Author: erick.merced

The home buying process can be daunting when it is your first time. Fortunately, each state has its own rules, regulations, and programs that are designed to help you get into a home. If you are thinking about or in the process of becoming a first-time home buyer in the Peach State, you may qualify for some of the following Georgia homebuyer assistance programs.

Homebuyer Assistance Programs in Georgia

Here are a few premier programs that first-time homebuyers can take advantage of in Georgia.

• Georgia Dream Homeownership Program

Designed for borrowers who do not meet the criteria for other loan programs, this program includes many benefits that can help first-time homebuyers get into their dream home with a little more ease, such as:

• 30-year fixed rate mortgage
  • Down payment assistance of up to $10,000 with no interest
  • $12,500 in down payment assistance for active military borrowers, those with a disabled family member, or those employed in certain qualifying public service professions.
• Invest Atlanta

One of the main issues holding back individuals from buying their first home is the downpayment. Fortunately, Georgia’s capital provides potential area residents help with this roadblock by offering a variety of down payment assistance programs such as:

• HOME Atlanta 4.0
  • Vine City Renaissance Initiative
  • Atlanta Affordable Homeownership Program
  • Intown Mortgage Assistance Program

If you are interested in purchasing a home in the Atlanta area, take advantage of these great programs. However, other Georgia cities, such as Savannah and Macon, offer similar home buying assistance programs.

How to Qualify

Speaking with a Georgia mortgage professional can help first-time homebuyers navigate the homebuyer assistance program application process and provide peace of mind. The experts at Butler Mortgage can help you get enrolled in one of the above programs and secure you a desirable rate that fits your budgetary needs.

Effective Mortgage Loan Services

For over 25 years, Butler Mortgage has worked with both first-time and seasoned buyers wanting to own a home in Georgia and Florida. Let us help you find the right loan solution for you by calling 407-931-3800 or by filling out our free consultation form online.

Shopping for a home involves many factors including location, budget, and timing. Taking advantage of various programs can help first-time homebuyers experience an affordable and satisfying home buying process. Qualified prospective Georgia residents can take advantage of one of the best programs the state has to offer— the Georgia Dream Homeownership Program.

Georgia Dream Homeownership Program Details

Created in 1977, Georgia’s Department of Community Affairs (DCA) set out to provide affordable financing to eligible buyers, specifically low- and moderate-income residents. The result was the Georgia Dream Homeownership Program.

The program offers a 30-year fixed rate mortgage that includes down payment assistance of up to $10,000. The down payment assistance is a second loan that requires no interest or monthly payment; however, it is due when you refinance or sell your home.

While the program is built to help first-time homebuyers, it can also help those who have not owned a home in the last three years achieve homeownership once again.

Furthermore, active military or those who work in certain public service professions may qualify for up to $12,500 of down payment assistance. Those with a family member who is disabled may also obtain $12,500.

Requirements of the Georgia Dream Homeownership Program

To qualify, eligible buyers must take homebuyer classes, have a credit score of at least 640, and provide a minimum $1,000 down payment. Maximum income and debt ratio requirements must also be met.

Get In the Home of Your Dreams with Butler Mortgage

The process of becoming a first-time homebuyer is an amazing experience that should be celebrated, not stressful. Having professionals with you along the way can ensure your peace of mind and that your budgetary requirements are met.

For help enrolling in the Georgia Dream Homeownership Program, rely on the professionals at Butler Mortgage. Our team has helped both first-time and seasoned buyers get into their Florida and Georgia dream homes for over 25 years.

Let us help you by calling 407-931-3800 or by filling out our free consultation form online.

The cost of owning a home is never cheap; however, it is the best investment you can make for your future. While there are loan programs designed to help every type of borrower achieve their dream of homeownership, it is not uncommon for millennials to feel unsure and uninformed about the right steps to take when considering buying a home. To help you feel prepared and informed before embarking on a home buying journey, here are a few questions to ask to get you started in the right direction.

Questions to Ask Before Buying a Home

Before thinking about buying a home, you must ask yourself a couple of questions:

1. Am I ready to be a homeowner?

Becoming a homeowner is a privilege that requires significant personal and financial responsibilities. To qualify for a home mortgage, you must have established lines of credit that are in good standing, a healthy credit score, and sufficient income and assets. If you are lacking in any of these areas, it’s never too late to start practicing healthy financial habits to help you develop into a responsible borrower and prospective homeowner.

2. Do I have enough money to buy a home?

Before making an offer on a home, you must also have enough savings to afford the various fees and costs associated with buying a home.

• Depending on your mortgage type, average down payments can range anywhere from 0% to 20% (or more) of your loan amount.
• You must also have funds to cover closing costs, which are typically 3% to 6% of the amount of your loan.
• The cost of moving and potential home repairs can add up, especially if your home is not turn-key or if you are relocating from another state.
• Before purchasing a home, you will need to make sure that you are comfortable making monthly mortgage payments.

