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  • Rural Loans:

    USDA Loans for moderate income Families

    0% down payment - 100% financing

  • Foreign National Program:

    Foreign National Program without:

    Residency, Social Security or Income in the US

  • Government Programs

    All Government Programs

    First-Time Buyer, Rural and Veterans Programs

  • Improve Credit Scores:

    Ask us about our program

    To improve your credit scores...

  • VA Mortgage Loans:

    Starting with only...

    580 Credit Scores!!!

  • 580 Credit Scores?

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    We will help you.

  • Denied over excess debt?


    Contact us to analyze your options.

  • 580 Credit Scores?

    Don't worry and submit your information

    We will help you.

  • Jumbo Loans:

    Upto 90% financing for 

    Purchases of up to $830,000.

  • Rural Loans:

    USDA Loans for moderate income Families

    0% down payment - 100% financing

  • Foreign National Program:

    Foreign National Program without:

    Residency, Social Security or Income in the US

FREQUENT QUESTIONS

Credit Report

 

Yes but with some conditions. Clear Lending will help you "build" credit with non-traditional tradelines. That is providing proof of twelve consecutive months of payments ontime on at least three different accounts.

Contact us and we will help you establish the minimum credit history required in order to qualify.

Mortgage application process

 

Absolutely!

Applying for a mortgage loan before you find a home may be the best thing you could do. When you apply in advance, Clear Lending issues a pre-approval letter subject to you finding your new home. You can use the pre-approval letter to assure real estate brokers and sellers that you are a qualified buyer. 


The pre-approval process helps assure that you are looking in the right price range to comfortably fit in your budget. Having been pre-approved for a mortgage may also give more weight on any offer you make.  When you find the perfect home, simply call Clear Lending to complete your application. At this point, you may lock in your rates and we will complete processing your application.

Income

 

In order for bonus, overtime or commission income to be considered, you must have a history of receiving it and it must be likely to continue. Clear Lending will request copies of your taxes with W-2 statements for the previous two years and the most recent month of consecutive pay stubs to verify this type of income. We also will need to verify the amount of business-related expenses, if any, to analyze how they affect to overall qualifying income. 

If you have not received bonus, overtime, or commission income for at least one year, it probably will not be given full value when your loan is reviewed for approval.

Employment

 

The income of self-employed borrowers is verified by obtaining copies of personal (and business, if applicable) federal tax returns for the most recent two-year period. However and under certain programs for self-employed, we may be able to work with only most recent tax return. Then if you are applying after first quarter, a profit and loss statement may be needed as well.

We review and average the net income from self-employment that is reported on your tax returns to determine the income that can be used to qualify. We do not consider any income that has not been reported as such on your tax returns. Typically, we need at least a one- or two-year history of self-employment to verify that your self-employment income is stable.

Down Payment


Yes, you can borrow funds to use as your down payment. However, any loan you take out for a down payment must be secured by an asset that you own. If you own something of value that you could borrow funds against such as a car or another home, it is a perfectly acceptable source of funds. If you are planning on obtaining a loan, make sure to include the details of this loan in the Expenses section of the application.

Interest Rates

 

Interest rates fluctuate based on a variety of factors, including but not limited to inflation, the pace of economic growth, Federal Reserve policy or world events triggering fluctuations within the financial markets to name a few.

Over time, inflation has been the largest influence on the level of interest rates. A modest rate of inflation will almost always lead to low interest rates, while concerns about rising inflation normally cause interest rates to increase. Our nation's central bank, the Federal Reserve, implements policies designed to keep inflation and interest rates relatively low and stable.

Loan Programs

 

A conventional fixed rate mortgage is a loan product featuring a fixed interest rate for the entire term of the loan. Monthly mortgage payments remain the same for the life of your loan. A fixed rate mortgage may be right for you, if you:

- Prefer easy budgeting and long-term planning.
- If want to lock in a favorable rate for the long term.
- Prefer predictable financing for an investment property.
- Don't plan to relocate, refinance or move in the next few years.
- Don't expect a significant increase in income in the next few years.

Appraisal

 

To determine the value of the property you are purchasing or refinancing, an appraisal is required. An appraisal report is a written description and an opinion of value for the property. National standards govern not only the format for the appraisal; they also specify the appraiser's qualifications and credentials. In addition, most states now have licensing requirements for appraisers evaluating properties located within their states.

The appraiser will create a written report which we will deliver as soon as we receive it or at least 3 days before your loan closing. 

