St. Louis Mortgage Help

The Missouri Nurses Home Loan Program

There are all sorts of hero mortgage programs available to all sorts of different heroes, veterans, fire, police, first responders, teachers, etc. Even Medical Doctors get multiple specialty mortgage programs. A while back I saw a need for a mortgage program that provided to Nurses and all the related medical positions and started The Missouri Nurses Home Loan Program.

The The Missouri Nurses program is available to all Nurses, hospital employees, Physical Therapists, Veterinarians, Lab Techs, Chiropractors, Medical Assistants, even Dentists (they get excluded from Doctor loans) and if I left you out and you want to know please ask me....I am sure you can be included.

I started the Missouri Nurses Home Loan Program because I am a mortgage loan officer and I have been married to a RN since 1983, two of my sisters are nurses, multiple cousins are nurses, many of our shared friends are nurses, my daughter is a PT and my soon to be SIL is a Chiropractor. 

I have worked for many of these professions as a mortgage loan officer and I have been referred to many in the industry for years. I had started to notice all the specialty and hero mortgage programs out there and wondered why there really wasn't a mortgage program for Nurses and all the other hard workers we come to appreciate when we are sick, in the hospital, or married to one. 

WHAT IS THE MISSOURI NURSES HOME LOAN PROGRAM? 

I developed the Nurses Program to not be a take it or leave type program as many hero or specialty programs are today. For example, a program that only provides funds to help with your closing costs up to a specific amount. The Nurses Program can do this as well but we only place a limit on the amount provided for closing costs of
ALL YOUR CLOSING COSTS!

This program is an option heavy mortgage program intended to provide exactly what the Nurse needs to provide them with the best possible mortgage for their home buying plans. 

It could be down payment assistance that will provide the home buyer with the funds to increase their own down payment or provide the total minimum down payment required by an FHA or Conventional mortgage. 

But, it doesn't stop there, because if a home buyer wants or needs help with their down payment why not include the closing costs associated with buying a new home too? Using the available grants, subsidies, and/or concessions available to the home buyer the program can develop a home buying strategy to help the Nurse or home buyer purchase a new home with little to no money out of their pocket.

Do you want a below market interest rate? The Missouri Nurses Home Loan Program can help there too. Not an Adjustable Rate Mortgage but a true fixed rate mortgage that is indeed below what nearly all other lenders are quoting. No discount points will be paid to the borrower and may not be charged what so ever.

How about a Mortgage Interest Credit for first time home buyers? A yearly federal tax credit that will reduce the amount a Nurse or home buyer owes to the IRS up to $2200!

Don't like monthly mortgage insurance but you don't have a down payment of 20% or more. There are special home buying options available in the Nurses Program that will allow the home buyer to put down less then 20% and not have to pay monthly mortgage insurance. This program will reduce the total house payment too!

Would you like to have your first 3 house payments paid for you? How would you like to purchase a home and not have a house payment for the first 4 months you own your new home? The Nurses Skip 3 Program is available to FHA and VA mortgages and has your first 3 house payments paid for you. 

You would like to own a new home but you know your credit scores are not at the necessary levels to get qualified for a mortgage? The Nurses Home Loan Program does allow for credit scores as low as a 580 middle credit score?

Many times a low credit score is nothing more than a tweak or two from being a very solid to good credit score. The Nurses Credit Score Rescue Program will provide you with expert and seasoned advice that could increase your credit scores as quickly as within 30 days. There is no charge for this advice and help it is simply the service provided from the Missouri Nurses Home Loan Program.

The Credit Score Rescue Program will provide you with a detail plan straight from the 3 credit bureaus, Experian, TransUnion, and Equifax as to what steps you need to take to increase your scores within 30 days. 

And there is so much more! Whatever you think of a specialty home loan program and what those run of the mill mortgage programs provide you can forget those programs. The Nurses Home Loan Program is much more, it is whatever you need it to be.

The Nurse Home Loan Program is intended to bring Nurses extra benefits and home buying options to help save them money from the start of their mortgage to the very end of their mortgage.

Want to know what you can qualify for with the Missouri Nurses Home Loan Program? Click Here and complete the Nurses Exam and I will provide a personalized and detailed pre-qualification letter as to exactly what the Nurses Program will provide to you. 

My name is Bob Rutledge and I have been a mortgage loan officer for over 2 decades, I specialize in helping home buyers purchase a new home with little to nothing out of pocket. I am also a Certified Renovation Mortgage Specialist, I do a lot of renovation mortgages like the FHA 203k. 