As you can see, the home buying process starts with a self-analysis of your financial situation, followed by a detailed plan to help you become a homeowner. Having a mortgage professional with you throughout your home buying journey can be useful in making the process run smoothly.

If you need help getting answers to your home buying questions, consult with the mortgage professionals at Butler Mortgage. 

Helpful Mortgage Advice for First-time Homebuying Millennials

The experts at Butler Mortgage have experience working with both first-time and seasoned buyers looking to own a home in Florida, and now Georgia. Our team can help you navigate the mortgage process by matching you with a loan option that fits your budgetary needs. Let us help you find the right loan solution for you by calling 407-931-3800 or by filling out our free consultation form online.

The mortgage process can be extremely quick, going from application to closing in just a few weeks, or it can be a lengthy affair that can last up to several months, if not longer. For a first-time homebuyer, the mortgage process can seem confusing and overwhelming with all of the unfamiliar terminology, paperwork, and information that it involves. Before applying for a loan, it can be helpful to know what to expect from the mortgage process.

The Mortgage Process Timeline 

While the flow of the mortgage process is generally the same, each individual mortgage experience is unique as some may require more steps than others depending on a variety of factors. If you are a first-time homebuyer, here are several steps that you can expect throughout the mortgage process, from start to finish:

1. Initial Consultation / Obtaining a Pre-approval – Meeting with a mortgage professional is the first and most important step. This will help answer any questions about things like your credit and payment comfort level. A pre-approval letter will allow you to determine which type of home you can afford, what loans you qualify for, and how much you will be approved to borrow. 
2. House Hunting – Once you have been pre-approved, you can begin house hunting and potentially make an offer on a home that you are interested in. If your offer is accepted you may be required to put down a deposit on the house to secure it. 
3. Applying for a Mortgage – Your lender will have you complete a mortgage application to lock-in a loan that fits your finances.
4. Processing Your Loan – During this step, your loan processor will ensure all of your paperwork is accurate before sending it to an underwriter. Throughout this stage, your mortgage lender will keep you informed about your loan’s status.
5. Home Inspection and Appraisal – A home inspection will inform you about any repairs that your new home may need, while an appraiser will provide you with an estimate of the home’s value. 
6. Underwriting – Many steps take place behind the scenes during this period as an underwriter will review your financials, credit report, and employment history to confirm you are a responsible borrower and issue a final approval. While this stage does not require much from the buyer, you may be contacted regarding any gaps in employment or status of income.
7. Closing Day – Also called “settlement,” the closing is a happy occasion… the culmination of hard work by you, your lender, and your Realtor. You will sign several documents regarding the property you are purchasing as well as making a pledge to pay the new mortgage loan on time each month. Once completed, you will officially own your new home and the keys will be handed over to you. 

If you require professional assistance for navigating the mortgage process, look no further than the professionals at Butler Mortgage. 

Partner with a Trusted Mortgage Lender 

For over 25 years, Butler Mortgage has worked with both first-time and seasoned buyers wanting to own a home in Florida, and now Georgia. Our team of mortgage experts can help you secure a mortgage at desirable rates that fit your budget, so you can get in the home of your dreams. 

Let us help you find the right loan solution for you by calling 407-931-3800 or by filling out our free consultation form online.

Many millennial-age, first time homebuyers often view mortgages as daunting and intimidating experiences because they are either overwhelmed by the process or are unsure if they’ll be able to afford the home of their dreams. However, millennials are not alone in their apprehension about seeking mortgage advice. In fact, regardless of their age, many people feel intimidated by the mortgage process. But the truth of the matter is, applying for a mortgage is now easier than ever before. 

Reasons to Seek Mortgage Advice Now

While buying a home is a life-changing decision and momentous occasion, it should be viewed as a joyous time in your life, not an impossible mountain to climb. With the right advice and guidance, you and other millennials can achieve the dream of homeownership. Here are a few reasons why you shouldn’t avoid or be nervous about seeking mortgage advice. 

• There is an abundance of information out there on mortgages. If you are experiencing nervousness about qualifying for a mortgage, you can eliminate your fears by educating yourself on the process. There are numerous books and online resources available to help walk you step-by-step through the basics of applying for a mortgage. The more you research, gather information, and learn, the less nervous you will feel.
  
• Professional mortgage advice is free. While you can research your mortgage options online, it is best to speak with a mortgage professional to go over your specific mortgage options. Many mortgage lenders offer free consultations to help advise millennials and borrowers of all ages on what steps to take to achieve homeownership. In fact, experienced mortgage lenders are specifically prepared to help millennials and others overcome common obstacles to home buying such as low credit scores and student loan debt by offering loans with more flexible terms and conditions.
  
