Supreme Lending for Homeowners – How to Apply

Supreme Lending takes pride in offering customers various loan products and is committed to helping them achieve theirs dream as homeownership.

How To Apply

  • Pre-qualification: this is between 60-40 Days from closing and it involves knowing
  1.   The area you want to live
  2. The loan that best suits your financial needs
  3. The type of home you want
  • Make The Offer To Buy (40-30 Days): after you have located the property you want and you are ready to make an offer.

          Consider the following

  1.   Option fee
  2. Closing and possession date
  3. Sales price to offer
  4. Seller concessions
  5. Earnest money
  6. Terms
  • Acceptance: this happens when all parties involved agree to the price and terms of the contract and it is usually 30-25 Days from closing.
  • Meeting All Deadlines (25-5 Days from closing): you may experience the stress of deadlines at this stage of the loan process.

Things that happen at this time:

  1. Open Title
  2. General Inspection
  3. Loan Approval
  4. Termite Inspection
  5. Appraisal
  6. Loan approval
  7. Re-Inspection
  8. Repairs
  9.       Homeowners Insurance
  • Last Minute Details (5 Days from Closing): you will need to finish up any last minute detail during this final five days so as to ensure you get your keys to your house on the closing day.

Last minute issues you will encounter:

  1. Funding: this happens when all conditions have been meet and all papers signed.
  2. Possession: this is the point where you get your keys from your real estate consultant.
  3. Closing: this is when you come and sign the paperwork.

                   Types of Loans

  • FHA Loan:

This is a Federal Housing Administration loan which was created to lift much of the risk of non-payment and foreclosure from private lenders.

              Features

  1. The Loan limits are lower than conventional
  2. Higher MIP than on conventional loan
  3. Down payment required
  4. MIP required regardless of the loan-to-value.

                Advantages

  1. Lower interest rates
  2. FHA Loan is backed by the U.S Government
  3. Bankruptcy not an automatic disqualification
  4. Down payment is less
  5. Less stringent credit requirements
  6. Lower mortgage points and other closing cost requirements
  • VA Loans:

This loan provides veterans and/or theirs surviving spouses with a federally guaranteed home with zero down payment.

Features

  1. Closing costs may be paid by the lender and/or the seller
  2. Borrower must have a certificate of eligibility
  3. Borrowers are required to make a one-time funding fee based on loan amount and applicant’s service length

                 Advantages

  1. Limit is placed on appraisal fees
  2. Limit on the amount of origination fees and closing costs that the lender can arrange
  3. No down payment
  4. No private MIP
  • USDA Loan:

 This is a rural housing loan programs that allow qualified homebuyers to get loans with minimal closing costs and no down payment.

                   Features

  1.  Must be able to verify income limits
  2. Property must be in very good condition and have a high insulation R-factor
  3. You cannot qualify with over 50% of 115% of the median county income.

                 Advantages

  1.  Low interest rates
  2. No limit on Gift Fund
  3. 30 year Loan on competitive Rate
  4. Low cash reserve requirement
  5. No down payment requirement
  6.    Applicant’s with a wide range of credit profiles
  7. Closing cost can be added into the loan
  8. Property must be located in an eligible rural area
  9. Seller Concessions – maximum of 6%
  10. No First Time Homebuyer requirement
  11. No non-Allowable costs
  12. Loan government guarantee fee and not monthly guarantee fee
  13. For families and individuals that have minimal funds for a down payment and closing costs. (First Time Homebuyers and repeat Homebuyers inclusive).

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