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Down Payment Assistance Basics

Jan 12
7:29
AM
Category | General

What is the most difficult part of buying a home? For many first-time home buyers, their biggest hurdle is coming up with enough money for the down payment.

 

So how can you scrape together thousands of dollars to finally hold your first set of house keys? The good news is that there are plenty of down payment assistance programs available to help buyers overcome this huge financial difficulty.

A down payment is a portion of the total sales price of the home you plan to buy.  Payment assistance is any program or funding option, such as grants, zero-to-low-interest loans, and tax credits for eligible home buyers. They provide funds to help you pay for the down payment or cover closing costs. Most of these programs are managed and funded by federal, state or local governments, each with its own requirements and limitations.

 

 

Here are some of the most common requirements of down payment assistance programs and low-down payment loans:

1. Available to first-time homebuyers

FHA (Federal Housing Administration) loans greatly benefit first-time homebuyers who have little or no money saved for a down payment and have lower credit scores.

Did you know that you can qualify as a “first-time” home buyer even if you've owned a house before? You are considered eligible to apply for first-time home buyer loans and benefits if you haven’t owned your principal residence in the last three to five years. So, if you owned a home in the past but are renting now, don’t just count yourself out and make sure to check if you qualify.

 

2. Income requirements

Most assistance programs are intended to only serve residents with low-to-moderate-income, so there’s probably a certain income threshold in order to qualify for assistance. 

USDA loans, offered by the US Department of Agriculture, have adjusted household income limits that vary by state and city.

 

3. Residence restrictions and location

Other programs will only allow buyers to purchase homes in an approved location or in certain areas.

For USDA loans, borrowers must buy in areas with a population below 35,000. Meanwhile, the Good Neighbor Next Door (GNND) Program, is designed to encourage the purchase of homes located in “revitalization areas”.

 

4. Home price limits

Many assistance programs have limits on the price of the home you can buy, which is usually a percentage of an area's median home purchase price.

 

5. You need to live in the home for a set number of years.

Borrowers who wish to use down payment assistance may also be required to live in the home they purchase for a set number of years. If you sell your home before, you will have to pay back the assistance you received on a prorated basis. 

 

6. Some are only available to buyers of certain professions.

Your occupation can also be the key to owning your dream home. There are separate programs intended to serve specific professionals such as educators, firefighters, veterans, and households with disabled members.

VA loans allow veterans, active-duty, reserve, or National Guard members, as well as their spouses to own a piece of the American dream by requiring no down payment and competitive rates. 

Some programs, on the other hand, are specifically designed to provide housing aids to certain professionals such as law enforcement officers, teachers, and EMT’s with certain housing and loan conditions.

 

7. You may need to take a home buyer education course.

Many state and local government programs require participants to complete a homebuyer education class that features content like “How much home can you afford”, “How to comparison shop different real estate agents”, “What mortgage product should you consider”, and “How to improve your credit score”.   These counseling classes are designed to help borrowers qualify for a mortgage and teach them to navigate the complicated home buying process.

As always, for further questions or concerns regarding you mortgage, give Mann Mortgage, your trusted local lender a call.  We’re always here to calm your concerns. 

 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies

 


Renovation Loan Program

Dec 17
2:00
PM
Category | General

Ready to turn that house into your dream home? With a MannMade Renovation Loan, you can remodel your kitchen, replace your roof, build an addition, upgrade your landscaping, or tackle much-needed maintenance and repairs.

With a MannMade Renovation Loan, no project is too big or too small – we can help with it all. Along with financing, you will gain access to our collaborative, cloud-based renovation loan software to have full transparency into your home renovation process.

What’s included in a MannMade Renovation Loan:

  • Mann Mortgage’s best-in-class operations team facilitates loans – we don’t outsource our funding; everything is done right here, under one roof!
  • Digital coordination between the borrower, Mann Mortgage, the builder, third party inspectors and title companies.
  • Real-time tracking of the renovation loan in a cloud-based digital interface.
  • Quick and easy draw requests to fund specific projects.
  • Project management to ensure the project stays on time and on budget.

It’s easy!  All you have to do is apply.  Use our convenient Simple App to apply for your MannMade Renovation Loan today. 

If you or anyone you know is ready to turn a house into their dream home, let us know! We’d love to set up a call to discuss how easy renovation financing can be.

