If you are a first time home buyer in the Albuquerque area and have limited funds to put down, I have a program called MFA and you can get into a home for as little as $500.  That’s right, $500 is all you will need to purchase a home.!!!!!!

 The requirements are that you cannot have owned a home (including a manufactured home on a permanent foundation) for the past three years, need to have a minimum credit score of 620 and your gross family income cannot  exceed  what is stated below for the Albuquerque area:

1-2 household members $60,300

3-6 household members $67,345

The maximum sales prices according to counties in New Mexico  are below:

Los Alamos                                         $342,585

Santa Fe                                               $384,750

San Juan                                              $253,125

All Others                                            $243,945

The first step to get qualified for this program, is to call me so we can get you pre qualified for this great Albuquerque mortgage loan for  first time home buyers.  It will take about 15 minutes  for me to get your information and pull your credit bureau.   I can  then let you know what sales price you qualify for!!!!!!!! I will let you know the paperwork I need from you, we will meet face to face to sign the mortgage application paperwork and then you can start looking for your new Albuquerque home with your realtor.

Take advantage of our Albuquerque First time home buyer mortgage today!

 Depending on the circumstances there are a variety of possible benefits, including:

• Lower monthly payments
  Often, when you have enough equity, you may refinance without any additional down payment and still lower your monthly payments. Also, refinancing under a different loan structure may result in reduced monthly payments.
• Lower interest rates
  Refinancing offers a number of options for lowering your interest rates:

• Market interest rates may be generally lower inviting refinancing options before they rise again and the opportunity for locking in a low interest rate is gone
• A special low-interest loan plan may be available
• Your equity may be sufficient to allow for a restructuring of the interest plan (such as converting from an ARM to a low fixed rate mortgage)
• Conversion of high-interest-rate debt (such as credit card debt) to low-interest-rate mortgage debt
• Pay-down of a mortgage, providing options for better terms and less interest

• Lower debt load
  A lower debt load may simply offer less monthly stress and a greater peace of mind. But it may also allow for more of your money to go into investments or retirement funds. A lower mortgage balance may qualify you to drop your Private Mortgage Insurance. For future loans, an increase in equity may provide more flexibility in terms and options (such as rolling equity for a down payment). 
• Tax breaks on home improvements
  Interest on second mortgages used for home improvements is generally tax deductible. Before deciding about a home improvement loan, a homeowner should consult with their accountant to determine the best tax advantages. 
• Restructured debt 
  There are several ways in which restructuring debt may be advantageous. Some possibilities include:

• Restructuring the payment plan (consider the bi-weekly mortgage plan which results in making an extra payment each year rather than the standard 12 monthly payments, reducing the total interest paid out and the loan life)
• Restructuring payout terms (such as, switching a 30 year mortgage to a 15 year mortgage, which – depending on your equity position, type of loan, and terms – could result in some combination of lower interest, lower interest rates, reduced payment amounts, and a quicker building of equity and pay-down of your mortgage, or locking in an interest-rate option that could also reduce your interest, payments and loan length.
• Restructuring the type of loan (possibly changing from an ARM to a fixed rate mortgage or from a seller-financed loan to a bank mortgage or adding on a second mortgage)
• Restructuring the kind of debt (the proper balance of installment versus revolving loans affects your credit score)

• Needed improvements, cash or other priority items
  Refinancing can be the answer to funding those expenses that don’t fit into the on-going or monthly payment cycle. You can use your equity as the means to obtain funding, often without increasing your monthly payment, sometimes even reducing the payment and the interest.
  Although there are many reasons a homeowner considers refinancing, there are concerns that should be weighed into the decision, such as:· Will the upfront costs outweigh the benefits?
  · Will lower tax deduction due to decreased interest payments be advantageous?
  · Will there be prepayment penalties?
  · Will the long term and short term effects both be beneficial?

Preliminary decisions   
First, working with you, we will determine what type of loan will benefit you most.  Based on factors such as your employment history, income and debts, and credit history, we can decide the general amount that a lender would loan you and how large of a payment you could make.  We will also consider the best terms available and the legal ramifications of ownership.

