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DOWN PAYMENT

ADVANCES

FUNDS FOR THE DOWN PAYMENT AND/OR CLOSING COSTS FOR YOUR HOME PURCHASE

THIS IS HOW IT BEGINS

INCOME TAX

FILINGS

Our team of affiliated accountants and CPAs will review your last two federal tax returns for errors. We will see, within the 6,871 pages contained in the tax laws of the United States, which of the codes will benefit you to buy their houses.

YOUR TAX FILING IS THE KEY

THE TAX FILING

IS THE MAIN KEY THAT WILL ALLOW YOU TO OPEN THE DOOR OF YOUR HOME

SEE WHAT MATTERS IN YOUR TAX FILINGS
CONTACT ONE OF OUR ACCOUNTANTS

JOB CONTINUITY

The Underwriters will verify that you have been working at the same company for the last 24 months. If you don't have a 24-month history at the same company, but are in the same line of work or industry, it helps you get qualified.

INCOME CAPACITY

Lenders will total your income (W-2) or profit (1099-NEC) and divide amount by 24 months (2 years). The monthly average must be equal to 50% or less of your total monthly expenses (DTI).

INTANGIBLE INCOME


There are other intangible factors that add up to your income or profit, such as business miles and/or tax depreciation for the use of business tools or items.

NEXT STEP

AFFILIATED LENDERS

GET APPROVED FOR AN FHA LOANS, CONVENTIONAL OR OTHER MORTGAGE PROGRAMS

PRE APPROVAL
CONTACT OUR AFFILIATED LENDERS

MORTGAGE LOAN

PRE APPROVAL

to buy your property, you must get a pre-approval letter by one of our affiliated Lenders. These entities are licensed to take the initial loan application and run it through their Risk Department (Underwriting). They are in charge of selecting which client may or may not qualify for mortgage financing for the purchase of their home

WHAT ARE LENDERS LOOKING FOR?

CREDIT

REPORT

The Lender will pull your credit report merged from the three credit agencies or bureau (TransUnion, Experian, Equifax). This report is called the Tri-Merged Mortgage Credit Report. It’s more detailed, and the scores are usually not the same as the one you get from CreditKarma or other credit reporting apps. There is no need to stress if your credit scores are not up to the qualifying points.

IF YOUR SCORES ARE LOW

RESCORING

INCREASE YOUR CREDIT SCORES QUICKLY

SEE WHAT LENDERS CHECK ON YOUR CLIENT'S CREDIT REPORT

VIEW YOUR CREDIT SCORES

Your credit scores will determine if you qualify for mortgage programs such as FHA, where you are only required a 3.5% down payment for the purchase of your home. Low scores are almost never the factor that will prevent you from owning your home. Our affiliated Lenders have an extra paid service to improve your credit scores called Rescoring. This paid service will project quick simulations and strategies to increase your credit scores in five days or less.

KNOW YOUR MONTHLY DEBTS

Lenders check your current monthly debt payments (not the total amount owed) reflected in your credit reports and add to that total the monthly mortgage payment or PITI (Principal, Interest, Taxes and Insurance). That total new monthly payment must be 50% or less of your gross income averaged for the last past 24 months (known as DTI) to qualify for the FHA mortgage program for first-time homebuyer.

HOW DO YOU OBTAIN THE FUNDS FOR THE DOWN PAYMENT?

APPLY HERE FOR THE 

DOWN PAYMENT

PROGRAM

Important: The program is available only for first time and second home buyers in certain counties in the State of  Florida. The money is not a loan, but a capital advance for future installation of utility equipment. Advances have a processing fee. Minimun required credit score for this program is 680 to qualify.

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