Sam Coleman

Mortgage Update

Home Loan Specialists, Inc.

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How Do You Know What Loan

Program Will Work Best?

Good question. No two mortgage loan situations are really the same. It is important to analyze your unique circumstances and then determine a course of action to ready you for your first or next mortgage loan. Good credit purchase and refinance programs generally go real smooth. Borrowers with credit issues often require more time to get things done.

Good credit and lots money in your bank or savings plans makes buying and refinancing pretty simple. Good credit with not a lot of money is much better than no money and rough credit.  We can do a lot for folks with a good credit history.

If you have poor credit and a lot of money or credit issues with equity in a property you still have mortgage opportunities. Challenging? Yes! Don't give up! I will do my best to point you in a proper direction.

Examples Of Various Mortgage Loans
•   30 Year Fixed
•   15 Year Fixed
•   5 Year ARM
•   7 Year ARM
•   Conforming Balloons, etc.,
•   VA
•   FHA
•   3.5% Down
•   10% Down
•   20% Down
•   Owner Builder Program And Many More!

Debt Ratios

Your debt ratio is very important in securing a mortgage. The standard underwriting formula of 28% a borrower's monthly income for housing and 38% of income for all debt is a nice way to determine how much you can afford to pay per month on a mortgage. The basic idea works like this:

    Monthly earnings $5000

        28% for housing = $1400

        38%  total debts = $1900

In this example the borrower has $500 per month for car payments, credit cards and other loans etc. The formula does not generally include payments for food, utilities and other routine expenses.

Text Box: With Sam's Exclusive Personal Mortgage Service (PMS) You Will Be Able To Discuss, Analyze And Determine Programs That Fit Your Unique Circumstances.  Do Your Mortgage Right Always Call Sam! 1-866-SAM-4-YOU   In situations where borrowers have great credit and reserves the formula might be expanded to 50% of total monthly income or even higher. In my opinion it is a good idea for most first time buyers to stay within the 28 & 38% range.

To learn more give me a call. We can figure out your debt ratios and do the pre-qualification at no cost!

Call Sam And Pre Qualify For Free!

1-866-SAM-4-YOU

(1-866-726-4968)

e-mail to: samcredit@gmail.com

Remember...

Personal Mortgage Service (PMS)

 From Sam Is A Good Thing!

 

"It Is Always Alright To Do The Right Thing!"

 

 

 

 

 

Copyright © 2008 Sam Coleman