Neverrest Mortgages provides the perfect mortgage for any situation! We will look at your individual situation – credit score, income, debts, collections, bankruptcy, judgments, self-employed, assets but little or no income – you name it, we have seen it all AND can HELP!
Whatever your situation might be, we have a solution and can match you with the right loan to allow you to purchase, refinance or buy land and build the home of your dreams (or just build). We offer FHA, VA, Conventional and USDA loans along with Bank Statement (NO tax returns required), Investor Cash Flow, Asset Depletion, One Time Close Construction (OTC), Mobile/Manufactured (even singlewides), First Time Home Buyers, Down Payment Assistance (NO down payment required), Low Credit/No Credit, ITIN/Foreign National, Jumbo, Bridge Loans, Fix and Flip, Mixed Use and Multi Unit (up to 30 units).
We have down payment assistance programs that can get you into a home with no money out of pocket. We can do mortgage loans with credit scores that go down to 500 (with a qualifying down payment) or standard down payments with credit scores 580 and above. We even have a program for the highest debt to income ratio around (qualify for more home with a lower income)!
Contact us TODAY to get the process started!
An FHA loan is a mortgage loan option for U.S. home buyers. It is guaranteed by the Federal Housing Administration, an agency of the Department of Housing and Urban Development, and issued by FHA-approved lenders across the country. FHA loans are are well known for their affordability – namely their 3.5% percent down payment and relatively lenient credit requirements. The FHA has insured more than 47 million mortgage loans since its inception in 1934.
In order to allow for such low down payments and credit scores, the FHA does require you pay a Mortgage Insurance Premium (MIP) to protect the agency in case you default. You’ll pay this once as an upfront fee at closing and then again month after month, along with your mortgage payment.
Your annual MIP payments will be calculated every year and built into your monthly mortgage payments. The total of these payments will depend on your loan-to-value ratio, your loan balance and your loan’s term.
A USDA loan is a mortgage that offers considerable benefits for those wishing to purchase a home in an eligible rural area. USDA home loans are issued through private lenders and are guaranteed by the United States Department of Agriculture (USDA).USDA loans are $0 down payment loans and have very low mortgage insurance premiums.
Because USDA loans are meant to assist low-to-moderate income homebuyers, the USDA sets income limits based on the property’s location and household size. The base USDA income limits are generally as follows but income limits are set for the county you are purchasing in:·
1-4 member household: $90,300
· 5-8 member household: $119,200
USDA counts the total annual income of every adult member in a household towards the USDA income limit, regardless if they are a part of the loan.
But it’s also not as simple as looking at your annual pay. USDA ultimately looks at what it calls adjusted annual income, which takes into account acceptable deductions for things like child care, medical expenses and more.
What is the USDA Loan Property Eligibility – USDA loans are only available to homebuyers wishing to purchase in what the USDA considers a rural area, although some suburban areas may be eligible as well.
The USDA defines a qualified “rural” area as any area with a population under 35,000, is rural in character and has a serious lack of mortgage credit for low- and moderate-income families.
Additionally, USDA loans are only available to homebuyers wishing to purchase a single-family home that will be their primary residence. Homes with acreage may be eligible, if the site size is typical for the area and not used principally for income-producing purposes. Income-producing property and vacation homes do not qualify.
Boundary lines for USDA property eligibility can change every year.
The maximum guarantee authorized by the VA is 25 percent of the loan amount up to $113,275. The maximum VA home loan is $453,100. The maximum guarantee in the states of HI and AK is 25 percent of the loan amount up to $169,912 . The maximum VA home loan in these states is $679,650. In certain high cost counties the amount may be more.
Check with your lender about interest-rate reduction refinancing on your existing VA loan. This is a great advantage and there’s no need to re-establish VA loan eligibility. Instead, ask your lender to use the VA’s “email confirmation procedure”. You may also re-use your VA loan eligibility for another VA loan.
The requirement here includes having completed payments on the previous note, and you must no longer own the property. When applying for re-eligibility, include copies of the paperwork that proves your old VA loan has been paid off-a “paid-in-full” letter from your bank, or a copy of the “Closing Disclosure.”
Veterans who were injured while in service are exempt from paying the VA funding fee if they receive disability compensation or have a disability rating of 10% or higher. Surviving spouses of veterans who died in the line of duty also qualify for a funding fee exemption.
As of January 1, 2020, Purple Heart recipients also qualify to receive a VA funding fee exemption when obtaining a VA home loan.
