Gateway Funding Offers Tips to Consider When Buying Your Dream Home

Is it possible to hate the very Dream Home that you always wished to buy? Yes! You’ve spent your time, money and energy on your dream home, just to realize in a few months that your dreams were after all a nightmare in disguise. So what went wrong? Read on to learn more, as Gateway Funding Diversified Mortgage Services, LP discusses the things that you need to consider before buying a house.

“Buying your ‘Dream Home’ is often an emotional decision for almost every one of us. While the emotional aspect of the choice cannot be denied, decisions based entirely on emotions aren’t always positive. When looking for homes, it is important to consider aspects such as repairs and maintenance, schools, taxes, commuting to and from your workplace, neighborhood etc. If any of these factors conflict with what you were hoping for, there is a large likelihood of a strain on your budget and your happiness” says Dan Catinella of Gateway Funding Inc. Gateway Funding Diversified Mortgage Services, has been involved in helping people with mortgages, refinance etc. and is the largest privately held mortgage lender in the US.

“Aesthetics are important, but not beyond practical convenience” he adds. According to him, rather than paying absolute attention on the right color choice and deciding of the kind of flooring, pay attention to the practical problems at hand. Is there a school in the neighborhood? If so how much time does it take to travel to the school .Are there kids in the neighborhood that are the same age as your children? How long does it take to travel to your workplace? A beautiful home but far away from your workplace, only means that you have to spend more time and money on commuting. Consider the amount of gas that you would need to spend on your car and then there’s maintenance as well.

Buying an old home may be a cheaper option but have you factored in, the maintenance costs? Have you always wanted a home with a pool and a garden? Have you considered the cost of pool maintenance and what about the garden maintenance costs? A larger home has a higher cost of heating, cooling, carpeting, etc. Also remember the neighborhood; the value of your home is bound to increase or decrease with the value in the neighborhood. These costs when added to the monthly payments towards the home loan, is sure to cause a huge strain on your budget if you are not careful.

“At Gateway funding, we help people to decide on the appropriate product, that’s best suited for their financial situation, so that they don’t have problems with their home loans. You can always discuss with our mortgage specialists on the products and services that are best suited for them” he adds.

To know more on the products and services offered by Gateway Funding, visit, http://www.gateway-funding.com/

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Gateway Funding Inc. Discusses Home Loans Under the USDA Rural Housing Program

The USDA Rural Home Loan Program also commonly referred as Section 502 Loan Program provides low-cost insured home mortgages to people with low or moderate income. These home loans are ideal for homebuyers with limited savings, and for low to moderate income buyers. The USDA Rural Home Loan Program, guarantees home loans to lenders in specifically targeted rural areas on mortgage loans made to low and moderate income applicants.

“At Gateway Funding, we provide loans under the USDA Rural Housing Program. There are basically two different types of loans for single family households that are offered under this program- the USDA Guaranteed Rural Housing Loans and the USDA Direct Rural Housing Loans. To know if your area is eligible and also to know more on the income limits to qualify under the program, you could contact our mortgage specialist, who would explain you about the eligibility details” says Gateway Funding Diversified Mortgage Services, LP.

The USDA Guaranteed Rural Housing Loan is the most common type of loan and allows for higher income limits and also for 100% financing for home purchases. Loan applicants under this scheme may have an income up to 115% of the median household income. These are 30 year loans with a fixed rate. The USDA Rural Housing Service shall however charge an upfront fee of 3.5% and also collect an annual fee of 0.5 % on the balance loan amount.

The USDA Direct Rural Housing Loans aren’t as popular as their counterpart and can be only availed by people from low to very low income households. Very low can be defined as below 50 of the area median and low income is anywhere between 50-80% of the median.

“The best aspect of this loan is that they are not credit score driven, although the applicant has to prove that he or she has a decent record of paying his or her bills on time. These loans neither require down payment nor reserves. Also with a onetime guarantee fee, you can opt out of the monthly mortgage insurance” explains a Gateway Funding Loan Officer. Gateway Funding Inc. has been providing diversified mortgage services for the past 16 years and is now one of the largest privately held mortgage companies in the US.

To know more about how to apply for qualify for the USDA Rural Housing Program, visit, http://www.gateway-funding.com/

About Gateway Funding

Gateway Funding Diversified Mortgage Services, LP, established in 1994, is one of the largest privately-held mortgage companies in the United States. Gateway Funding is licensed in most states and has office locations across the country to serve you in your mortgage, home finance, refinance and reverse mortgage requirements. Gateway Funding recognize the challenges their clients and borrowers face today and are determined to find the best possible solution for their customer’s current financial needs.

