Dreaming of Owning a Home? Becoming Move-Up Homebuyers? Don't Be Afraid!

     

 Dreaming of Owning a Home?

Becoming Move-Up Homebuyers? 
Don't Be Afraid!

     Two articles I read recently addressed the issue of potential home buyers' fears of rejection as it pertains to mortgage financing.  Each article also spoke about the many misconceptions the public has that contribute to their fears.

     The statistics quoted in these articles (per a national consumer survey by loanDepot LLC) were somewhat distressing for me as a Mortgage Originator. 

     The most alarming were:

•  Nearly half (46%) of prospective homebuyers have not pursued the financing they would need in order to buy a home due to fear they wouldn’t qualify for a mortgage

• More than half (56%) of all buyers who don’t currently own a home, but want to, indicated they’re not pursuing homeownership because they fear they won’t qualify for a loan

• Of those who want to buy a home but haven’t tried to because they think they won’t qualify, 53% think today’s qualification environment is tougher than last year.

    And finally ...
 

• Fewer than three-quarters of Americans who fear they won’t qualify admitted they haven’t actually taken any steps to find out for sure

     That last statistic is a particularly frustrating one ... as it seems that collectively Mortgage Lenders, the real estate industry, and news media have done a good job of delivering the message (a needed educational one, admittedly) regarding the numbers of steps and larger amount of documentation required of today's mortgage applicants.  

     But we may have done too good a job.  As the statistics show, potential homebuyers are somewhat intimidated and fearful of the home buying and mortgage process.  

     That's not good ... nor is it the reaction we seek ... 

     If you're hoping and wanting to buy, you shouldn't be scared of the process you need to follow to accomplish it.  And you certainly should never be scared of approaching or contacting me or your real estate professional.  You should not be afraid to ask questions or perform some fact-finding. 

     Why?? 

     What you find out may surprise you! 

    

     

     I've written a post, "What are the Requirements to Qualify for a Home Loan Today?"  

     That post offers many of the basics for mortgages and mortgage applicants as they exist currently. 

 

     Truths:

• Mortgage programs are available that accept Credit Scores (in some cases) as low as 580.
• You do NOT have to put 20% Down on your home purchase
• Mortgage Programs exist for 0% Down (VA and USDA-RD loans) or as little as 3.5% Down (FHA financing), and as little as 3% Down with certain specific Conventional loan programs through Fannie Mae and/or Freddie Mac
• According to Ellie Mae:  Credit standards have loosened in comparisons to one year ago.  
• Exceptions DO exist for those that suffered "Extenuating Circumstances" (Foreclosures, Short Sales, Bankruptcy, etc.)
• Sellers CAN assist with Closing Costs
• A "No" received on your Mortgage Applications doesn't have to remain a "No" indefinitely
• Mortgage consultations are typically FREE.  Mine, for Chicago-area, IL & WI clients, definitely are.
  

  
     Please, if you're considering buying a home now or in the future ... don't assume you know an outcome or the answers to questions left un-asked.  Find out for sure if you can buy for the first time or if you can become a "move-up" buyer.   

     Dreaming of Owning a Home?  Becoming Move-Up Homebuyers?  Don't Be Afraid!  Contact me today.  Together we'll discover what facts and reality exist for you ... and then move forward accordingly.

*  Hoping to Buy or Refinance a home or Investment Property in New Lenox - Will County - Chicagoland - IL/WI area?  

Contact Me.  I'll put my 40+ years of mortgage experience and expertise hard to work on your behalf.
     I'm easily found at:

Gene Mundt

Mortgage Originator  -  NMLS #216987  -  IL Lic. #031.0006220  -  WI Lic. #216987

American Portfolio Mortgage Corp.

NMLS #175656

Direct:  815.524.2280

Cell or Text:  708.921.6331

eFax:  815.524.2281

www.genemundt.com

gmundt@goapmc.com

             

  
 

Gene Mundt, Mortgage Originator, an Originator with 40+ years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago 
and the greater Chicagoland region, including:  
The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Channahon, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI. 

Your Referrals & Testimonials are Greatly Appreciated!

