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When it's time to buy your first home, it may be a very stressful process. You need to find the right place, make an offer, negotiate until you reach a final price and then start filling out a residential mortgage application. But one thing most first-time buyers aren't aware of is the importance your credit and documentation can play in securing a home loan. Here are some steps you should take before exploring your residential lending options so that you may get the best possible terms and rates for your home loan before filling out a residential mortgage application: 5 Steps You Should Take Before Buying Your First Home
    Check your credit reports. By checking all three major credit report agencies, Equifax, Experian and Transunion, you can see if there are any incorrect or derogatory marks on your credit history. Sites like Credit Karma are free for at least two of the reports. If there are any problems, work on getting them cleared up as quickly as possible.
  1. If needed, build a credit ...
Whether you’re looking at a promising new subdivision in a great school district or want to build your dream retirement home, there are differences in purchasing a new construction home that you won’t often run into with an existing home. Some of these issues will take more time, while others will impact your residential lending options . But what are these issues, and what difference do they make in the process? Here’s a short summary of some of the major differences. Buy It New: What You Need to Know About New Construction Homes
    It takes time to build. Though this may seem obvious, you’ll want to get some idea from the developer or builder of how long it will take and then add some time for things that go wrong, bad weather and other circumstances beyond your control. In general, a home will take five to six months to build, though that time may vary depending on the size of the home and the options you’ve purchased.
  • The basic model will look — and cost — much different from the model. Model homes in a development are ...
While your VA home loan benefits are usually ready and waiting, you have to do more than just let the military know you’re ready to buy a home. Learning more about VA loan eligibility and requirements and working with the most up-to-date information can ensure you know how the process works and that you take full advantage of all the benefits you are entitled to. Changes that happened in 2017 basically expand the program’s offerings and may make it more accessible to disabled veterans and other service members, veterans and eligible surviving spouses. A VA mortgage does not come from the Department of Veterans Affairs (VA); it comes from a bank or mortgage other lender. The VA simply guarantees a portion of the loan, which helps enable a lender to offer more favorable terms. Lenders must follow strict requirements to be able to offer a VA loan, and a VA loan is designed to be accessible and user-friendly for service members.   If you get a VA loan, you may benefit in a variety of ways, such as:
    Competitive interest rates
  • Relaxed credit ...
Veterans are flocking to Phoenix Arizona in record numbers; VA home mortgage loans have risen over 100% in the last year . What makes Phoenix and other, similar destinations so popular with service members and retired veterans? The answer lies in the benefits offered by VA loans, the great weather and easy affordability of these communities. Home Ownership Continues to Surge for Veterans

The overall rate of homeownership in the United States is 65%, but for veterans, the rate of homeownership soars to 82%, thanks to the affordable options offered with a VA home mortgage loan. With low or no down payments needed, flexible credit guidelines and an easy, streamlined process, VA mortgage loans may be more ...

               i Serve Residential Lending LLC's Iniative                          to Help Rural America    USDA Single Family Housing Guaranteed Loan Program Dedicated to  Preservation of Rural Communities Throughout the U.S.    

August 22, 2017.  iServe Residential Lending LLC is ...

When you or your loved ones are considering purchasing a home and have a service member in the family, VA mortgage loans are a great way to secure the funding you need. But what about occupancy requirements from the VA? If your loved one is deployed overseas, will that cause problems with the mortgage? What if you're getting ready to retire and want to purchase a retirement home in anticipation of leaving the service? A VA home loan or VA refinancing of your home can have some confusing language when it comes to occupancy, so here's what you need to know in plain English. Occupancy Requirements for VA Loans Who can meet the occupancy requirement?

In addition to the service member who qualifies for the VA loan or VA refinancing loan, their spouse may move into the home to meet the occupancy requirement. After the Honoring America's Veterans and Caring for Camp Lejeune Families Act of 2012 was passed, this requirement was extended to the dependent children of service members, providing additional options for our ...

A new trend in real estate is the increased demand for starter homes by millennials. Though it's difficult to track home ownership by age, recent figures suggest that starter homes may be the next hot real estate market. These indicators include new household numbers twice that of new household rentals, suggesting that the millennial generation is more interested in buying than renting their first home. But what do you need to do to prepare for a starter home and what's involved in the process? Here are the basics on the residential mortgage application , residential lending and residential home loans. Getting Ready for a Starter Home: What's Involved What is a starter home?

A starter home is an entry-level piece of real estate. It typically features a smaller price tag, but also has a smaller footprint. Many first-time homeowners have lower incomes and shorter credit histories than their older counterparts, so purchasing a home that is in a more economical price range makes sense. It may ...

Your Roadmap to VA Approval

Jul 26
8:37
AM
Category | The iServe Blog
Make the most of your veteran’s benefits by taking advantage of the VA home loan program. A VA loan may allow you to become a homeowner without a lot of red tape or even a big down payment. Learning more about the process can help you make the most of your benefits and help you get the home of your dreams without a lot of hassle. The VA Mortgage Loans Roadmap—Step by Step Path to Home Ownership Get Informed Talk with a lender or broker that is knowledgeable about the VA home loan process or VA refinancing. The best way to streamline the process and ensure you are getting great advice is to speak with a mortgage loan origination familiar with VA requirements.  The process is not difficult, but it is complex and does require specialized knowledge. Your local banker is likely a great guy and the place to go for your checking account, but he could be in over his head when it comes to your VA benefits. Go with a mortgage loan originator that is familiar with VA loans and you’ll always be able to ask for information, help and advice. Run the Numbers

The house you like and the house you can ...

