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

With significant changes to the tax code taking effect this year, homeowners and prospective buyers are revising their plans to take advantage of its sweeping changes. Here’s an analysis based on information from the National Association of Realtors and NerdWalllet.

Tax Rate Reductions. Joint filers with incomes of $77,400 to $400,000, which will include most first-time buyers, will see their tax rates decline from two to four percent when they file their 2018 taxes next year.

Mortgage Interest Rate. Changes in the mortgage interest rate—lowering the cap to mortgages worth o $750,000 from 1 million and excluding interest paid on home equity loans— would affect only the wealthiest first-time buyers directly. The changes will make second homes and equity loans more expensive for first-time buyers in the future.

State and Local Taxes. The new law limits the amount of property taxes and other state and local taxes to $10,000 a year. First-time owners, as well as current owners, will lose the ability to deduct thousands of dollars that they can deduct in 2018, increasing the cost of homeownership, especially in high tax states like New York and California. In the State of Missouri most First Time Home Buyers homes will not have an annual property tax anyway near $10,000.

Student Loan Interest Deduction. Potential first-time buyers and their parents who have been burdened with student loan debt will lose the ability to deduct the interest they pay on their loans. As a result, it will cost them more to pay off their debts to reach a DTI that would qualify them for a mortgage. 

Personal Exemptions. Personal exemptions for filers and their dependents, worth $4,150 each in 2017, was eliminated in the new tax law.

Moving Expenses. Taxpayers have been able to deduct some moving expenses related to their employment, but this deduction is eliminated in the new act.

Standard Deduction. Taxpayers must decide whether to take the standard deduction or itemize their deductions. In the past, most homeowners have itemized to take advantage of the mortgage interest deduction and the deduction for state taxes, including property taxes. The new law doubles the size of the standard deduction from $6,000 to $12,000, or $24,000 on a joint return. According to Zillow’s Alexander Casey, under the current setup, roughly 44 percent of U.S. homes are worth enough for it to make sense for a homeowner to itemize their deductions and take advantage of the mortgage interest deduction. Under the new law, that proportion of homes drops to 14.4 percent. 

Impact on First-time Buyers: NAR’s research department modeled examples of homeowners as different income levels, mortgage sizes, and family sizes.  

A single first-time buyer who purchases a home costing $205,000 and takes out a 30-year fixed rate mortgage at 4% interest. She puts down 3.5 percent. Assuming she buys early in 2018, her first-year mortgage interest would total $7,856, and she would pay real property taxes of $2,050. Under the old law, her taxes for 2018 would fall by $2,098; Under the new law, her taxes would rise by $30. Moreover, the difference between renting and owning was $2,098 under the prior law but shrinks to $637 ($6,060 - $5,423), or $53 per month.

A family of five with an income of $120,000 that buys a $425,000 home with a 10 percent down payment on a 30-year fixed mortgage at a 4 percent. Under the old law, they would save $3,219 by buying. Under the new law their taxes would decline only $100, but if they had remained renters, they would receive a tax cut of almost $2,400. Under the prior law, the tax benefit of buying a home was $3,219. Under the new law, they will get a tax cut $948 ($8,999 - $8,051), a much weaker incentive to buy.

 

Posted by Bob Rutledge on February 14th, 2018 4:23 PM

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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