Qualifying for a loan assistance program can be a challenging process, but with proper preparation, it will be deservedly earned. To start, you should talk with loan officer, determine your financial situation and calculate how much home you can afford. This will help you narrow down your search for a suitable home and help you determine the amount of loan you’ll need.
To qualify for a loan assistance program, you’ll need to meet certain eligibility requirements by the lender or broker. One of the requirements placed by Hero Loan Team are income, credit score, and debt-to-income ratio. It’s best to have a good credit score, which is usually a score of 620 or higher. A high credit score will make it easier for you to qualify for a loan with favorable terms and interest rates. In addition, Hero Loan Team may also need your details on stable source of income and a low debt-to-income ratio, which measures how much of your income goes towards paying off debt.
Recently, Linda Peltz held an interesting talkshow with Hero Loan Team regional manager, Michelle Johnson. They covering all the topics related to home loan and what it takes to qualify for loan assistance program.
Lets dive in to video below to learn more.
Overview of Hero Loan Team Programs
Hero loans come up with a program that help home buyers or ‘unsung heroes’ to get into the home of their dream. Since the challenge is mostly about the cost to close, whether its down payment or closing cost, Hero Loan Team manage to find programs to help people with that amount money to close.
Currently the company have 200 different programs that gives access to down payment assistance, closing cost credit & rate concessions. Hero Loans always give their buyer many program option and offer the one’s which benefit the most. Moreover, they dont charge any lender fees, no loan origination, no loan processing fee, no underwriting fee.
Beginning of the year program, Hero Loan Team has a down payment assistance program. The program is fully funded, there are over 30 down payment assistance program available to help your real estate needs. Even this program managed to get people only to pay $371 for the closing!
Other program would be CNA program. The program start off by connecting you with loan officer, so you will get comfortable with all the process. Further getting your information, where do you fall in ‘hero’ demographic and listen to what you need.
Then Michelle will help select program that you qualify for, focusing to what your goal is; is it your payment, then going on to couple different scenario that best for you. For example, you want to go for down payment assistance and save the money for remodel, then Michelle will help you put that money down and go with the waive & private mortgage insurance program
Once you decide on the program, then Michelle will get you into a realtor like Linda Peltz to help you with the pre-approval, homeowner personal loan and find the house of your dream. So that’s basically how the route will going in.
Linda Peltz agreed that realtor and loan officers must be an intertwined team to get through all this process and get it close for any client. Don’t ever stress out thinking you will not qualify, start talking to loan officer and they will find you they way out.
Learn more about Hero Loan Teams here: www.heroloanteam.com
Michelle Johnson – HERO Loan Team
Linda Peltz Realtor – eXp Realty