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FHA Loans are the Best Option for Investors, says Gateway Funding Diversified Mortgage Services, LP

During the recent real estate boom, FHA Loans weren’t very popular as people were flocking to subprime mortgages to obtain finance for their dream homes. But now, as lending standards have tightened people are rediscovering the importance of FHA Loans. The FHA doesn’t directly lend, but insures the home loans that banks give to consumers. An FHA loan is easily approved and mortgage lenders are flexible with their guidelines.

“A FHA Loan has a low down payment, and some of these down payments can come from gifts and grants. You can also borrow almost 97 % of the value of a home. They also have flexible income, debt and credit requirements” says, Dan Catinella of Gateway Funding Inc., a company that offers diversified mortgage services.

“Most lenders have a minimum credit score requirement of 640 or higher. Mortgage lenders want to see that you have a decent history of paying bills on time. For those who have had a foreclosure, lenders will wait for atleast three years since a foreclosure before they approve a new home loan. The same goes for a short sale. However until the three years, you should have a decent record” he adds.

“At Gateway Funding Inc, we provide FHA Loans to homebuyers with limited savings and also to low and moderate income homebuyers as well as a variety of other home loan options. For those who are 62 years or older and have accumulated equity in your home, you can take advantage of the FHA insured reverse mortgage. You could call a Gateway Funding mortgage specialist who can help you with the details. The mortgage specialist can help you analyze and review your residential purchasing options and suggest you the best possible way out” says Gateway Funding Diversified Mortgage Services, LP.

About Gateway Funding Diversified Mortgage Services, LP.

Gateway Funding Diversified Mortgage Services, LP, established in 1994, is one of the largest privately-held mortgage companies in the United States. Gateway Funding is licensed in most states and has office locations across the country to serve you in your mortgage, home finance, refinance and reverse mortgage requirements. Gateway Funding recognize the challenges their clients and borrowers face today and are determined to find the best possible solution for their customer’s current financial needs. Through their website, http://www.gateway-funding.com/, they aim to educate home buyers about the different home loan options and also help them with information on the loan process.

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Gateway Funding Diversified Mortgage Services LP Helps Consumers with FHA Reverse Mortgage Products

Rising unemployment, the decline in the stock market and decreasing home values have impacted the lives of many Americans. This is especially true of senior citizens who live on fixed incomes and have lost a substantial portion of their retirement funds in the stock market.

Gateway Funding Diversified Mortgage Services LP offers FHA reverse mortgages as a solution that can provide tax-free cash to senior homeowners. A reverse mortgage is a special type of mortgage loan where we convert your home’s equity into tax-free cash. So, unlike a traditional mortgage where you are making payments to the lender each month, with a reverse mortgage, the lender is making payments to you each month. The size of the payments depends on how much equity you have in the home, the appraised value of the home, interest rates and your age (62 or greater); the older you are, the more cash you receive. You can receive payments in the form of a lump sum, monthly installments, a line of credit or a combination of these methods.

Repayment of the reverse mortgage only takes place when homeowner permanently moves out of the home. All FHA reverse mortgages are non-recourse loans, meaning that in the event the loan balance exceeds the value of the home, there is no personal liability to the borrower or their heirs. A borrower never owes more than the value of their home. Any amount due in excess of the home's value will be forgiven,” says an expert at Gateway Funding Inc. Upon leaving your home, the loan balance plus accrued interest becomes due and payable; that repayment may be made from the proceeds of selling the home.

The Wall Street Journal recently reported in the months of March and April that the number of reverse mortgages has seen a steep rise of 20% compared to the statistics recorded last year at the same time. Once a homeowner obtains a reverse mortgage, their only obligations are to pay real estate taxes, pay homeowners insurance and to keep the property in good condition.

While reverse mortgages are typically used to provide a lump sum of cash or increase monthly cash flow, they can even be a viable option for seniors facing foreclosure or bankruptcy.

Yesterday, a new reverse mortgage product called the “HECM Saver” was introduced; this product drastically reduces the closing costs of a reverse mortgage making them an attractive option for even more seniors

Gateway Funding utilizes a multi-investor platform enabling the company to provide consumers with a diverse array of both fixed and adjustable rate reverse mortgage products from leading financial companies throughout the U.S.

About Gateway Funding:

Gateway Funding Diversified Mortgage Services, LP, established in 1994, is one of the largest privately-held mortgage companies in the United States. Gateway Funding is licensed in most states and has office locations across the country to serve you in your mortgage, home finance, refinance and reverse mortgage requirements. Gateway Funding recognize the challenges their clients and borrowers face today and are determined to find the best possible solution for their customer’s current financial needs.

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