The appraiser will inspect both the interior and exterior of the home. After the appraiser inspects the property, s/he will compare the qualities of your home with other homes that have sold recently in the same subdivision. These homes are called comparables and play a significant role in the appraisal process. Using industry guidelines, the appraiser will try to weigh the major components of these properties (i.e., design, square footage, number of rooms, lot size, age, etc.) to the components of your home to come up with an estimated value of your home. The appraiser adjusts the price of each comparable sale (up or down) depending on how it compares (better or worse) with your property.

As an additional check on the value of the property, the appraiser also estimates the replacement cost for the property. Replacement cost is determined by valuing an empty lot and estimating the cost to build a house of similar size and construction. Finally, the appraiser reduces this cost by an age factor to compensate for depreciation and deterioration. If your home is for investment purposes, or is a multi-unit home, the appraiser will also consider the rental income that will be generated by the property to help determine the value.

Using these three different methods, an appraiser will frequently come up with slightly different values for the property. The appraiser uses judgment and experience to reconcile these differences and then assigns a final appraised value. The comparable sales approach is the most important valuation method in the appraisal because a property is worth only what a buyer is willing to pay and a seller is willing to accept. 

It is not uncommon for the appraised value of a property to be exactly the same as the amount stated on your sales contract. This is not a coincidence, nor does it question the competence of the appraiser. Your purchase contract is the most valid sales transaction there is. It represents what a buyer is willing to offer for the property and what the seller is willing to accept. Only when the comparable sales differ greatly from your sales contract is the appraised value very different.

Insurance

 

The purchase of a home is most likely one of the most expensive and important purchases you will ever make. You and especially your mortgage lender want to make sure the property is indeed yours, that no individual or government entity has any right, lien, claim or encumbrance on your property. The function of a title insurance company is to make sure your rights and interests to the property are clear, that transfer of title takes place efficiently and correctly, and that your interests as a homebuyer are fully protected. 

Title insurance companies provide services to buyers, sellers, real estate developers, builders, mortgage lenders, and others who have an interest in real estate transfer. Title companies typically issue two types of title policies

1. Owner's Policy: Covers you, the homebuyer

2. Lender's Policy: Covers the lending institution for the life of the loan

Both types of policies are issued at the time of closing for a one-time premium, if the loan is a purchase. If you are refinancing your home, you probably already have an owner's policy that was issued when you purchased the property, so the bank may only require a lender's policy.

Before issuing a policy, the title company performs an in-depth search of the public records to determine if anyone other than you has an interest in the property. The search may be performed by title company personnel using either public records or, more likely, the information contained in the company's own title or abstract plant.

After a thorough examination of the records, any title problems are usually found and can be cleared up prior to your purchase of the property. Once a title policy is issued, if any claim covered under your policy is ever filed against your property, the title company will pay the legal fees involved in the defense of your rights. They are also responsible to cover losses arising from a valid claim. This protection remains in effect as long as you or your heirs own the property.

Title insurance premiums are generally very affordable and protect you against the slim chance that a claim may be filed against you. 

Closing

 

The closing takes place at the Title Company or Attorney who acts as our agent. If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you but in some states these two events actually happen separately.

During the closing, you review and sign several loan papers. The closing agent or attorney conducting the closing should be able to answer any questions you have. If you prefer, you can also contact your Loan Officer. Just to make sure there are no surprises at closing, your mortgage professional will contact you a few days before closing to review your final fees, loan amount, first payment date, etc.

The most important documents you will be signing at the closing include: 

Loan Closing Document:

The Loan Closing Document formerly known as HUD Settlement Statement is signed by both, buyer and seller. This document provides an itemized listing of the final fees charged in connection with your loan. If your loan is a purchase, it includes a listing of any fees related to the transaction between you and the seller. If the loan is a refinance, the it shows the pay-off amounts of any mortgages that paid in full with your new loan. Most items on the statement are numbered according to a standardized system used by all lenders. These numbers correspond to the numbers listed on the Loan Estimate that is provided in your application.

Note:

The note is the document you sign to agree to repay your mortgage. The note provides you with all of the details of your loan including the interest rate and length of time to repay the loan. It also explains the penalties that you may incur if you fall behind in making your payments.

Mortgage/Deed of Trust:

The mortgage/deed of trust document pledges a property to the lender as security for repayment of a debt. Essentially this means that you give your property up to the lender in the event that you cannot make the mortgage payments. The mortgage restates the basic information contained in the note, as well as details the responsibilities of the borrower. In some states, the document is called a deed of trust instead of a mortgage. 

If your loan is a refinance, federal law requires that you have three days to decide positively that you want a new mortgage after you sign the documents. This means that the loan funds won't be disbursed until three business days have passed. The closing agent provides more details at the closing.

 

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