    

   

    
     


     

Driver Safety Course for Manhattan & New Lenox Mature Drivers Scheduled for May 5th, 2014

Driver Safety Course for Manhattan & New Lenox 

Mature Drivers Scheduled for May 5th, 2014 

     Mature drivers from the local Lincoln-Way Communities of Manhattan and New Lenox are being offered an opportunity to participate in a "Driver Safety Course" made available through their community's police departments in conjunction with AARP.  

     This "Driver Safety Course" is being held at the New Lenox Village Hall located at 1 Veterans Park Way on May 5th and 6th, 2014, between the hours of 9 am to 1 pm.  The course will be offered in the Village Hall's Community Room.

     This beneficial course will cover:

• License Renewal Requirements
• Driving Laws and Regulations
• Driving Skills
• Local Driving Issues and Problems

     Savings, discounts, and auto insurance premium reductions may be available for mature drivers that have successfully completed this course.

     To Register for this beneficial Driver Safety Course, or to ask questions, contact Officer Aurena Davis at the New Lenox Police Department at:  815.462.6100. 

     There is a fee to take this course.  For AARP Members, the fee is:  $15.00.  For non-members, it is:  $20.00.  Checks written for payment should be made out to: AARP.  No payments are taken ahead of time.  Payment is required the first day of the class on May 5th.

     To test your knowledge regarding driving and Rules of the Road, take the AARP Driver's Quiz ... HERE!

     *  The above-mentioned AARP Driver Safety Course being offered in conjunction with the Manhattan and New Lenox Police Departments represents just one of the many benefits of living within these Lincoln-Way Area Communities, Will County, and Chicagoland area.  
     If you are hoping to Buy, Build, or Construct a home within this area, contact me today!  I'll put my 36 years of mortgage experience and expertise hard to work on your behalf immediately.
     I can be easily found at the following:

Direct:  815.524.2280

Cell or Text:  708.921.6331

eFax:  815.524.2281

www.genemundt.com

gmundt@goapmc.com

Click HERE for your FREE Mortgage Consultation!

Ready to Apply for your Mortgage?

             

               

Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL. 

     

   

     

     

What are the Requirements to Qualify for a Home Loan Today?

What are the Requirements to Qualify 

for a Home Loan Today?    

     Frequently I hear the question ...  

     "What are the requirements to qualify for a home loan today"?

     To answer that, I'm first going to list what are considered as foundation requirements for current mortgage loans.  When I say "foundation", I mean that they are the basic requirements that must typically be met by those seeking financing.  

     The most basic and frequently seen requirements (the foundation of most mortgage approvals) are as follows:

•  Credit:  Middle FICO Scores are used to determine eligibility.  

       MOST standards are:

       Conventional:  620 FICO Score or higher
       FHA:  640 FICO Score or higher.  In some cases, the scores utilized can be as low as 580 to 640 
       VA:  620 FICO Score or higher.  Again, in some cases, I have options from 580 to 620 FICO Score available for Veterans
       USDA:  620 FICO Score or higher

• Employment/Income: *  

       Stable, sustainable employment needed.  Usually a minimum of a 2-Year job history required unless applicant took their (first) job out of college.  Then education can count towards job history.

       *  Other types of income can also qualify, such as proven Child Support, Social Security, Pensions, Disability, Income from investments, Self-Employment, and etc.

• Down Payment:  

       *  Your Down Payment does NOT have to be 20%.  Let me stress this important point again ...  

      You do NOT have to put 20% down on your home purchase.  Financing options exist for those making lower down payments!
 
       *  No Money Down options (0% Down) still DO exist.  VA and USDA-RD loans are examples of this fact
       *  3.5% Down Payment - FHA Loans feature this down payment requirement
       *  3% or More - Conventional Loans are available for these levels of Down Payment
      *  Mortgage Insurance Programs - These loan programs allow for transactions with 3% to 19.99% Down Payment 

• Debt-to-Income Ratios: 

      "Ability to Repay" Guidelines, effective 1/10/2014, require all recurring debt (Mortgage, Car Loans, Student Loans, Credit Cards) to be at or under 43% of Gross Monthly Income.    
       
