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Home Purchase

Home Purchase Resources
What you will need in order to qualify for a home loan, you will need:
  - A stable income
  - A good credit history
  - A down payment – Generally between 5-20 percent of the purchase price
  - Income Verification forms (W-2, 1099, or Tax Return)
  - Two months of bank statements
  - A third-party appraisal of the home you wish you purchase

Loan Pre-Qualification Process
1. Contact a Viewpoint Mortgage loan officer and complete an online application
2. Sign the credit authorization form.
3. Submit a current pay stub covering the most recent full month.
4. Submit your W-2, 1099, and federal tax return forms from the past two years.
5. Submit a copy of your driver’s license and social security card.

Lock in your interest rate
As rates are constantly changing, it is important to lock in your interest rate to avoid a surprise increase if the market rises.
The Approval Process: there are three major steps that go into the approval process with Viewpoint Mortgage.
  - Appraisal – An impartial third-party appraisal of the home you are purchasing is necessary to ensure that you are paying fair market value for this home.
  - Title and Escrow – Once you and the seller have signed a mutually acceptable purchase agreement, you will be asked to place your earnest money while the documents and closing process is completed.
  - Underwriting – Each loan is sent to an approved underwriter who reviews the application, documents, financial information, sales contract, appraisal and title to be sure all the necessary criteria are met and the loan is ready for approval.

During closing or “settlement”, you will sign the final mortgage document and the property will be legally transferred to you. Some of the documents that you will sign include:
  - The Mortgage Note – A legal document that provides evidence of your debt and formal promise to repay the loan.
  - The Mortgage or Deed of Trust – The security investment that you give the lender that protects the lenders interest in your property. When you sign the deed, you are giving the lender the right to foreclose on your property if you fail to pay the mortgage according to set terms.
  - The final Truth-in-Lending Disclosure – This document reflects any change to your mortgage since your application date.
  - Affidavits and Declarations – Statements declaring something to be true, such as the property will be your primary place of residence.
  - The HUD-1 Statement – Discloses the final details of your mortgage such as a statement of charges and your final loan terms.

Buying a new home
Is your cart before the horse? In today’s competitive housing market, buyers need to start with a loan pre-qualification before making offers to buy a house.

As the housing marketing begins its recovery, now is a great time to take advantage of low rates and flexible loan programs at Viewpoint Mortgage. Getting a mortgage is more than just rates; it’s about developing a plan for one of the biggest investments that you will make in your life.

Viewpoint Mortgage Loan Officers are specially trained to match your unique credit, income and asset qualifications to the best program available to you. With the improving economy, Viewpoint Mortgage is on the forefront of delivering the widest array of purchase money home loans. As a direct lender of FHA, VA, USDA, Conventional and Jumbo loans, we can prepare a loan pre-qualification that will show Sellers you are qualified to buy their house!
What are the benefits of renting over borrowing?
  - Tax Benefits
The interest paid on your mortgage – which is the majority of your payment for the first few years – is tax deductible. That means more money for your family, more money to take that extra vacation, and more money for that romantic evening out.
  - Freedom to customize your home to fit your personality.
Buying a home allows you the freedom to add, subtract, or customize your home to better fit you and your family. Also, as you upgrade your home, it’s value will increase and your equity will grow.
  - Stop paying someone else’s mortgage. Many believe the best way to build wealth is through home ownership.

Better yet, you won’t have to worry about moving every time your lease is up. A Viewpoint Mortgage Loan Officer will show you diverse and current options for a purchase home loan including:
  - 15 and 30 Year Fixed Rates
  - Conventional loans with as little as 3% down
  - Adjustable Rate Mortgage with low introductory rates
  - 100% Financing through USDA and VA
  - FHA with Down Payment Assistance
Contact a loan officer today to set up the right plan for you.

B. First Time Home Buyers
Now is the best time for it to buy your first home, and Viewpoint Mortgage is ready to help put you in the right path to your new front door!

As you start your career or begin a life with your family, buying a home can be one of the smartest and most unique experiences of your life. A home could be the best investment you ever make. There are tremendous tax advantages and being able to call your home “your home” is a great feeling. Having the right Lender guide you through the process can make the difference between success and failure in buying your first home.

Loan Pre-Qualification Process
Complete the online application process.
  - Sign the credit authorization form.
  - Current pay stub covering the most recent full month.
  - W-2 forms and/or 1099’s for the past two years.
  - Signed Federal Tax returns – Past two years. (all schedules)
  - Bank statements for two months. (all accounts/all pages)
  - Copy of driver’s license.
  - Copy of Social Security card.

