATION!

This is an excellent loan product for buyers that receive income that is difficult to verify. What kind of borrower will take advantage of this product? The self employed or any borrower that simply does not want to disclose their income. If this is you, take advantage of the (Light documentation,) (No income qualification) or the Quick qualification.) You simply state your income on the application. Of course, the lender will charge a slightly higher rate to compensate for the risk. There is no problem in buying your dream home when CENTRAL MORTGAGE has the solution.

NO MORTGAGE INSURANCE REQUIRED with 80-10-10 or the 75-15-5 plans!

There is no reason why you should pay mortgage insurance if you have 10% as a down payment. We would provide you an 80% and a 10% loan, thus 80-10-10.

What if I do not have 10% down?

The solution is a 75-15-5 combination loan. This means all you would need is 5% as a down payment and we would provide you a 75% loan for your first and a15% loan for your second that will also close concurrently. Don’t forget the second loan can be in favor of the lender or the (seller.) Of course, there are closing costs that as a rule of thumb vary from 4 to 5% of the loan. These amounts include escrow fees, appraisal, credit report, recording fees and loan fees.

What if I do not have enough for closing costs?

Why not negotiate with the seller to credit you for some of these expenses. In many cases lenders will allow up to 6% of the sales price to defray the buyer’s expense.

There is no problem in buying your dream home when CENTRAL MORTGAGE has the solution.