ST AUGUSTINE MORTGAGE BROKERS AND LENDERS

Here is my list of preferred mortgage brokers and lenders (P.S.-- I do not get referral fees or "kickbacks" from any of these people--these are just people who are excellent in what they do!). Please mention my name – they will give you excellent service as one of my Preferred Clients.

 

Rod Gelinas --- RMG Mortgage Group
Website
904-810-5617
info@RMGmortgagegroup.com

 

 Matt Daly--- Dolphin Home Mortgage

Website

904-280-9600

matt@dolphin-mortgage.com

 

Gary Burmeister ---Prime Lending

Website

904-759-6837

 

 

NMLSR ID 448258)--- Wells Fargo Home Mortgage




904-806-1626
Carol.M.Alford@pncmortgage.com

 

 

Evaluate Loan Types FHA vs CONVENTIONAL vs USDA vs VA

Types of Loans  CONVENTIONAL VA FHA USDA 
Eligibility Requirements  Valid Social Security Number  Veteran or Active Duty Military Legal US Resident with Valid SS Number US Citizen or Permanent Alien
Credit Requirements Varies by Lender, most require 660 minimum Most Lenders require a 620 Credit Score and a clean 12 month credit history Most lenders require a 620 min. credit score and a clean 12 month credit history Most Lenders require a 660 minimum credit score
Down Payment Requirements 5-20% 0 3.50% 0
Additional Requirements/ Info 12-month work history required, lenders also examine assets. Honorable Discharge required, 2-year work history, VA Streamline refinance makes refinancing easy. 2-Year work history Required, Non-Occupying Co-Borrower Allowed. Property must be in rural area, No credit waiver necessary if score is > 620.
Is this Loan Right for You?  If you have great credit and money to put down, a conventional is a good way to go. For Veterans and Active Duty personnel, VA Loans are ideal as they offer low interest rates and no down payment. For 1st Time Home buyers, low down payment and relaxed credit guidelines, FHA is a great option. For Zero- Down, Rural housing, USDA is a great option.

 

WHAT IS THE DIFFERENCE BETWEEN A PRE-QUALIFICATION AND A PRE-APPROVAL?

What's the difference between pre-qualification and pre-approval? In the world of real estate the terms "pre-qualification" and "pre-approval" are often used interchangeably. But they have different meanings.

What is a pre-qualification? A pre-qualification is an estimate of how much you can afford in a mortgage payment. It is based upon the information you provide, and is subject to the approval process, including further details such as a credit report, appraisal, and income verification. The information you provide won't be verified as part of the pre-qualification process.

What is a pre-approval? A pre-approval is a firmer commitment on behalf of the mortgage company and is a more formal process which includes a credit check and even an employment verification. During a pre-approval the mortgage company does all the work of a full approval, except for the appraisal and title search. A credit report will be obtained by the lender to verify your monthly payments on installment loans and credit cards, and to check whether you have a history of making your payments on time. You will also need to provide paystubs and W-2 forms (or tax returns if you are self-employed), plus statements from savings and investment accounts to verify your assets. If you've been pre-approved for a loan, you can shop for a house with more certainty and less anxiety because you won't be going through the whole process worrying about your mortgage approval.

However neither a pre-approval nor a pre-qualification means you are guaranteed a mortgage. Lenders still need to look at property appraisals, verify information, and in many cases, re-check credit before agreeing to make a loan.

 

The 10 Commandments For Borrowers

 

1. Thou shalt not change jobs, become self-employed or quit your job.

2. Thou shalt not buy a car, truck or van (or you may be living in it)!

3. Thou shalt not use charge cards excessively or let your accounts fall behind.

4. Thou shalt not spend money you have set aside for closing.

5. Thou shalt not omit debts or liabilities from your loan application.

6. Thou shalt not buy furniture, appliances or anything else for your new home.

7. Thou shalt not originate any inquiries into your credit.

8. Thou shalt not make large deposits without first checking with your loan officer.

9. Thou shalt not change bank accounts.

10.Thou shalt not co-sign a loan for anyone.