Westchester NY Mortgage Broker
Bliss Home Funding is your first stop for all your mortgage needs. Whether you need to refinance your Westchester NY home or are looking to get your first mortgage in Westchester NY, Bliss Home Funding will make the process as simple and painless for you as it can be. We have many Westchester mortgage brokers on staff ready to serve you.
Home Loans in Westchester NY
Conventional loans in Westchester NY are ideal for borrowers with excellent credit who can afford a down payment of 5 percent or more. Conventional loans can be conforming or nonconforming and can have either fixed or adjustable interest rates. Typical fixed interest rate loans have a term of 15 or 30 years. A shorter-term loan usually results in a lower interest rate. Adjustable-rate mortgages, or ARMs, fluctuate in relation to the rate of a standard financial index, such as the LIBOR. Monthly payments can go up or down accordingly.
There are also established guidelines for borrower credit scores which should be at least 620 but lenders can will start adding fees for anything below 740, income requirements and minimum down payments. Most conventional loans require between 5 percent and 20 percent down.
Cost for conventional mortgages include Origination fees, down payments, mortgage insurance, points, appraisal fees and closing cost.
Conventional mortgages usually take less time to process than FHA or VA loans.
No Income Verification
We currently have relationships with lenders who will lend to borrowers without verifying income for 50% and 65% loan-to-value (LTV) programs.. These loans are ideal for self-employed borrowers whose income varies from year to year, have very good FICO scores, or a lot of equity in their home and high liquidity.
No Down Payment
We can provide you with a 0% down payment required loan and closing costs paid by the borrower (seller can contribute up to 6% towards closing costs). The Veterans Administration and the Department of Agriculture guarantee home loans with no down payments.
We repair your credit so you qualify for the Westchester NY home loan you initially did not qualify for.
Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.
Challenged Credit Loans
We restore your credit to get you in the position to qualify to any loan product you desire.
High Debt Ratio Loans
We can qualify people with high debt to income ratios for a Westchester NY mortgage loan. Considering we work with many different lenders we can shop for the best deal out of many options available. One solution to a high debt to income ratio is to work with a lender that allows for a high debt to income ratio. Typical good credit lenders allow for debt ratios around 40%. Typical below average credit score lenders will allow a maximum debt to income ratio of 50%. But we work with some Westchester NY mortgage lenders that will allow debt to income ratios up to 55%, and sometimes even 60%.
Second Mortgage Loans
Subordinate to the first mortgage, these loans offer the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage in Westchester. Convenient when you have a low interest first mortgage.
What we usually do is a popular construction loan called the "one time close", also known as the "all-in-one," "rollover" or "construction-to-permanent" loan. You have one set of fees and one closing. This way we avoid you to get avoid a short term 1 year loan that you have to refinance into a new conventional mortgage loan once the construction is completed. It creates two time process that costs you two sets of closing costs and you have to re-qualify for the new loan once the home is completed.
The construction loan choices include the 30 year fixed, 15 year fixed, 1 year ARM, 3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM and the popular interest-only loans.
We provide investor loan programs that target a borrower`s the special needs and requirements. W assist with taking cash out on existing investment properties, maximum debt to income ratio, low credit score and a borrower can have more than 20 or 30 properties financed. We help with seller`s concession. Self employed borrowers are elligible for a loan.
It's the fastest growing loan program. The FHA home loan program in Westchester NY is for borrowers with less-than-perfect credit, borrowers with moderate debt-to-income ratios and for those who don't have a lot of money for a down payment. FHA mortages require a low 3.5 percent down payment. FHA has no stated minimum credit score requirement, but lenders have their own guidelines which vary from one lender to another.
A few facts regarding the FHA program:
- Down payment gifting by the seller or any person or entity that financially benefits from the transaction will be prohibited.
- The minimum down payment is 3.5 percent.
- The FHA may charge an upfront risk-based mortgage insurance premium that caps at 1.75 percent.
- The maximum loan limit for a single-family home is $729,750 or more in high-cost areas such as New York.
- It provides relief for borrowers wanting to refinance into an FHA-backed loan by allowing the lender to forgive all debt above 90 percent of the home's current appraised value. The borrower can then find another lender to refinance the remaining 90 percent into an FHA loan.
- Borrowers have traditionally been able to get FHA loans with moderate to high debt-to-income ratios, or DTI. For example, many financial experts recommend your mortgage payment should not exceed 25 percent of your take-home pay. FHA loans enable borrowers to qualify for higher mortgage payments. Of course, a higher DTI means you commit more of your income to the mortgage payment and less to other needs.
With VA loans, borrowers can qualify for 100 percent financing of the sales price. Veterans do not have to be first-time buyers and may reuse their benefit. Private mortgage insurance is not required. The loans are assumable by another veteran provided he or she is qualified. Seller can pay closing costs and the VA funding fee as long as these expenses don't exceed 4 percent of the loan amount.
Veterans still need to qualify with respect to income and credit score, and may need money for closing costs. However, the VA program permits the seller to pay closing costs. Borrowers may also need money for the earnest deposit (money the seller usually requires to remove the property from the market while the sales contract is under negotiation).
As far as Loan refinances, they are restricted under the VA Home Loan Program unless the borrower is refinancing from one VA loan to another.
Veterans must have received an honorable discharge from the U.S. military. Medical and general discharges are handled on a case-by-case basis, but are generally approved.
Westchester Mortgage Refinancing
Considering refinancing in Westchester New York triggers many good thoughts on benefits from it including lowering your interest rate, consolidating your bills, shortening your loan term, switching from an adjustable to a fixed rate or taking advantage of your home's equity. It is generally considered in the industry that if your closing expenses can be recovered within the first 30 months of the new loan, mortgage refinancing is a good idea.
We provide services where you most of the time can recover your closing expense within the first 15 months. There are several options for refinancing such as:
- Loan term reduction- creates a significant reduction in interest costs, a rapid build-up of equity but you may experience slightly higher monthly payments.
- Switch From Adjustable to a Fixed Rate or a New ARM –Switching From Adjustable to a Fixed Rate is recommended If you plan on staying in your home at least five years as there is a payment security of a fixed-rate loan which enables you to plan other purchases and expenses in your life. But if you plan on moving in less than three years, you should consider refinancing to a new ARM to take advantage of the low starting rates that may be available.
- Mortgage Consolidation – is recommended in case you have a first and second mortgage on your home, and you want to combine the two loans to get one good rate which would be less than a combination of the two.
- Cash our refinancing – If you have built up significant home equity, refinance of an existing mortgage to a larger loan amount might be a good idea. The funds you get you can use for any purpose such as investment, car, tuition, debt consolidation, etc. It might be important to mention that the interest paid on the "cash out" could be 100% tax deductible.
- Balloon Payment Due – many people that have a balloon mortgage with a lump sum payment due in the near future consider refinancing as a good financial option. The process of refinancing is very similar to the one of purchasing the property and we will do all of it for you.
About Westchester Mortgage Broker and Mortgage Refinancing in Westchester:
Bliss Home Funding is committed to helping you find the right mortgage product for your needs. We understand that every borrower is different, and we offer a variety of products to meet your individual requirements. We make the process of securing a Westchester NY mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.