Buying a Home
The Steps to Buying a Home Can Be Difficult. We Like to Make it Simple
We know that there’s a ton a complicated forms you need to fill out and information to be collected when you’re applying for a mortgage and buying a new home. FPS Lending makes one short call to you to collect the right information and then we take care of the rest.
All you need to do is sign the paper work and finish your application to get it started and processed as fast as possible. Your dedicated team of mortgage professionals will take care of all of the details of your application, documentation, home appraisals, underwriting, and answering all of your questions.
What Types Of Mortgage Loans Are Available?
Have You Already Made An Offer?
When you find the right home, you’ll need to act fast. While this doesn’t guarantee you’ll be accepted for you mortgage, getting pre-approved is always a smart move for these reasons:
- You can get a fast offer on the home.
- Get into a home you know you can afford. Knowing your limits, how much you can borrow, and what your monthly payments will be.
- You can protect yourself against rising interest rates by being in a position to lock down your rate as soon as you’re accepted.
- Re-affirm your mortgage budget by knowing that the term, amortization, and mortgage payments are going to be guaranteed at the time you’re approved.
Here’s are the items you want handy before you apply
- Photo ID
- Proof of income (last two years W2’s and recent pay stubs, two years tax returns if you’re self-employed)
- An offer letter from your new employer stating the start date and proposed salary of your new job
- Proof of down payments (bank statements, 401K, or other accounts)
Are You A First Time Home Buyer?
Before you consider searching for a new home, one of the first steps you should definitely take is to get pre-approved. You may be wondering, why? Lets take a look at it. As a first time buyer, you’re probably going to have a lower down payment, and will need to borrow for the majority of the home's price. That is why getting pre-approved is always a smart decision before you start your search for a home.
Are You A Vacation Home Buyer?
You can easily figure out how much you can borrow for your new vacation home with the help of a Texas Mortgage Broker, through some quick calculations over the phone.
Are You Looking for A Conventional Loan?
A conventional loan is any type of mortgage that is not guaranteed or insured by the government. They usually follow the guidelines that are set out by Fannie Mae and Freddie Mac. Conventional loans that are non-conforming never fit the conforming guidelines that are setup by the government sponsored enterprises.
Are You Looking for A Government Loan?
A loan that’s back by the government, which protects lenders against any type of defaults on payments, makes it a lot easier for lenders to offer lower interest rates. It’s mostly aimed at making home ownership affordable to lower income households and first time home buyers.
There are different types of government backed loans, which vary depending on the country and stats of the buyer.
The government loan programs are made up of three major loan products:
VA Loans - These are loans designed for active duty military and veterans who have served their country and meet the requirements.
FHA Loans - This is a flexible loan that has a low down payment, interest rates, and is easier to qualify for.
USDA loans - These are designed for rural home and must meet specific income requirements that are based on the median income level in the given area you are purchasing in
Are You Looking for Jumbo Loan?
Jumbo Loans sit outside of the typical conforming conventional loans you see that fit Freddie Mac and Fannie Mae guidelines. These are considered non-conforming and do not fit the guidelines that set out by the government sponsored enterprises, either.
This isn’t a bad thing, it just means that these loans are far more flexible in their limits and conditions. A Jumbo Loan is for anyone wanting to get a loan for over $417,000.