Purchase
What’s the deal? Purchase Loan Transaction
Are you just starting your search? Are you already in contract to purchase?
Just Starting
1. First Step is to get Pre-Qualified
What does that mean? A Pre-Qualification is probably one of the most important things you can do at this stage. This is when a Licensed Loan Officer will review your financial situation, your goals and discuss the various requirements and options. When finished, you will have a clear understanding of how much of a loan we should apply for, how much the entire transaction will cost us and what your monthly expenses will be at the end of it all!
2. Schedule a Meeting / Call
Docs? Typically we want to review Tax Returns, recent Pay Stubs, recent Bank Statements, IDs etc. But first! Let’s just talk 🙂
3. Ok now you’re pre-qualified. What’s next?
Let’s start looking for a property. We recommend you work with a Realtor to help secure and negotiate a deal that you just love. Everything from a home inspection, to working with a Real Estate Attorney will be important during this time and everyone here at Gadura Mortgage will be here to guide you through it all.
Already in Contract
We have a deal! Let’s sign the contract.
Now that we’re “in contract”, let’s talk about the formal loan application process. This is the time to finalize the loan details. We’ll compare the market rates that different lenders are offering on that specific day. We’ll finalize the loan program that works best for us and collect the latest documents that we know the lender will request. If all the math and numbers look good to us, let’s lock in that interest rate and work diligently to close the deal!
Loan Programs??? WHICH ONE
There’s so many loan programs out there. It can honestly get overwhelming for all of us. We’ll outline them all for you here so you have the KNOWLEDGE but discuss with us first so we can advise which one we think fits your situation the best.
Conventional
Fannie Mae and Freddie Mac. Ever heard of them? Government chartered entities designed to purchase residential 1-4 family mortgages from lenders in the United States. What does this mean? Not much, but 71.6% of all mortgages in the country are Conventional. So there is a high chance that your ideal loan will be a conventional loan.
FHA
The mortgage loan option by the Federal Housing Administration. In 2020 FHA loans accounted for 9.61% of all mortgages originated. 83.1% of which were for first-time buyers. If you are a first time home buyer there is a good chance that this will be the loan program for you. But as with everything in life, there are certain trade-offs, it is best to review with a licensed loan originator to see if an FHA loan is truly the best option for you.
VA
A VA loan is a loan that is provided by banks that are guaranteed by the Department of Veterans Affairs. They are available once you receive your certificate of eligibility from the department.
JUMBO
Oftentimes in New York, borrowers require loans that are above the limits set by the FHFA for Conventional and FHA loans. There are many lenders who offer loans up to 2-3+ million dollars and they will not fall under ‘conventional’ guidelines. Don’t get stressed! We will find a solution that works best for you, a Jumbo Loan!
NON QM
What Even is That? Non-QM loans are designed for those who just do not fit into the guidelines of the traditional options. They are not for everyone! Please consult with a licensed loan originator before deciding to proceed with a Non-QM Loan
Self-Employed! Bank Statement Program.
A Lender can determine your eligibility by reviewing either 12 or 24 months worth of business or personal bank statements and identifying the average business related deposits. This calculation will be used alongside the other guidelines to approve your loan application. Review with a licensed loan originator to review all the guidelines and see if this is the right option for you.
DSCR/Rental Property Loan
A Lender can determine your eligibility strictly based on the expected rents that will be received on an investment property. Experience managing rental properties is typically required, please review with a licensed loan originator to review all the guidelines and see if this is the right option for you.
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Gadura Mortgage LLC
106-09 101st Avenue Suite 1F,
Ozone Park, NY 11416
info@gaduramortgage.com
Call (718) 640-0444
Gadura Mortgage LLC is a registered Mortgage Broker with the New York State Department of Financial Services. All Loans are Arranged through third party providers.
This site is not authorized by the New York State Department of Financial Services. No Mortgage Loan Applications for the properties located in the state of New York will be accepted through this site.