I live and work in the St. Louis and St. Charles area but I close home loans all throughout the State of Missouri. My offices for New American Funding are located in St. Louis County but we are licensed in 48 states. 

If you would like to know more about me please visit my website at www.bobrutledge.com or schedule an appointment here at my calendar.

THE MISSOURI NURSES HOME LOAN PROGRAM!


 

Posted by Bob Rutledge on June 24th, 2019 2:11 PM
Your Credit Score is one of the most valuable assets a person can possess, especially if you are considering financing a new home. Your credit score will determine if you can be qualified for a mortgage, it will determine your interest rate, it will determine your closing costs, it will determine what mortgage program, and more. If you would like help with your down payment it will determine if you qualify for a DPA program too. 

The credit score is not the only item in making determinations regarding a mortgage application but it is where every lender starts. It is very important.

What is a low credit score? The average credit score in the United States ranges between 673 and 695 depending on who is supplying the credit score, so let's call the average credit score 684. The average credit score for a conventional closed mortgage application is over 700. Recently FHA/HUD made adjustments to their automated underwriting guidelines making it more difficult for borrowers with low credit scores and a high debt to income ratio to get an automated approval and the main reason was because their average credit score dropped below 680.

So, what is a low credit score? For a conventional mortgage anything really under a 660 score, unless you are utilizing the Home Ready or Home Possible programs and then it is a little lower. With FHA I use to say 580 or higher and you would be fine, but now a low credit score for FHA is going to be nearer to 620 unless your debt ratio is well managed.

FHA allows for credit scores down to 500 but if you fall below 580 it is an automatic required 10% down payment instead of the common 3.5% required down payment for FHA. Credit score does matter with FHA!

Can you get approved for a mortgage with a low credit score between 580 to 620, yes, absolutely. FHA recently made it more difficult to get approved but it is possible still. Besides FHA you only have the VA mortgage, for qualified Veteran, for low to poor credit scores. I am starting to see some Non-QM mortgage programs for low to poor credit borrowers but the down payment is huge and the qualification guidelines are very difficult.

How do you get approved for a mortgage if your scores are low to poor, low being 580 to 620 and poor from 560 to 580? I include the high side of poor because sometimes a minor tweak to a 560 score can kick the score up to 620 or higher.

Your first step to a mortgage approval with a low credit score is to find a mortgage loan officer that is willing and capable of working with you. Not all lenders are wiling or have the knowledge, ability, and experience to help you. 

In many instances a low credit score is only a minor tweak away from becoming exactly what you need to get approved, get a better interest rate, qualify for down payment assistance, purchase a new home with little to nothing out of pocket, qualify for the house you want, and all the extra benefits that come with a higher credit score.

With my low credit score borrowers I utilize my Credit Score Rescue Program to help increase credit scores very quickly. If done well and properly you can see credit score improvements within 2 to 4 weeks! When we pull a credit report generally we get the credit history, current credit trade lines, and the scores, with the Credit Score Rescue Program we also receive the POTENTIAL CREDIT SCORES.

Your potential credit scores come from the 3 credit bureaus, TransUnion, Equifax, and Experian and it is their factual feedback as to what your scores can be within 30 days of execution of specific action steps. If the scores you have are too low for what we want or need but your potential scores provide you with a better situation then we will order from the 3 bureaus your Action Plan to higher scores. 

The Action Plan will tell us exactly how to get the biggest bang for your investment into improving your credit score. But, it also allows us to play with the Action Plan to possibly reduce the investment needed to get that BIG BANG results to a more affordable option to get us exactly what is needed. 

The Credit Score Rescue Plan is something I have not experienced in over 2 decades as a mortgage loan officer. I now work with a lot of new home buyers that were turned down previously by other lenders, thought their credit too low to own a home, or we simply used the program to help improve the mortgage application. Learn more about the Credit Score Rescue Program.

HOME BUYER TIP: if your scores are low and you are wanting to purchase a new home and are working on your credit scores, STOP! I see it too often that the DIY work of future home buyers has hurt them because they have done the wrong right thing. Let someone like me help and consult with you, BTW, paying off collections can actually hurt your credits scores, (hint). Want More Tips about LOW CREDIT SCORE APPROVAL?

