Q: If I am a non-citizen, can I qualify for a home loan?

A: Different guidelines are established for non-citizens. Each loan type varies.

As a requirement, the home being purchased in this country must be the primary residence for FHA loans. Non-citizens also must have a Social Security card and all other documentation regularly required for FHA buyers.

Freddie Mac underwrites loans for permanent and nonpermanent residents alike, with no special requirements for the latter.

Through Fannie Mae, non-citizens are required to hold a green card (have permanent resident alien status). Non permanent resident aliens are required to supply an additional down payment and proof of permission to work in the United States for extended periods through a work visa. Additionally, they must occupy the purchased property.

Be sure to meet with your PrimeLending Loan Officer before choosing a home. This will help you be aware of your specific financing opportunities.

Q: What do the terms points or origination fees mean?

A: Points refer to the cost of buying down the interest rate to get a lower rate or use of special programs.  The origination fee is the cost of having a lender complete the loan transaction for you.

Q: How much is required for a down payment?

A: There is no established amount for how much down payment is required.  Each program has different requirements however, after sitting down with your Loan Officer you will better understand which program you will be using and how much down payment is required.  Depending on your eligibility you may find very low down payment programs available and even Down Payment Assistance if needed. 

Q: What is an escrow account or impounds?

A: When you purchase a home and have a mortgage it is required that you pay your property taxes and home owners insurance.  In the majority of situations it is required that your lender establish an escrow account for you consisting of your own funds that will be used to pay your taxes and insurance regularly.  Your yearly taxes and insurance will be divided up and spread out over your monthly mortgage payment.  In unique circumstances this process can be waived so ask your PrimeLending Loan Officer for details.

Q: Can I still qualify for a home loan if I have had past credit problems?

A: It is not uncommon for individuals to have some issues regarding their credit in economic times like these.  The best thing you can do is sit down with your PrimeLending Loan Officer and pull your credit.  Together you can over your credit report and examine your history to determine whether the past will prohibit you from purchasing a home at this time.  If actions must be taken to improve your credit scores your Loan Officer can assist you in putting together a program to put you in a position to purchase a home in the future.  It is impossible to reach a destination without a specific game plan in place and your PrimeLending Loan Officer can assist you in creating one!

Q: Will I receive a copy of my credit report and appraisal?

A: You will receive a copy of your appraisal at closing and your credit report is available upon request.

Q: Do I need a certain amount of money left over after I purchase my home?

A: Each loan program has different requirements for what is called reserves.  Reserves are considered available cash to cover your mortgage payment in case of difficult times.  Your PrimeLending Loan Officer will inform you of your options depending on you specific situation. 

Q: How long will it take to close my loan and when will my first payment be due?

A: Again this really depends on the loan program and your specific situation.  Once a Purchase And Sale Agreement is in our possession we can close most loans in 30 days.  However, some loan programs do not allow for that fast of a closing.  Your PrimeLending Loan Officer will be able to give you a realistic expectation of a closing date and when your first payment will be due based on the loan program that works best for you.