Richard Balles at A-K Financial suggests Loan options for First-time Home Buyers

With one of the most diverse and extensive product lines in the industry, A-K Real Estate with help of Richard Balles, has mortgage products to fit a variety of home financing needs. Richard Balles has listed some of the most popular here. To learn which loan options are best suited for your individual situation, schedule a consultation with one of our Home Mortgage Consultants at A-K Financial. Richard Balles suggests Home Opportunities SM Little or no down payment required Flexible income, credit and debt guidelines, including non-traditional credit histories Incentives for public employees For home buyers with the following consideration points: High debt ratios and little savings Non-traditional credit histories Both documented and undocumented income Experienced financial difficulties Qualified public employees Richard Balles suggests - FHA Loan Low down payment requirements Flexible income, debt, and credit requirements to help borrowers qualify Down payment and closing costs may be funded by a gift, grant, or secured loan. For homebuyers with the following consideration points: Homebuyers with limited savings Homebuyers with low-to-moderate income Richard Balles suggests - VA Loan For homebuyers with the following consideration points: Qualified veterans, reservists, active-duty service members Homebuyers with low-to-moderate income Homebuyers with limited savings Down Payment Assistance Program (DAPs) Available for a limited time by Richard Balles For homebuyers with the following consideration points: Income and purchase price limits apply. See your mortgage consultant for details Richard Balles suggests - Fixed-Rate Mortgage Loan Fixed-rate mortgages give you the security of knowing your monthly principal and interest payment will not change. A-K Financial provides a variety of fixed-rate products, with loan terms ranging from 10 to 40 years. Predictable payments. The monthly principal and interest payment is fixed over the life of the loan. Protection from rising interest rates. No matter how high market interest rates go, your mortgage rate remains the same over the life of your loan. For homebuyers with the following consideration points: Prefer regular payments with no surprises Have limited or fixed incomes Plan to stay in their homes a long time Are buying a home at a time when interest rates are comparatively low Richard Balles suggests - Adjustable-Rate Mortgage Interest rate that is fixed for an initial period, then adjusts periodically based on market conditions Lower initial rate than with a fixed-rate mortgage A variety of fixed-period options ranging from one to ten years For homebuyers with the following consideration points: People looking to increase their short-term cash flow Buyers who need a larger loan amount than they can qualify for with a fixed-rate mortgage Homebuyers who plan to move or refinance within a few years Financial assistance for down payment and closing costs No repayment of gift required Minimal paperwork No down payment required in most cases Flexible income, debt, and credit requirements to help borrowers qualify Down payment and closing costs may be funded by a gift, grant or secured loan “If you want to do something worth doing, you'll need two things: passion and architecture. But without the right tools, you can’t succeed. “ A-K Financial agents are committed, passionate, and have well-crafted support and training. Outfitted with the best tools to succeed in real estate and finance and to satisfy buyers and sellers. Meet with Richard Balles A-K Financial agent today and begin building the framework for your dreams.

A-K Financial: Conventional Loans by Richard Balles

As a first-time homebuyer or a savvy move-up buyer, our programs are designed to accommodate homebuyers with limited personal savings or who choose not to deplete their personal savings as well as those who have a less-than-perfect credit history. You may be able to buy a home after all. Richard Balles at A-K Financial offers a variety of options to meet your needs and preferences. Best for people who: Don't want to wait to accumulate a large down payment. Don't want to deplete personal savings, cash in investments, or use home sale proceeds to fund a down payment. Have past credit problems and little or no cash for a down payment. With one of A-K Financial's home financing programs specially designed by Richard Balles, the wait for your new home is over. Richard Balles or any of A-K Financial's Loan Officer can help you decide between a fixed rate mortgage and an ARM, with or without points, or can counsel you regarding the variety of special financing programs we offer. Contact us today to find the program that best fits your needs! In conjunction with our Richard Balles at A-K Real Estate offers a step-by-step outline of the home-buying process, which includes obtaining financing for the home of your dreams. We also offer some financing tips to help you along in the process.

Richard Balles tells you what you need to know about Home Loan Qualification

Richard Balles suggests, before you begin looking for a new home, a second home, or an investment property, it is always a good idea to get pre-qualified by your lender (Note: this is different than being pre-approved). At A-K Real Estate- Richard Balles assist you with this process. Prequalification: 1. Saves you time – you don’t spend your time looking at homes that are out of your price range. 2. Gives you an advantage in the marketplace – many sellers will only allow their property to be shown to pre-qualified buyers. Your Credit Score - Value Rating - Paper Rating 720 and up - Superior Rating - A Paper 680 to 720 - Excellent Rating - A to B Paper 640 to 680 - Very Good Rating - B Paper 580 to 640 - Good Rating - Subprime 550 to 580 - Fair Rating - Subprime C 550 and below - Imperfect Rating - C Paper Here Richard Balles is giving the list for "A" paper (note: different guidelines apply to "B and C" credit) Conforming loan amount of up to $417,000 – 1st mortgage loan amount only (can also have a 2nd mortgage) Can be owner or non-owner occupied If owner occupied, must have 2 months PITI* reserves (Principal, Interest, Taxes, Insurance). This money can be gifted from a friend or relative, but is best if it can be shown as self-saved (seasoned). If non-owner occupied, must have 6 months PITI* reserves. This money cannot be gifted! Non-conforming loan amount of $417,000 Can be owner or non-owner occupied If owner occupied, must have 4 months PITI* reserves (Principal, Interest, Taxes, Insurance). This money can be gifted from a friend or relative, but is best if it can be shown as self-saved (seasoned). If non-owner occupied, must have 6 months PITI* reserves. This money cannot be gifted! Sources of PITI funds can be from any combination of these assets: checking/savings, 401K/IRA/SII, stocks/bonds, heloc, and basically anything that can be liquid should the need arise. This excludes credit cards! Richard Balles tells you about, what you need to know: • Minimum required documentation for full doc loan (either initial loan or refinancing loans) Last 2 yrs tax returns Last 2 years W2/1099 Stubs Last 2 months asset statements, all pages Current home appraisal within last 6 months (we "Chase" need to order this appraisal) Home owners insurance agent’s name & phone number 2 yrs work history in the SAME field or relating to job 2 yrs address history (does not have to be the same address) 3 credit trade lines (credit cards, student loans, car loans, etc): 1 of them at least 24 months old for payment history if you’ve filed for bankruptcy (chapter 7 or 13) It needs need to be seasoned at least 2 yrs It cannot contain any Chase accounts in the bankruptcy, such as credit cards or mortgages If you’re trying to refinance, current payments to bankruptcy trustee must be made on time and be current prior to pulling money from refinance No late mortgage payments since filing Credit Score of 620 (this can vary on a loan amount greater than $417,000, and also depends on the loan program) 2 yrs work history in the SAME field or relating to job 2 yrs address history, does not have to be the same address 3 credit trade lines (credit cards, student loans, car loans, etc): 1 of them at least 24 months old for payment history