As the economy continues to recover, more people are becoming homeowners, either for the first time or once again. But before you start on that residential mortgage application or compare residential home loans, you need to know that you're buying in a good location. Some parts of the country have very high housing costs and a lot of competition, while others have a large home inventory and low competition, lowering home prices and making the residential lending process go much easier. Here's a quick look at the top four cities for residential lending options in the United States, as reported by Zillow and CNBC .com. Thinking About Buying a Home? Check Out These 4 Hot Cities Orlando, Florida

Orlando is the home to Disney World, and the magic doesn't stop there. When other Florida cities were still struggling to create jobs, Orlando saw job growth in excess of 4% last year. Home prices have been rebounding as ...

Which home is right for you? The ranch with the cute picket fence or the traditional Colonial with the impressive foyer? Looks do matter, but knowing what you can afford, considering all your options and even thinking a few years ahead are crucial components of the home-buying process. Here's what to consider as you shop for your first home: Determine What You Can Spend How much home can you afford? Falling in love with a home or property that you ultimately can’t afford is more than a waste of time, it can be absolutely heartbreaking. A residential home mortgage calculator can help you determine a starting range for prices and give you a good idea of what you can afford. If you are truly ready, then speak with a mortgage lender to see if you can get pre-qualified. This step gives sellers confidence that you can complete the purchase and helps to let you know how much you may be able to spend on your new home. Work With an Agent

Since you have never purchased a home before, a buyer’s agent can work on your behalf, finding you homes to look at that are within your ...

It can happen so quickly. One week, you're sweeping an area with your fire squad, the next you're back home and adjusting to civilian life. When our military men and women leave the service for civilian life, the transition can be very rough as they change from guardians and peacekeepers to everyday people on the street. One way to help a veteran reintegrate into civilian life is through home ownership. Home ownership helps you to put down roots, and VA home loans are focused on making that process easier. Here's how it works : Veteran Stand Down: Getting Back into Civilian Life with a VA Home Loan

When you're ready to settle back into civilian life, a VA mortgage may be a great way to make it happen. VA loans are provided by private lenders, such as banks and mortgage companies.  However, the Department of Veterans Affairs guarantees a portion of the loan.  This generally enables lenders to provide veterans with more favorable loan terms. This may make it much easier to get a VA mortgage than a standard home ...

You may know about the healthcare, college and other common VA benefits, but did you know that the VA offers a full suite of lending, employment and even service dog benefits for veterans? Only 44% of all veterans use even one of their earned VA benefits ; learning more about these lesser-known perks can help improve your life in a variety of ways. 4 VA Benefits You May Not Be Aware Of Some of the lesser-known benefits can be the most useful. If you have a disability, need to find a job or are looking to secure a home for yourself and your family, one or more of these benefits will help: Service Dogs and Veterinary Care If you are a disabled vet suffering from a physical or mental condition, your VA benefits can help you receive a service dog that can improve your quality of life. From vision and hearing disabilities to physical injuries and PTSD, trained dogs perform valuable services for veterans. Your VA benefits can be used to acquire a highly-trained service dog from an organization specializing in assistance animals.

While service dogs ...

It seems like a big, scary step, but getting your own home may be surprisingly streamlined and easy. If you’re still falling for one of these common misconceptions, it’s time to take a fresh new look at home ownership. Common Myths About Residential Home Loans Myth: You need a boatload of money to buy a house Busted: You may be able to buy a home with a surprisingly low down payment. Depending on the loan type you choose, you may purchase a home with as little as 3% down. If you have ever served in the armed forces, you may also qualify for a VA loan, which does not require a down payment. You can sell your firstborn a la Rumpelstiltskin, work three jobs or live on ramen to come up with 20% for a conventional loan – or simply learn more about FHA residential mortgage loans, which include surprisingly low down payment options and relaxed credit guidelines. A mortgage loan provider can help you learn more about your options and ensure you find a product with an affordable down payment.

Myth: You need perfect credit to buy a ...

How Does a Mortgage Work?

May 16
8:01
AM
Category | The iServe Blog
As millennials enter the home-buying market , there can be a world of forms, terms and knowledge to gather. But many people find the entire process mind-boggling: filling out a residential mortgage application, contacting mortgage loan lenders and working out financing details. Whether you’re working with VA mortgage loans or are just beginning your journey with mortgage loan lenders, this guide may help you understand the process. How Does a Mortgage Work? Earnest Money Deposit Once you’ve found the right home for you, you’ll often make an offer to include a certain amount of what is called “earnest money.” This money is a show of good faith that you are intending to get financing to purchase the home. However, this particular step may happen later in the process if you’ve been pre-qualified for your mortgage. Completing a Residential Mortgage Application

Whether you’re considering a VA mortgage loan or other residential loan programs, the first step toward a ...

If you've heard it once, you've heard it a thousand times: Millennials don't buy cars, they don't buy houses, and they'd rather live with their parents and pay down their student loans than to take on the additional responsibility of homeownership. Stories about this generation are everywhere, and they definitely don't always paint millennials in the most positive light. But is it really true that today's generation of 20- and 30-somethings are allergic to residential lending ? Would you really rather rent an apartment with a slew of roommates than commit to 30 years of a residential mortgage? Not surprisingly, the common thinking about this is somewhat skewed toward making younger people look irresponsible or incompetent, but nothing could be further from the truth. Check out these facts about millennials and homeownership, and you just might change your mind about calling up your local residential mortgage company about getting pre-qualified.

1. Most Millennials Aren't Actually Old ...


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