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
"Can I refinance my home if I have no equity in my house?" "I am underwater on my home can I refinance?" "How can I get cash out of my home if I have no equity?" These are just a few of the questions I get asked as a Mortgage Loan Officer.

The answer is YES, you can refinance just about any mortgage to just about any mortgage program with little to zero equity in your house!

FHA Mortgages; this is one of my favorites because there are all sorts of way to make FHA work for you. If you already have a FHA Mortgage utilizing the FHA Streamline refinance works well for those with little to no equity in your house because it doesn't matter. The FHA Streamline does not require an appraisal in most situations, they will actually use the last appraisal of your home. There is no cash out at closing with a Streamline refinance only rate and term changes.

If you do not have an FHA Mortgage or can't do a Streamline Refinance FHA allows for a rate and term refinance up to 97.75% of the appraised value. If you need cash out of your home the loan to value for an FHA cash out refinance is 85% of the appraised value. In both of these situations the lender will require a new appraisal. If you would like to learn more about the FHA Mortgage click the link.

FHA has a special loan program called the FHA 203k Renovation Mortgage, if you are looking to use the equity in your home to make improvements or remodel your home this may be your solution if you have little to zero equity. The FHA 203k will allow you to borrower 110% of the appraised value of your home. The appraisal value for a FHA 203k is based on what your home will be worth once your home improvements are completed, basically giving you a valuation on your home on the future work to be done. You will have refinanced your current mortgage plus received the money needed to make the improvements to your home. I am a Certified FHA 203k Removation Mortgage Specialist and can help. If you would like to know more about the FHA 203k Renovation Mortgage follow the link.

VA Mortgages, 100% of the value of your home! No matter the type of refinance of your current VA mortgage you can borrow up to 100% of the appraised value, this includes cash out refinances. Yes, you can get cash out of your home up to 100% of the new appraised value.

Are you someone that served in the United States Armed Forces and you don't current have a VA mortgage. First, thank you for your service to the country, it is appreciated. Second, you need to consider refinancing to a VA Mortgage, follow the link to learn more.

Conventional Mortgage, Fannie Mae or Freddie Mac, 95% is the maximum rate and term refinance you can do with a conventional mortgage. If you want to do a cash out refinance you are very limited in your loan to value to 80% of the new appraised value. Nothing really special about conventional mortgages. 

Fannie Mae has a renovation type mortgage very similar to the FHA 203k Renovation Mortgage, the Fannie Mae Program is called the HomeStyle Renovation Mortgage. If you want or need a conventional mortgage AND you are want cash out for improvements to your home the Homestyle renovation mortgage will allow you to borrow up to 95% of the new appraised value. Now you have refinanced your current mortgage plus received the funds to improve your home. I close many renovation mortgages every year, if you have questions please feel free to contact me.

USDA Mortgage, no cash out refinancing with a USDA mortgage, but you can refinance to lower your interest rate and/or shorten your term with little to zero equity.

HARP, the Home Affordable Refinance Program, this program was developed my our Federal Government for the sole purpose of allowing home owners to refinance their home when they have little to zero equity. The HARP refinance will allow for you to refinance your home even when you are underwater. If you would like to learn more about HARP please click on the link. 

If you would like to talk about refinancing your home, especially if you have little to no equity in your home please feel free to contact me. 
Bob Rutledge Mortgage Loan Officer

St. Louis MO, St. Charles MO, Kansas City MO, Springfield MO, Columbia MO, Cape Giradeau MO, Branson MO, Jefferson City MO
Posted by Bob Rutledge on March 24th, 2017 3:11 PM

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