I can and want to help you qualified for a mortgage for your next new home! Go to my website at www.bobrutledge.com at my website you will find more help and how to reach me. Would you like to SCHEDULE an APPOINTMENT to ask questions, get advice, or to get pre-qualified, I would welcome to hearing from you.

My name is Bob Rutledge and I have been a Mortgage Loan Officer in the St. Louis MO area for over 2 decades. I specialize in first time home buyers, renovation mortgages, and helping home buyers with low credit scores improve and strengthen their home buying position.




Posted by Bob Rutledge on May 15th, 2019 10:13 AM

DOWN PAYMENT ASSISTANCE IS GETTING EASIER 

IN ST. CHARLES, O'FALLON, WENTZVILLE, ST. PETERS AND THROUGHOUT ST.CHARLES COUNTY!

 

In the St. Charles area there are Multiple Down Payment Assistance Programs available to First Time Home Buyers as well as Home Buyers in general. Did you know that if you have not own a home in the last 3 years you are again a First Time Home Buyer?

Complete the Down Payment Assistance Finder

There are local down payment programs that help provide funds to home buyers purchasing in a specific city, St. Charles City, O'Fallon, Wentzville, St. Peters, Dardenne Prairie, St. Paul, Cottleville, Lake St. Louis, and Weldon Springs. The amount can vary from $5,000 to $10,000 in down payment assistance.

Within Unincorporated St. Charles County there is a program to help home buyers with their down payment too! The program is currently provided up to $10,000 in help!

All of the City and County programs are for low to moderate income families, meaning if you make too much income you may not qualify. You do have to be able to qualify for a mortgage as well. 

The funds provided through these programs offer market interest rates, you have to be a first time home buyer, you must attend or participate in a home buyer education course, as well as complete a one on one counseling session, and you will have to have at least $1,000 of your own funds invested into the property purchase. There is no required repayment of the funds provided if you stay in the house and mortgage for 5 years.

These programs have their own credit and program qualification guidelines, I can help guide you through them. The number one qualification I am asked is what credit score do I need, 620 middle score for all borrowers is required.

If you cannot qualify for the local down payment assistance the next consideration would be the State of Missouri MHDC Down Payment Assistance Programs. 

MHDC Down Payment Assistance Program has cash assistance programs call First Place and Next Step. The First Place Program is for first time home buyers where the Next Step is for First Time Home Buyers and Home Buyers in general. 

Both programs will provide 4% of the actual loan amount for down payment assistance, but the First Place Program will provide additional funds if your fall in a specific income bracket and you qualify for the 3% down payment conventional mortgage program.

The First Place Conventional Cash Assistance Program will provide you the 4% DPA funds, as well as $2500 if the household/application income falls below 50% of the median income for the area, or if the income falls between 80% to 50% of the median income for the area $1500. I can help determine your income and the median income for the area you are looking for your new home.

Not all lenders in Missouri provide the MHDC Down Payment Assistance program, a lender must be a Certified Approved Lender with MHDC, we are an approved lender with MHDC and I close a lot of MHDC loans every year.

MHDC also can provide to qualified First Time Home Buyers a Mortgage Credit Certificate or MCC. The MCC is designed to help first time home buyers qualify for a home by reducing their IRS tax liability and offsetting a portion of their mortgage interest.

If you have a tax liability with the IRS, not owe them, and we all generally have a tax liability this credit will lower that liability reducing what you would owe the IRS every year or possibly increase your IRS refund!

MHDC requires a minimum 620 middle credit score for all borrowers and a total debt to income ratio of 45% which is a little higher than the debt ratio of the local DPA programs in St. Charles. MHDC income limits will depend on the DPA Program, where you are purchasing your home, and household size and make-up. I will help guide you through the guidelines and insure you are approved.

Some lenders provide in-house down payment assistance programs, we offer several DPA programs. These are the programs we want to consider when you cannot utilize the local or state DPA programs. The qualification guidelines are a bit more expanded except for credit scores, still a minimum middle credit score of 620 or higher is required. But, income limits are broader and in some cases there are no income limits. Debt to income ratios are expended up to 50%.

There are instances where an in-house down payment assistance program is a better situation than a local or state DPA program but I prefer them as a fall back. If need be I will thoroughly provide you with the pros and cons of these programs.

If you would like to consider down payment assistance I recommend that you complete the Down Payment Assistance Finder and I will email you with details as to what DPA programs you are eligible for.

