Home Buying & Loans Assistance
Mortgage Refinance
In most cases the answer is yes. In some cases, an appraisal may not be required. You should always consult a mortgage expert to find out if an appraisal is necessary before starting the refinancing process.
Yes. There are several options that allow you to tap in the equity of your home and take out cash. Speak with one of our mortgage loan experts to discover the best option for you.
You may need to pay off some high-interest debt, shorten the repayment length of your mortgage term, or lower your monthly mortgage payments with a lower rate.
Verification of Income:
- W2 income – your most recent W2 and 30 days’ paystubs or income statement. Retiree’s or Social Security income – your most recent 1099 or benefits awards letter. Self-employed, rental income or commission income – your two most recent years’ tax returns, including all schedules.
- First Mortgage Statement
- Home Owner’s Insurance Certificate
- Declarations Page
- Copy of Payoff Statements (if applicable)
Home Equity Loans and Lines of Credit
The amount of equity you currently have in your home will determine the Home Equity Line of Credit (HELOC) limit or Home Equity Loan value.* Consult with a Home Equity expert to determine your estimated credit limit or loan value amount.
*If your home is valued at $150,000 and you owe $100,000, then your home’s equity is $50,000. PenAir offers up to 85% of your home value on fixed home equity loans and up to 90% on home equity lines of credit.
Each type of loan has its benefits depending on what you’re looking for. For example, the Home Equity Line of Credit (HELOC) gives you the flexibility to use the funds on an “as-needed” basis. On the other hand, the Home Equity Loan gives you a one-time draw with a fixed rate that is especially useful for a large initial purchase. Our Home Equity experts are ready to help you find the solution to fit your need.
Construction to Permanent Mortgage
The loan term maturity for a construction loan is 12 months.
Land costs, soft costs (permits, design costs, etc.) or costs that are accounted for in the budget and an invoice is provided.
The money from a Construction Loan is used to build your new home. A Permanent Home Loan pays off any liens or mortgages that are associated with the construction costs.
Conventional Loans
The difference between a Fixed Rate and an Adjustable Rate Mortgage is the interest rates. For Fixed Rates, the rate is set and will not change. However, with an adjustable rate mortgage, the interest rate may go up or down.
Minimum score requirements vary from lender to lender, but a minimum score 620 is what is needed to be approved.
Although a larger down payment is required for non-owner occupied properties, yes you can rent out a home you purchase with a Conventional Home Loan.
With a low requirement of 3% as your down payment, a conventional mortgage loan requires less money out of your pocket.
FHA Mortgage
A conventional loan is often better if you have good or excellent credit because your mortgage rate and PMI costs will go down. But an FHA loan can be perfect if your credit score is in the high-500s or low-600s. For lower-credit borrowers, FHA is often the cheaper option.
FHA loans are not for first-time buyers only. First-time and repeat buyers can finance houses with FHA mortgages.
An FHA loan works much like a conventional mortgage, from the borrower’s point of view. You won’t get a loan from the Federal Housing Administration. You’ll apply for an FHA loan through an FHA-approved lender. The FHA insures the loan, which is why lenders’ requirements for FHA borrowers tend to be more lenient.
An FHA loan is a type of government-backed mortgage loan that can allow you to buy a home with looser financial requirements. You may qualify for an FHA loan if you have debt or a lower credit score.
Unimproved Property | Land Loans
Unimproved or raw land does not have added improvements. In real estate terminology, “unimproved” land is land without certain basic services, including electricity, telephone, street access, or the availability of water utilities.
Land is a tangible investment and an asset that keeps increasing in value over time. Owning land gives you financial security and peace of mind.
You can finance up to 80% of the market value and make affordable payments for the next five years, giving you time to plan for your dream home.
VA Mortgage
At a minimum, the property should be in livable condition with functioning electrical and plumbing systems. If the property doesn't pass inspection, you won't be able to buy it using this loan type. You also must use the property as your primary residence.
Perhaps the biggest advantages to a VA Loan, is you don't need a down payment.
The VA requires that you must be able to show two years of consistent income, preferably documented through W-2s. If there are any gaps in employment in this two-year period, they must be substantiated. If there's a break due to school or training for work, it can be counted toward the two-year requirement.
At least 90 days of active-duty service including at least 30 consecutive days (your DD214 must show 32 USC sections 316, 502, 503, 504, or 505 activation), or. 6 creditable years in the National Guard and you were discharged honorably or placed on the retired list.
Yes, but there may be several qualifying clauses to make this happen. Connect with one of our Mortgage Specialists about how to make this a reality for you.
Your VA Loan amount is based on the applicant’s credit score and ability to repay the loan. Otherwise, there is no maximum loan amount. It is however limited by the purchase price or reasonable home value.
Simply put – no down payment. Selecting a VA loan allows qualified buyers the ability to purchase a home without making a down payment.
Home Loans
At a minimum, the property should be in livable condition with functioning electrical and plumbing systems. If the property doesn't pass inspection, you won't be able to buy it using this loan type. You also must use the property as your primary residence.
Perhaps the biggest advantages to a VA Loan, is you don't need a down payment.
The VA requires that you must be able to show two years of consistent income, preferably documented through W-2s. If there are any gaps in employment in this two-year period, they must be substantiated. If there's a break due to school or training for work, it can be counted toward the two-year requirement.
At least 90 days of active-duty service including at least 30 consecutive days (your DD214 must show 32 USC sections 316, 502, 503, 504, or 505 activation), or. 6 creditable years in the National Guard and you were discharged honorably or placed on the retired list.
The difference between a Fixed Rate and an Adjustable Rate Mortgage is the interest rates. For Fixed Rates, the rate is set and will not change. However, with an adjustable rate mortgage, the interest rate may go up or down.
Being prequalified gives you an ESTIMATE of what you can borrow. Pre-approvals tell you what you can ACTUALLY borrow. A pre-approval states the specific loan amount that you're eligible for. It's not an estimate.
A pre-approved mortgage loan is valid for up to 60 days. After that, we will need to complete a second evaluation of your current financial situation including employment status, deposits and property value.