Pre-Qualification         
Next, we will gather and review the necessary information (such as residence and employment history, assets, etc.) and run a credit score in order to give you a Pre-Qualification Letter.  This letter tells the seller that you are a viable buyer.  Now you are ready to look for the home that best fits all your needs.

 Loan Application         
Now that you have found the house you want, made an offer, and the seller has accepted your offer, the next step is the loan application.  You have already gathered much of the necessary information.  You may fill out the form on this website, and we will arrange for an appraisal when appropriate.

 Loan Funding   
Once your loan is approved, the realty agents of both the buyer and seller will agree on an escrow/title company to serve as an agent in handling the loan closing process.  We’ll coordinate with the escrow agent to help make sure that your lender has all the paperwork they need in order to facilitate this final step.  The final stage of the closing process will require your signature on the formal loan papers.  The escrow agent will arrange this and then the loan and the house is yours!

To Apply Now  for a loan from Christine Turpen click here!

Example:

Total debt payments = $600
Total monthly income = $3000
Debt to income ratio = 20% (600 / 3000)

The acceptable debt-to-income ratios and calculations vary slightly among lenders (some include the sought-for mortgage in their debt payment totals.) However, even if your debt load is high, an excellent credit history (or credit score) can make it possible to qualify for a mortgage loan.

 Along with considering your debt-to-income ratio, a lender will analyze your income and debt based on a qualifying ratio that is assigned to each type of loan. This ratio is a debt limit guideline to help determine if your income is sufficient in view of the loan you would like to obtain, first, for housing expenses only (including payment, taxes, insurance and fees) and, second, for recurring debt along with housing expenses. The standard qualifying ratio for a conventional loan is 28/36; an FHA loan usually has a higher qualifying ratio of 29/41. A higher ratio allows for more of your gross monthly income to be applied to each debt category.

 For instance:

Higher scores indicate a better credit risk . These scores not only may qualify you for a mortgage, but possibly better mortgage rates also. As with the other major scoring models (BEACON and EMPIRICA), FICO takes into account the statistics available in your credit report. Each item of data is assigned a weighted value, resulting in a single score that ranges from 300 (low likelihood of repayment) to 850 (high probability of repayment). A typical rating for a home buyer might fall within the range of 600 to 800. These credit scores particularly evaluate:

Payment History – Have your payments been timely?

Credit Card Balances – What balances do you still owe?

Credit History – What credit have you maintained and for how long?

Credit Types – What type of credit have you obtained?

 

Credit Inquiries - How often have you had your credit checked?

As most of these factors cover a timeline of credit history, there is not much you can do to change your score at the time of applying for a mortgage. However, you can begin to monitor your credit rating, know what your score is and ensure that the history is correctly recorded . For information and tools to help you, Fair Isaac has created a web site (www.myFICO.com ) that lets you access your FICO score from all of the three major reporting agencies (Equifax, Experian and TransUnion), along with your credit report. The FICO site and each of these reporting agencies’ sites (http://wwwequifax.com , http://wwwexperian.com , and http://www.transunion.com ) offer services to help you determine the best way to impact your FICO score.

Gary Bitner -

“Christine is a detailed loan officer who will get you the best mortgage possible for your financial situation. She came highly recommended to us, and we terminated our relationship with Countrywide once she showed us the mortgage options that she could provide our family. If your looking for a mortgage in Albuquerque, look no further than Christine”!

Teri Brossi -

“Thank you for making this home buying experience fun. Also, thank you for the ABQ magazine subscription gift. Very cool and much appreciated”.

Casey & Aaron Citrin -

“Thanks so much for helping us buy our newhome. You were a pleasure to work with and made the whole process go smoothly. Have a great fall”!

Marybell Hernandez -

“This experience has been amazing. All of the help given to me was incerdible and everything ran smoothly”.

Teri Brossi -

“Thank you for making this home buying experience fun. Also, thank you for the ABQ magazine subscription gift. Very cool and much appreciated”.

Carmen Aragon –

“Christine was very helpful and professional, always answered my questions expeditiously”!

Kirsten Hickerson-Signature Southwest -

“Chritine Turpen is on the top of her game”!

Christine Turpen – One of Albuquerque’s leading mortgage professionals!