New Loan Program!
We’re excited to announce this new loan program! It’s an excellent opportunity for renovations and rehabs on a new purchase or your current home. Just ask for details!
First United Mortgage Group is excited to add Fannie Mae’s HomeStyle Loan product to their extensive construction and rehabilitation product line!
The HomeStyle Loan Product has the following benefits for homeowners:
- 30 year fixed rate set at time of closing
- Allowed for Purchase and Refinance transactions
- Borrower may purchase a property and finance repairs or renovations
- Borrower can renovate or repair their existing home through a refinance
- Allows for Primary, Second Homes and Investor Occupancy
- Borrower may be eligible to finance up to 6 months of payments if the property will not be habitable after closing
- LTV’s up to 95% for Primary Homes
- Repairs can be up to 50% of the appraised value after repairs are completed
Step 1: Get pre-qualified
Once you’ve decided that you want to buy a home, you should determine what payments you can comfortably afford. We provides many tools such as an affordability calculator that give you a general idea of what your payments would be, but to get a better idea of the price range of homes to view, you should get pre-qualified. A pre-qualification is beneficial in many ways. First, it gives you an idea of what loan amount and purchase price you can afford. Second, it strengthens your offer to the seller and the seller’s real estate agent. Third, by getting pre-qualified, you’re getting a jump start on the approval process. Once you find your home and open escrow, you’re already a few steps ahead.
Question: How long is the purchase process?
A typical period is 30 to 60 days. The time period, defined on the purchase contract and agreed upon by both buyer and seller, is usually what dictates when your loan closes.