• There are mortgage options to fit your finances. By scheduling an in-person consultation with a mortgage expert, you can have your questions answered directly and be matched with a loan option that will be best for you and your budget. For instance, an FHA loan provided by the Federal Housing Administration can provide you the flexibility of a lower down payment and more lenient requirements regarding your income and credit report. 

Overall, there are a variety of benefits to help you get over the intimidating idea of the mortgage process and into your first home. If you are looking for professional assistance to navigate the mortgage process, look no further than the mortgage professionals at Butler Mortgage. 

Reliable Mortgage Advice and Lending Services

For over 25 years, Butler Mortgage has worked with both first-time and seasoned buyers wanting to own a home in Florida, and now Georgia. Our team can help you secure a home loan with desirable rates that fits your budgetary needs. Let us help you find the right loan solution for you by calling 407-931-3800 or filling out our free consultation form online.

Lending out large sums of money is something that banks and mortgage companies consider carefully; therefore, getting approved for a mortgage can be difficult, especially if you have a high debt-to-income ratio, low credit score, or can only offer a minimal down payment. Lenders will consider a number of factors when deciding whether to approve you for a loan; however, there are a few steps you can take to improve your chances for mortgage approval. 

8 Helpful Tips for Mortgage Approval

If you are seeking mortgage approval, these tips can increase your chances so you can buy the home of your dreams:

1. Boost your credit score. Improving your credit score by reducing debt can be a tremendous aid in your pursuit of mortgage approval. Building your credit history, paying your bills on time, keeping your credit card balances low, and managing your credit card utilization will help boost your score.
2. Maintain stable employment. Lenders will check to see that you currently hold a job and have the steady income needed to make your monthly mortgage payments.
3. Get a cosigner. If your income is not high enough, consider adding a cosigner so you can reach the satisfactory threshold. Your cosigner should have a good credit history, stable employment history, and reliable income. However, it is important for you and your cosigner to understand that they are guaranteeing to pay your mortgage payments if you cannot.
4. Ensure your U.S. citizenship. In order to qualify for a mortgage, lenders may require that you be a U.S. citizen or permanent resident.
5. Save up for a down payment. The larger your down payment, the lower your monthly mortgage payments will be. While certainly not required, saving at least 20% of the purchase price of the home you want to buy will help you avoid paying private mortgage insurance (PMI).
6. Pursue a less expensive property. If you have been unsuccessful in qualifying for a mortgage in the past, you may want to consider a property that is more affordable for your current situation, such as a townhouse or condo.
7. Get Pre-approved BEFORE buying that car! Getting pre-approved for a mortgage will make the home buying process go more smoothly by giving you an idea of how much money you can afford to borrow. One of the things that most often prevents a new homebuyer from getting pre-approved is that they purchased a new vehicle BEFORE shopping for a home. This is a double whammy. The borrower’s credit score tends to go down when buying a new car AND their debt ratio rises beyond approvable limits. Therefore, buy the home first… and then go for the car.
8. Consider applying for other loan types – Government-backed mortgages, such as FHA loans and VA loans, have more lenient requirements than conventional mortgages. Ask your local lender about the requirements of each loan type to see which loan best suits your financial situation.

If you have questions regarding mortgage approval, talk to the mortgage professionals at Butler Mortgage. Butler Mortgage can help you navigate the mortgage process and secure desirable rates that fit your budgetary needs. 

Effective Mortgage Approval Services

For over 25 years, Butler Mortgage has worked with both first-time and seasoned buyers wanting to own a home in Florida, and now Georgia. Let us help you find the right loan solution for you by calling 407-931-3800 or by filling out our free consultation form online.

Being a homeowner is one of the largest financial commitments a person can make. Homeownership can become difficult to maintain, however, if your financial situation fluctuates, often calling for adjustments. Loan modifications and loan refinancing are two options that can help you achieve more favorable terms on your mortgage, but which is best for you?

What Is Loan Refinance?

Loan refinancing is the act of replacing your existing loan with a new mortgage, allowing you to change the term of your loan. This is most helpful if you are looking to take a lower interest rate, change the duration of your mortgage term, change your loan type, or take cash out of your home equity to pay off other external bills.

How to Refinance Your Loan

If you’re not underwater on your loan and have equity, you can:

1. Choose a lender by submitting an application with your personal financial documentation.
2. Lock into your interest rate if given the option by your lender to protect against market fluctuations.
3. Get another appraisal to make sure your lender isn’t loaning you more money than your home is worth.
4. Once complete, your lender will give you a Closing Disclosure document that should be carefully read, as it defines the terms of your loan and closing costs.
5. Attend the settlement (closing) with your lender and sign your new loan.

What Is Loan Modification?

Loan modification is a direct change to the original terms of your current mortgage loan, including updates in loan term, interest rate reduction, loan structure changes, and principal forbearance. Unlike a refinance, it doesn’t pay off your current mortgage but simply amends what you already have.

