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Category: Purchase

Chris Jordan Mortgage Team / The CJMT Blog / Purchase
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Budgeting Home Buyer Strategy Home Buyer Tips Misc Mortgage 101 Mortgage Advice Mortgage Planning Purchase

Budgeting for a mortgage payment

July 31, 2017 CJMT No Comments
When determining how much you should spend on a mortgage payment, there are several factors you have to consider first. You first need to determine what your take home pay is.  Lenders look at your gross income, but after Uncle Sam takes his cut, you…
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Down Payment Assistance Home Buyer Tips Misc Mortgage 101 Mortgage Planning Purchase

Avoid your home sale contingency

July 13, 2017 CJMT No Comments
If you have ever written a contract with a home sale contingency, you already know that it puts you, as a buyer, at a serious disadvantage over your competition.  If your home has plenty of equity and you know it will sell, but the timing…
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Home Buyer Tips Loan Origination Misc Mortgage 101 Purchase

Avoiding Mortgage Sabotage

April 25, 2017 CJMT No Comments
Home buyers are often not aware of how an innocent transaction such as making a credit card purchase or moving cash from one bank to another can jeopardize the mortgage approval process. Here are a few of the more common areas of concern that all…
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Loan Origination Misc Mortgage 101 Purchase

How does your preapproval letter stand up to the competition?

April 5, 2017 CJMT No Comments
Being preapproved for a mortgage before making an offer on a home is a wise decision and it will give you a better chance of winning your offer, but not all preapproval letters are created equal.  Who your lender is could make or break your…
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Home Buyer Tips Loan Origination Mortgage 101 Purchase Total Cash Required

Down Payment Options

January 9, 2017 CJMT No Comments
Minimum down payments can range greatly depending on the type of property, loan type and borrower credentials.  Here are a few of the more common down payment options explained. No down payment required - There are several loans that can be categorized as having no…
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Contract 1
Home Buyer Strategy Home Buyer Tips Misc Mortgage 101 Mortgage Planning Purchase

Get your contract accepted – Beat the competition

December 14, 2016 CJMT No Comments
Offering more than your competition, or removing contingencies has always been a way to beat the competition, but there are a few other things you can do to put yourself at an even greater advantage. Get pre-approved before you start looking at homes. Looking at…
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Recent Posts

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This website is for informational purposes only. The information contained herein can change at any time, and there is no representation to the accuracy contained herein. Make sure you understand the features associated with the loan program you choose, and that it meets your unique financial needs. Subject to Debt-to-Income and Underwriting requirements. Please note that the pre-qualification does not constitute a commitment or a loan approval but is instead a preliminary assessment of your current credit worthiness. This is not a credit decision or a commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. Not all programs are available in all areas. Offers may vary and are subject to change at any time without notice. Main Street Home Loans is not a Financial Advisor, Tax Consultant or Credit Repair Company. Please make sure to consult your own Financial Advisor, Tax Consultant or Credit Repair Company regarding your specific financial situation. Veterans Affairs loans require a funding fee, which is based on various loan characteristics. VA 580 FICO – Purchases only, must have Automatic Underwriting System (AUS) approval. No cash-out under 600. On a USDA Loan 100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included. On FHA loans, LTV’s of up to 96.5% for FHA loans. FHA 580 FICO – Credit score below 600 requires Automatic Underwriting System (AUS) approval. Fixed rate loans only. W2 transcript option not permitted. APR describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate. The APR allows a borrower to compare costs of credit because it factors in term, interest rate and fees associated with the loan. Adjustable rate mortgages (ARMs) are home loans with a rate that varies. Your interest rate and monthly principal and interest (P&I) payments will remain the same for a defined initial period, then adjust annually when that initial period is over. During the adjustable period, there will be an interest rate cap that sets a limit on how high your interest rate can go. This product is primarily for a borrower with good credit (min 680 FICO) but a low Loan-To-Value (95% max). Debt-to-income ratios apply. Investment condominiums not allowed. Refinancing an existing loan may result in the total finance charges being higher over the life of the loan. Down payment assistance programs may require an educational class be taken. Down payment assistance programs are typically second mortgages that require the borrower to apply for a first mortgage. Testimonials appearing on this advertisement and Zillow, Yelp, Facebook, Twitter or other social media outlets are individual experiences of those who have used our services. Main Street Home Loans. does not provide incentives for testimonials or reviews. Any customer reviews on or before February 5, 2019 are for services performed prior to employment with Main Street Home Loans. MLO licensing information: DC MLO143670; VA MLO-740VA; MD 5762. Main Street Home Loans is a Division of NFM, Inc. NMLS 2893. NFM, Inc. is licensed by: DC # MLB2893; Virginia Mortgage Lender and Broker, Licensed by the Virginia State Corporation Commission # MC-2357; MD # 5330. For NFM, Inc.’s full agency and state licensing information, please visit www.nfmlending.com/licensing. NFM, Inc.’s NMLS #2893 (www.nmlsconsumeraccess.org). NFM, Inc. is not affiliated with, or an agent or division of, a governmental agency or a depository institution. Copyright © 2019.

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