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Residential Mortgage FAQs.

We offer Conventional, FHA, USDA, VA and Reverse Mortgages. Some of our mortgage programs offer little or no down payments options. We also recently introduced a new home equity program with no monthly payments! To learn more about what programs would be best for you and your family, call one of our residential loan experts today at (609)800-FUND.

We currently offer residential mortgages in New Jersey. If you are looking to buy or refinance outside of New Jersey, we will be happy to refer you to another licensed loan office in your state.

The first step in the process is getting pre-approved so you know what you can afford. Then, we will provide you with a pre-approval letter and refer you to a real estate agent to start shopping for your new home, if you're not already working with an agent. At Brass the pre-approval process is fast and easy. We provide this service free of charge.

We find that most first time home buyers choose an FHA mortgage for a few reasons. FHA loans offer low down payments, just 3.5%. The rates with FHA loans are very competitive, which allow borrowers to qualify for higher loan amounts than most conventional mortgage options.

Yes, we offer some great loan programs that don't require a lot of money down. In fact, some of our programs require NO money down.

Closing costs can vary depending on a lot of factors. In general, they are approximately 3 - 4% of the total purchase price. Closing costs consist of lender fees, title insurance, homeowners insurance, real estate taxes and home inspection costs.

Typically, the buyer pays for their portion of the closing costs, but there are ways to have the seller or your lender pay some or all of your closing costs. They are called seller or lender concessions, which can be used to pay the buyers closing expenses. To learn more about seller & lender concessions, call one of our loan experts and we will help you structure your new home purchase to take advantage of these concessions.

Depending on your fico score, you may still be able to get a residential loan. In most cases, you only need to have a fico/credit score of 620. If your current fico score is less than 620, we would invite you to speak with one of our loan experts. We would welcome the opportunity to work with you to help review your credit profile and make sure it is accurate. We may be able to offer suggestions to help you to improve your fico score.

There are several ways you can increase your fico score. The most important one is to make sure you pay all of your accounts on time. Another is to review your credit reports to make sure there aren't any mistakes. If you find a mistake, you can dispute it to get it corrected. Another way to improve your fico score is to pay down some of your accounts, which will lower your credit utilization percentage, thereby helping increase your score.

There are a lot of different tactics that we have seen clients use and there are some really good companies that specialize in credit repair. We have found some to be better then others, so make sure you shop around and read their reviews before moving forward. One company that we have seen a lot of positive results from is called Nav. To set up your account simply click HERE.

Almost all residential loans today require you to prove your income and work history, but there are a few little known residential programs that still don't require you to prove your income. These programs mainly look at your average monthly deposits to determine your income. This could be a great option for some clients. To learn more about what options are best for you, please call one of our Loan experts today at (609) 800-FUND and they will be happy to help you.

The HEI or home equity investment loan, is actually not a loan at all, as there are never any monthly payment or interest changes. It is a new innovative way that homeowners who may not have the income or credit score to qualify for a traditional home equity loan can tap into the equity in their home. The HEI program gives you up to 20% of your current value, with no monthly payments, in return for a percentage of your home's future value. The funds can be used as you wish and don't have to be repaid for 30 years or until you sell or refinance your home - whichever comes first.

For more information on this new innovative program, click on the following link www.welcome.point.com/brass-financial or call one of our loan experts at (609) 800-FUND.

A co-signer is someone you can add to your loan application to help you qualify for a higher loan amount if your income isn't sufficient enough to qualify for the loan.

A pre-approval letter is a letter from your lender that states what type of loan you are pre-approved for and the amount of the loan. Most real estate agents and especially sellers will want to make sure that you are pre-approved before accepting your offer. Most loan officers are able to issue you a pre-approval letter after they review your application and loan documents. Loan documents may include your tax returns, bank statements, pay stubs and credit reports.