 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies


Construction Loan Basics

Dec 8
1:00
PM
Category | General

Get the money you need to build the home of your dreams.

Turn your Dreams to Beams and get the money you need with MannMade Construction Loans!  Stop searching for your dream home, build it!

Due to high demand, Mann Mortgage is now offering Construction to Permanent loans. You can now build your dream home and finance it for the next 30 years in one closing.

All parties involved will gain access to our collaborative, cloud-based construction loan software to have full transparency into the home building process.  This software simplifies communication between you, the builder, 3rd party inspectors, title companies and Mann Mortgage. 

You’ll also get full-time support and real time tracking for the construction phase of your financing through the entire building process, to ensure you stay on budget and on time with your construction loan. 

What’s included in a MannMade Construction Loan:

  • Mann Mortgage’s best-in-class operations facilitate loans – we don’t outsource our funding, everything is done right here, under one roof!
  • Digital coordination between the borrower, Mann Mortgage, the builder, 3rd party inspectors and title companies.
  • Real-time tracking of the construction loan in a cloud-based digital interface.
  • Quick and easy draw requests to fund specific projects.
  • Project management to ensure the project stays on time and on budget.

We value your relationship, so please don’t hesitate to call if you have any questions about our new MannMade Construction Loans. 

 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.

 

 

 


Refinancing Can Save You Money

Feb 20
9:03
PM
Category | General

Refinancing Can Save You Money

Can you justify refinancing?

Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many reasons why homeowners refinance: to obtain a lower interest rate; to shorten the term of their mortgage; to convert from an adjustable-rate mortgage (ARM), to a fixed-rate mortgage, or vice versa; to tap into home equity to finance a large purchase, or to consolidate debt.

Refinancing to Secure a Lower Interest Rate

One of the best reasons to refinance is to lower the interest rate on your existing loan.

  • A lower interest rate on your mortgage is one of the best reasons to refinance.
  • When interest rates drop, consider refinancing to shorten the term of your mortgage and pay significantly less in interest payments.
  • Switching to a fixed-rate mortgage—or to an adjustable-rate one—can make sense depending on the rates and how long you plan to remain in your current home.
  • Tapping equity or consolidating debt can be good reasons to refinance.
  •  

Reducing your interest rate not only helps you save money, but it also increases the rate at which you build equity in your home, and it can decrease the size of your monthly payment.

Refinancing can be a great financial move if it reduces your mortgage payment, shortens the term of your loan, or helps you build equity more quickly. When used carefully, it can also be a valuable tool for bringing debt under control.

 


Once you find a home, the excitement sets in and you can’t wait to close. But there are some important things that need to take place before that day, namely a home inspection. With the naked eye, you can't see all a home’s issues from a walk-through. You need a professional to dig deep by checking all the inner workings. Here’s how you can make the most of your home inspection:

Find a Trusted Inspector

Employing a qualified, professional inspector is key to getting a thorough examination of your soon-to-be home.  If you need a referal, let us know.  There is peace of mind in choosing someone who has been highly recommended than just choosing a company at random.

Be On-site for the Inspection

You should plan to be at the property during the home inspection. It will last anywhere from an hour and a half to three hours based on the size of the home, but taking that time is crucial to seeing first-hand any problems. Even if your inspector does not want you following him around the whole time, you can be there to ask him any questions you have at the end. He or she can walk you through discovered issues, like leaks, electrical problems, plumbing or HVAC snags. He or she can also point out potential or looming trouble, like landscaping root issues or aging roof tiles.

Ask for Contractor Recommendations

Once your inspection is complete, let us know if you need names of contractors to fix any problems that turned up. In some cases, you may want to have the seller fix issues before the sale is final, but if not, it’s helpful to have a list of professionals you can contact.

Use Your Inspection to Negotiate

Armed with a list of major or minor home issues, you can go back to the seller and ask for repairs or you can negotiate for a lower home price.  You can even ask for money back at the mortgage closing in order for you to have the repairs done. Your agent can help you know what to expect out of these negotiations and how much you can reasonably ask for.

And finally, if the inspection turns up truly major problems with the home, like foundation issues or extensive mold in the walls, this is the time to back out of the sale. You may do better resuming your search for a property with less work than taking on a major renovation. 

A home inspection is your best protection to ensure that you are getting a home free of expensive surprises. With the help of a qualified inspector, you can use the inspection to help you get the best home price and be better prepared for homeownership.


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