       Note:  Exceptions can be made regarding this requirement.  The Debt-To-Income Ratios can be greater than 43% for those qualifying Borrowers with: 

• Good credit 
• Additional assets (Reserves) 
• Good job histories
• and for those that receive approval in Automated Underwriting Systems for that scenario 

     Knowing and working with the requirements shown above should take much of the guesswork out of the question ... "What are the requirements to qualify for a home loan today"?

     But as always, to discover and clearly define what requirements are specific to your personal financial scenario, you need to contact me and talk in-depth.  You should also remember that programs (and their requirements) change quickly and constantly.  Check with me periodically to see what new changes may have been put into place. 

     Only through a thorough examination of all the facts, can we answer the questions you have and ultimately reach a conclusion regarding your financing and abilities to buy.

 

     
     *  To start investigating your current mortgage options, contact me.   I'll be happy to answer your questions and assist you with your Chicagoland/IL/WI financing needs.

Gene Mundt

Mortgage Originator  -  NMLS #216987  -  IL Lic. #031.0006220  -  WI Licensed

American Portfolio Mortgage Corp.

NMLS #175656

Direct:  815.524.2280

Cell or Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

             

        

Gene Mundt, Mortgage Originator, an Originator with 40+ years of 
mortgage experience, will offer you exemplary mortgage service and
 advice when seeking:  Conventional, FHA, VA,  Jumbo, USDA, and Portfolio 
Loans in Chicago and the greater Chicagoland region, including:  
The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI. 

Your Referrals are Welcomed and Appreciated!

     





          

Just Like Your Underwear: Credit Needs to be Freshened-Up, Scrubbed, Updated, Fluffed & Changed

     

Just Like Your Underwear: 

Credit Needs to be Freshened-Up, 

Scrubbed, Updated, Fluffed & Changed

     Everything needs to be "freshened up" once in a while ...  

     It needs to be given a trim.  Updated.  Fluffed.  Scrubbed-up.  Changed or re-arranged.

     Credit's no different ...  

     But stop and think about it.  When was the last time you took a good hard look at your credit situation, your credit cards, or Credit Report?  

     Over a year?  Two?  More?

     Truth is, what worked for you credit-wise in the past, may not be serving your overall financial good now ...  

•  Interest Rates on your credit cards may have risen 
•  Promotional rates may have fallen off 
•  Rewards that initially drew you to a specific card, may have lapsed. 
•  The credit card company may have updated or dropped the benefits you liked from your card      

     It happens all the time ... 

     And your mortgage rate?  The one you might have thought you were tied to forever?  It may actually deserve a second look.  Interest rates are still unbelievably low.  New Mortgage Programs exist that may have opened-up options for you.  

     

     The airwaves, social media, and news are full of stories that tell of new security breaches. Passwords to banking accounts and websites need to be changed one more time.  We hear of it so frequently, that it's begun to take on the air of "common occurrence".  

     But it's not ...

     Your credit and Credit Report are always a "work in progress".  If you haven't checked your credit and Report out in the past 12 months, it's time to now.  

     You can easily accomplish this on your own.  Just head to: 

AnnualCreditReport.com

and request your FREE Credit Report.

     If you want to find out what options exist for you to become a step-up home buyer, or to discover if Refinancing your present mortgage is an option ... in the Chicago area, contact me.  Together we'll run the numbers to find the opportunities that currently exist for you.  

     And if we find your credit and credit scores need improvement, we'll "freshened them up", give 'em a trim, fluff, scrub, change or re-arrange them so they're the best they can be as you head into your financing and the future ...

      

     *  Hoping to Buy or Refinance a Home or Investment Property in the New Lenox - Will County - Chicagoland - IL/WI area?  Contact Me!  I'll get you the facts, info, and figures you need to make the best home buying and mortgage financing decisions for you and your future.

     I'm easily found at:

Gene Mundt

Mortgage Originator  -  NMLS #216987  -  IL Lic. #031.0006220  -  WI License #216987

American Portfolio Mortgage Corp.

NMLS #175656

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

             

          

Gene Mundt, Mortgage Originator, an Originator with 40+ years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook,  Lockport, Channahon, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI. 

Your Referrals & Testimonials are Greatly Appreciated!