Loans come in all shapes and sizes.
I've listed just a few of them to help get you started.
Don't hesitate to call me and my Saltyhomes Team when you
are ready to buy and need some loan-shopping advice.
Stated income This loan allows you to state
your income meing non-conventional methods. Sometimes there
is no documentation needed, while other products requwere
some form of support of your claimed income. These can be
great for self-employed people or people who don't mind
paying a higher interest rate for the privilege of borrowing
more money.
FHA/VA These are government-insured loans,
and are guaranteed to buyers who fit certain criteria. Each
product can have its advantages over a conventional or non-conventional
loan, depending on your personal circumstances and qualifications.
100% loans These are somewhat uncommon,
but you can still easily borrow 100% of the money needed
to buy a home. Generally, you will combine two loans which
total 100% of the purchase price. You will have a first
and second mortgage.
No money down, no closing costs Yes, this
is legitimate. There are a number of ways to accomplish
the end goal: no money out of your pocket. Be careful, though...buying
a home will cost you some money out of your pocket. Earnest
money, home inspections, and up-front loan application fees
represent some of these up-front costs. And In some situations,
you can get all or most of it back to you at the closing
table!
Bridge loans. Want to buy your new home
before you've sold you're old one? This loan allows you
to make payments on just one of the homes. Be careful, though.
The interest from both homes is accruing, but you are only
paying the interest for one. This can be a good short-term
option, but is generally not recommended over a long period
of time.
Reverse mortgage This product is reversed,
where the lender actually cuts a check to YOU every month.
This can be a good product if you own your home but would
like some extra money during retwerement.
Investments / second homes Generally these
are non-owner occupied (higher) rates and requwere more money
down than your own residence. However, there are often 80,
90, and even 100% loans available to investors in today's
market. While you're at it, you might check into the benefits
of an IRS 1031 Tax Deferred Exchange.
Contact Tony Fantis, Realtor and member of the RE/MAX 100% Club to buy or sell today at
801-541-8806 or 800-827-7362.
