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Purchase Money Mortgage
Purchase money mortgage; Rocket mortgage home loan for a new home purchase.
We Rocket your new home purchase!

GENERAL INQUIRY | PURCHASE MONEY MORTGAGE

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Purchase Money Mortgage | Highlights

Calculator worksheet.  

Documentation requirements.  

Free consultation. 

3% down.

640 FICO score.

No App Fee! 

Mortgage Calculator Worksheet


Enter your email address and receive a free summary worksheet!

$

5%

1%

5%

0%

$
$

$1421

Monthly Payment

Principal & Interest $1421

Monthly Taxes $1421

Monthly HOA $1421

Monthly Insurance $1421

Monthly PMI $0

Worksheet Summary | Highlights

Down payment.
Find out how much of a down payment is right for you.

Closing costs.
Review the out of pocket expense for your transaction.

Custom tailored for you.
By far, our summary is uniquely distinguishable.

Purchase Money | Consultation
Schedule your free purchase money mortgage consultation today!

AFFORDABILITY

We figure out your maximum buying power!

CALCULATION

We crunch all of the numbers for you!

SIMPLICITY

Our mortgage worksheet summary is easy to understand!


MI First Time Home Buyer Required Documentation

Conventional mortgage financing. Required documentation to apply.1.  W2’s (most recent two years)
2.  Two months of bank statements (all pages).
3.  Copy of your current driver’s license

On paper the process is extremely simple.  Essentially, all that a borrower needs to begin the underwriting process are the above docs.  All in all, these are the items to start your mortgage journey!

Purchase Money Mortgage 3% Down Payment 

Purchase money mortgage; low down payment options; new home loan

Purchase money mortgage programs come in many varieties.  Click here to schedule your free consultation.  Undeniably, low down payment products are an excellent option for first time homebuyers.  Not surprisingly, many first timer’s frequently view buying a new home as overly expensive.  Definitely, the financial cost can appear to be daunting!  Accordingly, Fortress Home Mortgage simplifies the process by prioritizing transparency.  More to the point, we educate our clients with regard to their mortgage options.  Time and time again, people are happily surprised and borrowers learn firsthand how easy it is to afford a new home.  Then, they learn about all of the tax benefits of home ownership.  In other words, who doesn’t want and increased tax refund from the IRS!

It is important to realize, that the key to purchase money mortgage programs is having a plan.  First, Fortress Home Mortgage offers every mortgage inquirer an easy to understand worksheet summary.  In fact, we provide it free of charge!  The summary is definitely a must have, as we custom tailor it to every client.  In general, the worksheet summary uniquely details the overall costs, max buying power, and required credentials for your proposed transaction.  By all means, click here and take a firsthand look at a 3% down sample worksheet!

Next, let’s take a closer look at a few purchase money mortgage options.  Likewise, these are excellent lending products that get your funds to the table!

Fannie Mae Homepath

Low down payment; new home mortgage; fortress home mortgageFannie Mae offers a extremely strong 3% down purchase money mortgage option.  Correspondingly, first time home buyers will put exactly 3% down of the sale price.  For example, if the home price is $150,000, then the down payment cost is $4,500 dollars.  In reality, that is not too much money for a comfortable new home!  Equally important, is that the Homepath program also offers reduced PMI rates.  And lastly, the interest rates are extremely competitive.  In most cases, the Fannie Mae Homepath interest rates follow the standard Conventional rates, albeit just a bit lower.  It is important to realize, that the Homepath program has a gross income limitation.   Click here to view the Fannie Mae Homepath map.  In short, input your desired address into the mapping tool, and instantly confirm if you are eligibile!

Freddie Mac Home Loan Possible

fannie mae first time home buyer; fortress home mortgageAs a result of the success from Fannie Mae’s Homepath program, is the Freddie Mac Home Loan Possible.  Comparatively, this purchase money mortgage program is virtually identical.  First, it comes with the same 3% down payment requirement.  Additionally, the PMI and interest rates are equally competitive.  And, one major difference with Freddie vs Fannie is how student loan debt is calculated.  As an illustration, Fannie will use 1% of the deferred balance as the minimum monthly liability.  Whereas, Freddie will use .5% of the deferred balance as the minimum monthly liability.  Put another way, the reduced liability related to student loan debt allows for financing a larger loan amount.  In turn, this will increase your buying power!  Click here to utilize all of the free online tools offered by Freddie Mac.

Standard Conventional Financing

Standard conventional mortgage; purchase money mortgage products; fortress home mortgageConventional purchase money mortgage products are offered by both Fannie and Freddie.  Click here for the latest loan limit in your area.  If you do not qualify for the 3% down program, then a 5% down minimum payment will be required.  Unlike the 3% down program, there is no income limitation on the 5% down payment program. 

FHA Insured | 3.5% Down Payment Program

Similar to Conventional financing, FHA mortgages offer super low closing costs.  And, the interest rates are extremely competitive!  FHA has its own set of guidelines, so we have created a dedicated page.  Click here to learn all about FHA mortgages!

Jumbo Mortgage Financing

Loan amounts above the maximum limit for standard Conventional financing.  This is the definition of a "jumbo" loan!  This also considered a "non-conforming" loan.  In other words, there is no automated underwriting engine that approves the loan app.  Instead, the loan app is reviewed manually by a licensed mortgage underwriter.  You got that right, an actual human being!  In most cases, a 10% down payment is required, and the interest rates are slightly higher.  The key to a successful jumbo loan is ensuring all income and assets can be verified.   

Mortgage Credit Score Averages

credit score requirements; purchase money mortgage products; fortress home mortgagePurchase money mortgages for Conventional financing typically require a minimum of a 620 score.  However, this is considered on the low end.  Ultimately, borrower's want their credit scores to be as high as possible.  Credit scores at/or above 680 are considered above average.  Credit scores at/or above 700 are considered strong.  And, credit scores at/or above 720 are considered excellent.  Keep in mind, guidelines are always changing!  So, make sure your loan officer has a good read on where your credit stands. 

Mortgage Tri-Merge Credit Reports

It is very important to remember not all credit is scored the same!  Mortgage credit reports, or "tri-merge" reports are scored more conservatively.  In other words, your Credit Karma score will likely NOT be the same.  In fact, it will likely be lower than a tri-merge report.  And, in some cases much lower.  For this reason, it is imperative to be pre-approved before making an offer on a new home.

Purchase Money Mortgage | How Much Cash Is Needed

Required cash to close; new home purchase money mortgage; fortress home mortgageThe cash to close is directly tied to the sale price of the home.  Sounds simple enough!  Well, the fact is the funds needed can vary.  That is why Fortress Home Mortgage provides every client a worksheet summary.  More to the point, borrower's must first tally up their savings.  In other words, be prepared to DOCUMENT what you currently have in the bank.  This is a great starting point.  Don't be shy, this is the first step for every borrower.  Once we have a reference point, we can help you build out a budget.  And, drill down on exactly how much cash is needed for your new home!    

 

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