Stewart Brown Jr – Mortgage Loan Originator – Purchase or Refinance
Purchase
Need help buying a home? I'll be with you every step of the way. Let's get started.
Purchase
Need help buying a home? I'll be with you every step of the way. Let's get started.
Purchase
Need help buying a home? I'll be with you every step of the way. Let's get started.
Advantages of Home Ownership:
Create Wealth
Through monthly payments on your mortgage you gain precious home equity and build a foundation for wealth. Home equity is the largest source of wealth for most Americans and can be used help fund home improvements or consolidate debt down the road.
Enjoy Tax Benefits
Buying a home allows you the opportunity to take advantage of numerous tax benefits. As mortgage industry and real estate taxes are usually tax-deductible. (Consult your accountant or tax advisor regarding the deductibility of interest and charges.)
Build Excellent Credit
Buying a home and obtaining a mortgage on it are the best ways to build a strong long-term credit history and score. On time payments on your mortgage and other obligations allow you to receive the best rates from lenders.
Make Space with Family & Friends
When you own a home you not only a place to live, but a sanctuary for friends and family to feel safe and to grow with through the years. This will truly be a place where you can put down roots and build a new life.
Design & Customize Your Living Space
When you become a homeowner you get to personalize your place. No more landlord restrictions. So knock down those walls, use exotic paint colors, landscape and garden how you like, and finally get the cat or dog you’ve been waiting for.
Invest in Your Community
Buying a home is an investment in your local community and the neighbors that surround you. Homownership brings stability to a neighborhood and a sense of pride and commitment in maintaining its well being.
Types of Properties You Can Buy:
Attached or detached a Single Family Residence is the most popular property type of homes available.
Condos come in a variety of styles including attached and detached. Attached condominiums are further divided into low-rise (1 – 4 stories), mid-rise (5 – 8 stories) and high-rise (9+ stories). In addition, there are non-warrantable condos that need special attention before purchasing.
Multi-family properties are available for residential financing on 2 – 4 units only. These include duplexes, townhouses, or semi-detached. 5 units or more would be considered commercial.
A planned unit development, or PUD, is a community of single-family homes, condos or townhomes where every homeowner belongs to a homeowners association (HOA). HOA’s typically have monthly dues in addition to your mortgage payment.
Modular homes are pre-fabricated or factory built homes made off site and then assembled on the property where they will be permanently affixed to the land. Unlike manufactured homes they are considered real property.
Only property type where you are purchasing shares in a corporation that owns the building where your unit is located in. Instead of having a deed or title, you receive stock certificates.
A manufactured home is a home built in a factory after June 15, 1976. If it is built before this date it is a mobile home. These come in three plans: single wide, double wide and triple wide. Unlike modular homes they are considered personal property. In order to finance they must convert to real property by being permanently affixed to their foundation.
Occupancy Types:
Owner Occupied
A primary residence or owner occupied property is simply the place you call home for the majority of the time. You'll find the most attractive terms for financing with this type of occupancy. For your property to qualify from a technical perspective, you will need to move into the residence within 60 days of closing. In addition, federal requirements also state that you must reside in the home for 12 months.
Second Home
Lenders consider a property a second home if it's a one unit property that isn’t subject to a timeshare requirement. The IRS more narrowly defines a second home as a property you live in for more than 14 days per year or 10% of the total days you rent it to others. Most lenders will require that the property be at least 50 miles or more from your primary residence for qualifying purposes. You will have to sign a Second-home Rider stating that you will use and occupy the home as a second home – not a rental. Mortgage rates are typically higher than owner occupied properties but lower than investment properties.
Investment Property
An investment property type is one that is purchased for income producing benefits. Typically, one that has rental income and that the owner is looking to renovate and sell for a property (commonly referred to as house flipping). It is assumed by lenders that you will not be living in or occupying this type of property. Mortgage rates are typically higher than both primary residences and second homes. In addition, these properties will have larger down payment requirements and different underwriting guidelines.
Documents You Will Need:
Government issued photo identification and Social Security card.
Physical address(es) for the last two years.
Government issued photo identification and Social Security card.
Physical address(es) for the last two years.
Employment (current and past) for the last two years. Name(s) and address(es) of each employer. Explanation on any gaps in employment of more than six months.
Income from the last two years. W-2s, 1099s, and tax returns may all be required. In addition, paystubs from the past two months.
Employment (current and past) for the last two years. Name(s) and address(es) of each employer. Explanation on any gaps in employment of more than six months.
Income from the last two years. W-2s, 1099s, and tax returns may all be required. In addition, paystubs from the past two months.
Money Assets - You may be asked to provide the last two months statements from all checking accounts, savings accounts, retirement accounts, money market accounts, mutual funds and brokerage accounts.
Debts - After receiving your consent, we will pull a credit report for all borrowers. This report will provide us all credit card debt, installment loans (e.g. car or student loans), and any current mortgage or home equity loans.
Money Assets - You may be asked to provide the last two months statements from all checking accounts, savings accounts, retirement accounts, money market accounts, mutual funds and brokerage accounts.
Debts - After receiving your consent, we will pull a credit report for all borrowers. This report will provide us all credit card debt, installment loans (e.g. car or student loans), and any current mortgage or home equity loans.
Real Estate Assets - if you own other real estate you may need to provide property details: address, mortgage balance, and payments related to property taxes, homeowner's insurance, and HOA dues.
Copy of your Residential Purchase Agreement (RPA).
Real Estate Assets - if you own other real estate you may need to provide property details: address, mortgage balance, and payments related to property taxes, homeowner's insurance, and HOA dues.
Copy of your Residential Purchase Agreement (RPA).
Homeowner's (Hazard) insurance quote.
Solar Agreement on the subject property (if applicable).
Homeowner's (Hazard) insurance quote.
Solar Agreement on the subject property (if applicable).
Certain circumstances may require additional documentation including:
Business tax returns for borrowers who own more than 25% of a business.
Proof of VA eligibility if you are applying for a VA loan, such as the COE or DD214.
Business tax returns for borrowers who own more than 25% of a business.
Proof of VA eligibility if you are applying for a VA loan, such as the COE or DD214.
Divorce Decree including Marital Settlement Agreement if within 10 years.
Gift letter if receiving proceeds from a relative or other entity.
Divorce Decree including Marital Settlement Agreement if within 10 years.
Gift letter if receiving proceeds from a relative or other entity.
Most recent Social Security Award Letter if retired.
Proof that pension income is ongoing for 3+ years if retired.
Most recent Social Security Award Letter if retired.
Proof that pension income is ongoing for 3+ years if retired.
Special Situations / Non-Traditional Loan Solutions
