Purchase Move Up Buyer
Buying your next home doesn't need to be a difficult task. Golden Mortgage Corporation can help you make it a hassle free experience. Home buyers can get pre-approved for free, before shopping for your new home. Gain the advantage and get more bargaining power with fixed or adjustable rate mortgage loans. Video Move Up or Downsizing?
Our exclusive mortgage programs allow you to purchase a home with minimal downpayment. Some programs with as little as 3% down program. We have helped homebuyers over the past 16 years, just like you, buy their home. If you put a down payment less than 20% of the purchase price, you may need to pay Private Mortgage Insurance (PMI). Alternatively, there is a Lender Paid Mortgage Program which eliminates PMI. The 30 year fixed FHA program has a minimum 3.5% down payment, requiring a minimum mid credit score 580+. FHA also has a 550+ credit score with a minimum of 10% down payment. Both programs do not allow mortgage lates in the last 12 months. Credit issues are okay. 10% down payment programs 1 day out of bankruptcy or foreclosure, if you qualify.
Jumbo Loans (up to $5 million)
We have fixed and adjustable rate loans available up to 85% to $1 million loan amounts.
Important steps for a homebuyer mortgage approval:
Get your financial house in order is the key prior to housing hunting or preparing to get a mortgage.
Credit Score- depends on how you pay your bills and the ratio of outstanding credit versus your total credit limit. Pay on time and try to use only 50% of your credit limit.
Asset Verification - sources of your down payment and reserves using your asset statements covering a 60 day period. Large deposits other than payroll must be sourced and explained.
Income and Employment- determines the maximum housing payment can you afford. We have alternative income programs if you are retired.
You should be in the same line of work for at least two (2) years. Recent college graduates can use their college transcripts to fulfill the two (2) year employment gap.
Your housing payment (principal, interest, taxes and homeowner insurance (PITI) should not exceed 36% of your gross monthly income. Exceptions can be made for compensating factors such as high credit score, large down payment and asset reserves after closing on your mortgage.
Postpone purchase of large ticket items until after closing on your home.
If you do not have credit history, we will need proof of three (3) alternative credit sources reporting for a minimum twelve (12) month period. Acceptable credit sources such as cancelled rent checks for rental history, auto insurance, telephone or utility bills.
DO NOT co-sign for loans or credit for other people as we will consider this co-signed debt as your debt. Exceptions if you can prove the primary credit holder has twelve (12) current cancelled checks / payment history for their personal accounts.
Total debt (PITI added to monthly minimum credit card and installment debt) debt-to-income ratio should not exceed 50% of your gross monthly income.