Remember the VA has the last word on who is exempt, and some issues may be dealt with on a case-by-case basis. If you have any doubts, ask your local VA rep to review your service records (or your spouse’s records) to get a determination from the VA.
To take advantage of the FHA loan’s 3.5 percent down payment, you’ll need a credit score of at least 580. Borrowers with credit scores below 580 may be able to qualify with a 10 percent down payment. But it’s also important to understand that FHA lenders can have credit score minimums that exceed what the government requires. If you’ve filed for bankruptcy, you’ll need to be at least two years removed from the filing and have since established good credit. If you’ve experienced a foreclosure, you must be three years removed for the foreclosure. Guidelines and policies on credit can vary by lender.
This is a one-time MIP payment you’ll make at closing. It costs 1.75 percent of your total home loan balance (not the home’s price), regardless of your credit score or debt-to-income ratio.
Limits on FHA loans vary by location and property type. They amount to 115 percent of the county’s median home price, so they fluctuate every year as the local market changes. You can find your FHA loan limits using this tool at HUD.gov.
FHA lenders also offers jumbo loans, meaning loans in excess of the FHA limit for your area. For jumbo FHA loans, lenders may have tighter guidelines for minimum credit score, credit history, DTI ratio and more.
The USDA loan’s purpose is to provide affordable homeownership opportunities to low-to-moderate income households to stimulate economic growth in rural and suburban communities throughout the United States.
These rural development loans are available in approximately 97% of the nation’s land mass, which includes over 100 million people*
The VA Loan became known in 1944 through the original Servicemen’s Readjustment Act also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans. The GI Bill contributed more than any other program in history to the welfare of veterans and their families, and to the growth of the nation’s economy.
With more than 25 million veterans and service personnel eligible for VA financing, this loan is attractive and has many advantages. Eligibility for the VA loan is defined as Veterans who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime. There is a two-year requirement if the veteran enlisted and began service after September 7, 1980 or was an officer and began service after October 16, 1981. There is a six-year requirement for National guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses.
The VA will guarantee a maximum of 25 percent of a home loan amount up to $113,275, which limits the maximum loan amount to $453,100. Generally, the reasonable value of the property or the purchase price, whichever is less, plus the funding fee may be borrowed. Being a veteran doesn’t make a homebuyer automatically eligible for a home loan, you must meet both service requirements and credit/income requirements to be eligible.
VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.
Those who have been discharged, separated or retired should keep multiple copies of the DD214–your discharge paperwork. It’s the most important military document in your records. This is proof of your military status, whether you are retired, separated, discharged. It also displays the nature of your discharge, and what your status is with the National Guard or a Reserve Unit.
The lack of a DD-214 form can bring some of your VA processes to a halt, but fortunately you can get a replacement copy by writing to the National Personnel Records Center. Enclose a completed form SF-180 along with a letter stating the reason for your request, you name, rank, social security number. If you are a recently discharged military member who separated or retired at an overseas location, remember that your DD-214 form may be delayed overseas for up to a year before it becomes part of the National Record Center archives. If this is the case, you contact the orderly room, First Sergeant or Sergeant Major in charge of where you separated or retired and request a copy directly from your final base.
A VA home loan has more flexibility than you might think. While many use this benefit to purchase existing homes, there are many other applications. Did you know a VA home loan may be used to purchase and improve a home at the same time? You may also use a VA loan to improve your existing home by increasing energy efficiency. There is also a provision for people to use a VA loan to purchase a manufactured home and lot, under the right conditions. One great feature is the One Time Close Construction Loan (OTC) which allows you to purchase land and build the home of your dreams with one loan, one closing AND $0 down payment! There are many applications for a VA home loan, sometimes all you need to do is ask!
An FHA loan is popular especially among first time home buyers because they allow down payments of 3.5% for credit scores of 580+. Borrowers credit score can be between 500 – 579 if a 10% down payment is made. Contact us today to get the process started!Read More
A USDA loan is special type of a zero down payment mortgage that eligible homebuyers in rural and suburban areas can get through the USDA Loan Program and they have great interest rates to go with the. Contact us today to get the process started!Read More
The VA loan allows veterans a great loan option by using their VA benefits and come with 0% down payment and no private mortgage insurance (PMI). Interest rates are typically lower than other mortgage programs and the VA will allow higher debt..Read More
"We have been in our apartment for several years and with another child on the way we really wanted to buy a home of our own. We didn't have much money saved and didn't have great credit so we didn't think we would get approved but they were able to match us with a great loan program and get us into our own home with more room and a monthly payment that was lower than our rent! "