When to Use Loan Modification

1. If your loan is underwater.
2. If you need a principal reduction.
3. If you’re behind on your monthly payments.

How to Use Loan Modification

1. Contact your lender’s servicing department to apply.
2. Submit proof of income (including tax returns) to prove you’re unable to cover your current mortgage. 
3. Submit bank statements so your lender can confirm your assets.
4. Submit a hardship statement that communicates why you are unable to make your monthly payments or pay your entire loan balance to your lender. Any additional supplements to your hardship claim (ex: medical bills, termination letter) is helpful, as well.

Loan modification is usually reserved for the most extreme hardship cases, while refinancing is far more common. Which option is best for you depends on your specific financial situation. To get a better idea of which route you should explore, consult with the professionals at Butler Mortgage. 

Get Loan Solutions from Reliable Mortgage Professionals

For over 25 years, Butler Mortgage has assisted both first-time and seasoned buyers within the state of Florida and now offer our services in Georgia. We can provide you with professional advice on a wide range of loan and credit solutions to help you obtain a mortgage at a favorable rate. To learn more, call us today at 407-931-3800 or fill out our free consultation form online.

Closing on your house is the final step toward homeownership. However, this exciting time can quickly become stressful if scammers con you into a phishing scheme. Here are some ways to identify a closing scam and protect your assets from scammers.

Types of Closing Scams

Scammers recognize how large the real estate market is. If they manage to get hold of your contact information, scammers posing as your realtor or mortgage lender will send you fake emails with false instructions on how to pay your closing costs. Instead of paying the correct party, you could accidentally forward hundreds or thousands of dollars to the wrong account.

Protecting Your Closing Funds

There are several tips to avoiding phishing schemes. During the closing process, you should:

• Solidify identities and protocol: Before you close, identify two trusted individuals who can confirm the process for transferring money. Write down their contact information so you have it on hand.
  
• Confirm instructions: Before you transfer money, verify the instructions you receive over the phone or email with your trusted individuals. That way, you’ll be able to confirm they’re the ones who sent the instructions.
  
• Don’t exchange sensitive information over email: Avoid using contact information, such as phone numbers or links. If a scammer is able to read your emails, they can replicate the information and con you into trusting them. It’s also never a good idea to send financial information over email; it’s not secure and could compromise your finances.
  
• Know what your closing costs are: You will receive a Closing Disclosure that should match your initial Loan Estimate. Make sure that your closing agent provides you with a balanced disclosure before transferring any money. If the information looks incorrect, verify it with your team. 

Secure Your Mortgage with Butler Mortgage

For a safe and reliable mortgage process, trust the individuals at Butler Mortgage. We’ve worked with first-time and seasoned buyers in Florida for more than 25 years and are proud to expand our services to Georgia. Call 407-931-3800 or fill out our free online consultation form to get started today.

Buying a home for the first time is an exciting process, but it can be stressful if you don’t know whether or not you can afford your down payment. Fortunately, there are several down payment assistance programs that you may apply for through public or private support. 

What Is a Down Payment Assistance Program?

Down payment assistance programs are available to first-time homeowners or those who haven’t owned a home in the last three years and don’t own rental or investment properties. Such programs are offered in a variety of ways and are either run by government agencies or nonprofits. 

Common Types of Down Payment Assistance

Some of the most popular types of down payment assistance programs include:

• Grants – Grants are a beneficial form of payment because they don’t have to be repaid. It’s important to read the fine print on grants because it may create a lien on your property.
  
• Loans – Loans can either be:
  • Forgivable – You won’t have to repay the loan as long as you stay in the home for a certain amount of time. Forgivable loans are helpful if you don’t plan on moving for a long time, but you will have to repay them if you move before your forgiveness period is up.
  • Deferred-payment – You won’t have to repay the loan until you move, sell, or refinance.  Deferred-payment loans aren’t forgiven, but they’re usually covered through selling your home.
    
• Matched savings programs – These programs are funded when homeowners deposit money into an account with an organization, and the organization agrees to match the homeowner’s deposit. The money accumulated in this account helps finance the down payment. It’s a wise choice if you’re able to put some money down, but need assistance in financing the rest.

How to Qualify for Down Payment Assistance Programs

Most first-time homeowners qualify for down payment assistance if they have a minimum credit score of 620 and do not exceed the area’s income limit. Some programs may require you to take classes on finances, and you may have to live in the home for a certain amount of time.

Finance Your Home with Butler Mortgage

If you’re a first-time homebuyer looking for a perfect mortgage solution, look no further than Butler Mortgage. We’ve helped homebuyers for more than 25 years in Florida and are proud to bring our services to Georgia. Fill out our free consultation form online or call us today at 407-931-3800 to get started.