Last, if you are a near miss for the required 620 Credit Scores that each of these programs require consider the Credit Score Rescue Program. I have experienced seeing credit scores improve within 3 to 4 weeks!

Hi, I am Bob Rutledge with New American Funding a progressive and customer oriented Mortgage Company. I have been a Mortgage Loan Officer for over 2 Decades, I have closed 1000s of mortgage, I have experience as a Mortgage Underwriter too.  I specialize in First Time Home Buyer Programs, Renovation and Construction Mortgages, and knowing the best mortgage options, programs and guidelines to provide the best to my clients.  I concentrate on making more options available to home buyers! When we work together you will find that I answer all questions, sometimes before they are asked. I prefer to be available to you as much as my family and life will allow, I am accessible to you via my cell 314-913-9678, text, or email bob@bobrutledge.com, or you can visit my website at www.bobrutledge.com. 




 

Posted by Bob Rutledge on May 8th, 2019 10:52 AM

The VA mortgage program does not have a required minimum down payment, it is a 100% mortgage. But, there are closing costs involved in the VA mortgage as there is in all mortgage. WHO pays for closing costs is much different with the VA mortgage than it is with any other mortgage program, another benefit to the veteran borrower.

A common way to remember which costs a veteran is allowed to pay for is to remember the acronym ACTORS. That stands for:

  • A  Appraisal
  • C  Credit Report
  • T  Title Insurance
  • Origination Fee
  • R  Recording Fee
  • S  Survey

These are common charges found on most every VA mortgage and while they can vary a bit by amount; these fees are the ones that can be paid for by the veteran. But what about these charges?

  • Attorney
  • Underwriting
  • Escrow
  • Processing
  • Document
  • Tax Service

These fees, and others, are example of charges that the veteran is not allowed to pay. Even though the VA lender requires a processing and an underwriting fee in order to approve the VA loan, the veteran may not pay for these charges and any other fee deemed "non-allowable." So if the veteran can't pay them, who does?

The Seller Can

Non-allowed closing costs can be paid by the seller of the property and is typically the initial method of dealing with such charges. As part of a sales contract, the buyer can say, "We'll pay you $200,000 for this home as long as you pay for $3,000 in closing costs."

Paying for a buyer's closing costs is considered a seller concession, and is limited to four percent of the sales price of the home. If a home sells for $200,000, then the seller can only pay $8,000 of the buyer's costs.

Such concessions can be used to pay for the buyer's VA funding fee, loan costs, property taxes and insurance among others.

The Agent Might

A real estate agent representing the buyer can contribute toward closing costs in the form of a credit at the closing table. Real estate agent commissions are paid for by the seller of the property and typically represented as a percentage of the sales price.

When a real estate agent brings a buyer to a seller and there are two agents, the listing agent and the selling agent, the commission is typically split between both agents. If the sales commission is six percent, each agent gets three percent each for their services. Some states don't allow the practice of an agent contributing toward a buyer's closing costs so check to see if it's okay in your area.

The Lender Can

The lender can offset part or all closing costs with a lender credit. Lenders can offer a credit to a borrower by adjusting the borrower's interest rate. It's like paying a point to get a lower interest rate but in reverse.

For example, a VA borrower applies for a 30 year fixed rate VA mortgage and is offered a 3.75 percent rate. The lender offers the buyer a lower rate if the buyer pays one point, or one percent of the loan amount. The choice is 3.75 with no points or 3.50 with one point.

In the other direction, the lender can offer 3.75 percent with no points and 4.00 percent with one point credit to the borrower. On a $200,000 loan, the lender can increase an interest rate by about one-quarter of one percent and the borrower gets a $2,000 credit toward closing fees.

The Borrower Can

The seller can pay, an agent can pay, the lender can pay but the borrower also has one more way to pay non-allowable closing costs. Recall that an origination fee is an allowable charge.

In lieu of charging the borrower non-allowed fees, the lender can charge a one percent origination fee instead of itemized non-allowable charges for things such as attorney or underwriting charges.

Closing costs on VA loans are indeed a different breed compared to FHA or conventional loans, especially with regard to who is responsible for any particular fee. If there are any questions about who pays for what, those questions should be asked directly to your loan officer. VA costs can be confusing, there's no need for them to be.

If you have questions go to www.bobrutledge.com and learn more or call Bob Rutledge with USA Mortgage directly at 314-628-2218.

Posted by Bob Rutledge on January 8th, 2018 10:31 AM

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