Financing

Check out these different loan options

FHA Loans (with expanded approval options)… are the best alternative to today’s stricter underwriting guidelines. Requiring only a 3.5% down payment, FHA loans offer low interest rates and payments whether you are a first time buyer, move-up purchaser, have had a bankruptcy or foreclosure in the past.

FHA Guidelines
Low Credit Score Requirement: 640 are the standard FHA requirements. Our Expanded approval credit score loans are available with as low as a 620 credit score. Credit scores below 640 must have strong income, and good compensating factors.

  • Previous Bankruptcy (If applicable): Must be discharged at least 2 years.
  • Previous Foreclosure or short sale (If applicable): Must be at least 3 years old.
  • Low Down Payment Requirement: 3.5% is the minimum down payment required on FHA loans.
  • Non-Occupant Co-borrower’s: A family member can help you qualify!
  • Gift Funds: A family member can give you all of your down payment.
  • Seller can pay your closing costs: We help you structure your purchase, so the seller will pay some or all of your closing costs.

If your credit score is below 620 you will not be able to obtain FHA financing. Not sure what your credit score is? Check here

Have you had a Bankruptcy, Foreclosure or Short Sale? Do you want to buy a new home but are afraid you won’t be able to? You may still be able to buy a home. We know times are hard and bad things can happen to good people. Our guidelines allow for us to finance people for home loans that other lenders won’t do.
See continued expanded approval options… Do you qualify?

If you had a Bankruptcy previously, you may qualify if:

  • Your bankruptcy has been discharged for 2+ years
  • You have re-established credit since the bankruptcy
  • Your credit has been excellent since the bankruptcy
  • Your middle (of 3 scores) credit scores is 620 or higher
  • You have a minimum of 3.5% down payment

 

If you had a Short Sale previously, you may qualify if:

  • Your short sale transaction date occurred 2+ years ago
  • Your remaining credit and new credit since the Short Sale has been excellent
  • The reason for short sale was extenuating circumstances. Examples would be death of spouse, loss of job, medical illness.
  • Financial mismanagement of any kind as reason for short sale requires 4+ years from date of short sale.
  • Your middle (of 3 scores) credit scores is 620 or higher
  • You have a minimum of 10% down payment

 

If you had a Foreclosure previously, you may qualify if:

  • Your Foreclosure date occurred 3+ years ago
  • Your remaining credit for the last 12 months has been good
  • You have reestablished excellent credit since the Foreclosure
  • Your middle (of 3 scores) credit scores is 640 or higher
  • You have a minimum of 3.5% down payment

Free Prequalification…For more financing information, apply today!

Financing Your New Home doesn’t have to be confusing and Kopper Creek Building, LLC has relationships with many top lenders to make financing your new modular home easy and worry – free.

Mortgages are available for most families looking to build a new home. You may even qualify to build your new home with no money out of pocket. By using your land equity as down payment, you may be able to build your new home with very little cash. Some lenders even allow you to finance your closing costs and fees, making building your new home simple.

Establishing a budget – calculating total costs…The first step in calculating your monthly payment is to determine a total cost to build. Included in the total are:

1.Land purchase price
2.Cost of home
3.Cost of Improvements (well, septic, garage, porches, etc)

Calculating Monthly Payment…Now that you have your total project cost from above, you can estimate your monthly principle and interest payment using an online mortgage calculator. The calculator will give you a monthly payment, which includes principle and interest, but don’t stop there. You must also add your monthly homeowners insurance and property taxes. These items will also be included with your monthly mortgage payment. Also remember that when putting less than 20% down on your new home, you will probably be required to pay PMI (Private Mortgage Insurance).

SOME OF THE LOAN PRODUCTS AVAILABLE FROM OUR LENDERS

FHA 1 Time Close construction loan…FHA 1 Time Close construction loan provides both construction funds and permanent loan. See link for details

FHA Mortgage…Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3.5% down payment – Seller can contribute up to 6% of the purchase price to the buyer towards closing costs. Expanded FHA approval option APPLY NOW!

USDA Rural Development…Up to 100% Financing. Both Property and Borrower must qualify. (See details on USDA financing guide up to 100%)

VA Mortgages…Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person and is up to 100% down ( see details on VA Mortgage Loans)

Conventional…Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and good-to-excellent credit are necessary. This is a loan is most commonly used when client has 20% down or more.

Your lender can give you more details on what this will cost.

Total Monthly Payment…Your total monthly payment is made up of the following items:

1.Total Project Cost
2.Taxes and Insurance
3.Mortgage Insurance (If less than 20% down or Equity)
4.Financing costs (if included in the loan)

Free Prequalification…For more financing information, apply today!

New Century Bank
www.newcenturybank.com

Premier Home Mortgage
www.premierhomemortgage.com

EXPERTS ARE BEHIND EVERYTHING WE DO.

We pride ourselves on being an expert in our field. We are confident that you will not be disappointed in the products that we provide nor the service that we provide throughout. Put your house dreams into the hands of the experts.