MILLER HOME MORTGAGE, LLC
YOUR DREAM HOME IS JUST A CLICK AWAY!

  Home    Loan Center    Products    About Us    FAQ    Resources  

10/4/2016

CONVENTIONAL

30 YR FIXED 3.5% 0 + 0 APR 3.849%

15 YR FIXED 3.000% 0 + 0 APR 3.194%

FHA

30 YR FIXED 3.25% 0 + 0 APR 4.76%

 

 

1. How much can I qualify for? Answer
2. What documentation do I need for loan application? Answer
3. Do I need different information for a FHA loan? Answer
4. Do I need more information for a VA loan? Answer
5. What is the minimum down payment required? Answer
6. Are there any prepayment penalties on loans offered by Miller Home Mortgage? Answer
7. What determines loan approval? Answer
8. What is a credit score? Answer
9. What is mortgage insurance? Answer

Q : How much can I qualify for?
A : A general answer is 3 times your annual salary; however, that may not be accurate depending on your current debts or you credit history. For a free prequalification call Ross Miller at 504-455-7002
 
Q : What documentation do I need for loan application?
A : 1. Last 2 years w-2's and 1 month current paystubs
2. if self-employed - 2 years tax returns personal and corporate
3. last 2 months bank statements/assets (ira,401k, stocks, bonds etc.)
4. $33.00 for credit report and loan approval
5. devorce decree & community property settlement if applicable
6. purchase contract if applicable
7. contract on your current home if selling if applicable
 
Q : Do I need different information for a FHA loan?
A : Yes, but just a little more information.
1. copy of drivers license or social security card.
 
Q : Do I need more information for a VA loan?
A : Yes, but once again, just a little more.
1. va certificate of eligiblity or DD214 discharge document.
 
Q : What is the minimum down payment required?
A : We have loans with 100% financing available but for the best rates a down payment of 5% is needed on a conventional loan and 3.5% on a FHA loan.
 
Q : Are there any prepayment penalties on loans offered by Miller Home Mortgage?
A : None of the products currently being offered by Miller Home Mortgage, LLC. have any type of prepayment penalty.
 
Q : What determines loan approval?
A : Loan approval is determined by the borrowers ability to repay the debt. This is based on the following:
1. borrowers credit history. This history is now displayed as a credit score. 2. the borrowers income vs. his debts as a ratio.
3. the property.
4. the use of the property (owner occupied, investment, 2nd home)
 
Q : What is a credit score?
A : A credit score is a number that determines the likelyhood of the loan defualting. The maximum credit score is 900. Personally, the hightest I have seen is an 812. To be eligible for a conforming loan you must score 620 or higher. For a FHA loan 550 or higher is probably needed. FHA does not go strictly off of credit scores but a 550 is a good estimate. For more information on credit scores please call Ross at 504-455-7002
 
Q : What is mortgage insurance?
A : Mortgage insurance protects the lender against a loss if the home is foreclosed on. If you put down less then 20% at closing on a conventional loan you must get mortgage insurance (there are some exceptions to this please call me for details 888-277-0306). Once your equity reaches 20% and your payment history is good you can request that the mortgage insurance be dropped from your loan. On an FHA loan you can not drop the mortgage insurance unless you refinance off of the FHA loan.