C. Buying a Vacation Home
Own a home away from home.
Enjoying a vacation home can be a very rewarding experience – both personally and financially. And as the market is near bottom, it has never been a better time to find your getaway.
What are the benefits of owning a vacation home?
  - Potential extra tax benefits on top of your first mortgage. Please consult a tax professional to determine your particular tax benefits.
  - Your own customized vacation for you and your family.
  - You can buy a vacation home with as little as 10% down.
  - Potential property appreciation
Popular types of Vacation Home Mortgages
  - 15 year fixed mortgage
  - 30 year fixed mortgage

Types of Loans
A. Fixed Term Loans
Fixed rate loans are the standard in home loans, and are available in a variety of terms from 10 to 30 years. This loan offers a consistent payment throughout the life of the loan.

A fixed rate loan offers home owners long-term stability and predictable payments, and has become the favorite choice of most borrowers. When you choose a 15 or 30 year fixed rate loan with Viewpoint Mortgage, your payment will not change the entire time, which allows you budget your mortgage payment throughout your life, or at least the next 10-30 years of it.
What are the benefits of a fixed mortgage?
  - Your monthly mortgage payment will stay the same throughout the life of the loan
  - No prepayment penalties if you refinance or sell
  - Nearly all Government and Conventional loan programs offer a fixed rate term.
Standard Fixed Rate Terms: 10, 15, 20 or 30 years

By choosing a lower fixed rate period, you can realize significant savings in total life of loan interest. You pay off the home loan faster than a traditional 30 year loan, and best of all the interest rate is lower. A Viewpoint Mortgage Loan Officer can help you look into the future and realize the lifelong benefit of a shorter term benefit. With a simple monthly and total term loan comparison, you can see that a lower fixed rate loan might just be the right move for you and your family.)

B. Adjustable Rate Loans
Adjustable Rate Loans are a great fit for home buyers who plan to sell or refinance their home between 5 and 10 years. Adjustable Rate Loans offer the lowest initial rate available.
(Call a Viewpoint Mortgage Loan Officer today to discuss how you can benefit from a low adjustable rate mortgage. As the economy recovers, rates for fixed term loans will continue to rise. Take advantage of the lower start rates available with adjustable rate mortgages (ARM). The initial term of the loan is fixed for 5, 7, or 10 years, which fits well for homeowners who plan to sell or refinance before this initial period is over. With good planning, an Adjustable Rate Mortgage offers the lowest rates available and is a great option for those who want to reduce their mortgage payments.

What are the benefits of an adjustable rate mortgage?
  - Lowest rate available during the initial fixed period
  - Qualify with a lower interest rate means you can qualify for more
  - Fixed Start period for 5, 7 or 10 yearsAdjustable rate mortgages are fixed for periods of five to ten years. After that period, your interest rate will either go up, or go down depending on market conditions at that time.)
C. FHA Home Loans
FHA is a Government insured loan that helps people buy and refinance real estate even when life has thrown you a curve ball. FHA is a Government insured loan that helps people buy and refinance real estate even when life has thrown you a curve ball. The Federal Housing Association is an insurance program that has been helping people become home owners since 1934, and was an instrumental component in increasing home building and purchasing after the great depression. Today, it is continuing to assist home buyers in financing a home for their families.

What are the benefits of an FHA Loan?
  - Loans approved with credit scores as low as 600
  - Great for first time home buyers
  - You can buy a home with as little as 3.5% down and when combined with down payment assistance program, just 1% down
  - All down payment funds and closing cost funds can be gifted from a family member FHA Back to Work Program...Helping Home Buyers Hit Life’s Curve Ball out of the park!
  - Only requires 12 months since conclusion of Foreclosure, short sale, deed in lieu of foreclosure and/or Bankruptcy.
  - Just 3.5% down payment required
  - Must document 20% reduction in income for 6 months and/or job loss that led to a qualifying event)

D. High Balance & Jumbo Loans
For home mortgages $453,100 and larger, High Balance & Jumbo loans help you get into your dream home.
(While the current standard conforming loan is $453,100 or less, Viewpoint Mortgage offers a variety of loan programs to fit your home purchase needs. You can choose between fixed or adjustable rates depending on your goals.
Finding the right loan to fit your higher valued needs can be challenging. Viewpoint Mortgage Loan Officers are specifically trained on the most current Conventional, FHA, VA and even Niche” high balance and jumbo loan programs. With loan amounts in the 7 figure ranges, working with a direct lender means you will experience a fast and efficient loan closing. Speak with a licensed Viewpoint Mortgage Loan officer to know all of your jumbo loan options).

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