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Thomas Hall

Lender

Area Sales Manager, NMLS#437027 (10 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning

Advice

  • (437 Contributions,
  • 15 Best Answers,
  • 58 Helpful)

Contributions are sorted newest to oldest.

If the VA loan guarantees a loan for a vet why does that vet have to meet certain requirements from

Answer

The guarantee that the VA makes for the loan is conditioned on the lender underwriting according to VA guidelines.  The lender can't give a vet a loan just because they are a vet. The lender can lend to a vet if they have the ability to repay (meet capacity (income&debt level guidelines)), the willingness to repay (demonstrated through a history of paying past debt obligations), sufficient assets to complete the transaction and if the property is an acceptable property to lend on.

  (0)
I am a permanent resident only

Answer

It doesn't appear like credit would be an issue and your residency status doesn't pose a problem. We lend in MO and I can assist you (contact me through my profile if you wish to discuss further).  The key is as long as you can qualify on the disability income with your housing payment and debt load you can purchase a home.  You will need the funds necessary for downpayment and closing costs but depending on where you are buying there are options on having those paid for as well.

  (0)
Interested in buying 1st home

Answer

Damon,There are a couple downpayment assistance options available depending on household income (i.e. THDA and the Housing Fund.) And has already been mentioned Rural Housing is a 100% financing option. If you are considering dickson, cheatham, or hickman county then that is clearly and option.  There are portions of Williamson and Rutherford county that are also eligible for Rural Housing.If you would like me to help you figure out which options are best for you you can contact me through my profile.Thomas

  (0)
Can I qualify for a first time homeowners loan?

Answer

DeeDee,We have a couple different options for homebuyer with little to no money down in Tennessee.  The options are based on household income eligilibility. There is the THDA (tennessee housing development agency-Great Choice program which pairs an FHA first mortgage with a 4% second mortgage.  We can also do A My Community First Mortgage paired with a Community Second up to 105% CLTV, this eliminates the high monthly PMI associated with the FHA/THDA mortgage.  You still have to qualify with your existing debt. We can look at your current debt load and give you insight into what you can qualify for and if it isn't enough you can have a plan on what debt you need to payoff to qualify. If you have any further questions don't hesitate to contact me through my profile.

  (0)
Are all HUD homes considered part of the good neighbor next door program?

Answer

No they aren't you need to look for HUD homes that specifically say GNND eligible. On the Hud Homestore website If you select GNND under buyer type in the dropdown list it will show you the eligible GNND homes. In the state of TN there are presently 298 listings and only 4 are GNND eligible.   The GNND eligible homes are generally in targeted Census Tract areas and that is why you won't find many.

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