Finance

The Mike Chiesl Group has partnered with Michael D’Amelio and his company Equity Rescue Loans to help distressed homeowners before they lose their homes. If you are in distress, please consider contacting Michael and see if they can assist you.

If the filing of a Notice of Default is be imminent or if you may be in the process of Foreclosure. You may be working through a loan modification with your lender. However, you may be looking for other options. If so, we have them.

We offer several very private and professional methods of helping homeowners in distress.

We can purchase your home through our EQUITY RESCUE LOAN program, or work directly with your lender for the best settlement of your situation. In most cases, we can get cash from your lender to help you move and in many cases, we will provide cash assistance to help you move, even if the lender does not.

• We are certified to perform short sale transactions and have extensive foreclosure work out and sale experience.
• We have a combined 75 years experience in the real estate brokerage industry.
• We work with local law firms and are accountable to you, to state authorities and to our community.

WE OFFER A VERY SPECIAL SERVICE.

If you would like a confidential consultation, please contact us as provided below.

The Federal Housing Administration (FHA) offers insurance and guarantees against loan default for three types of FHA loans:

• FHA Loan: this loan has a low down payment requirement and can be easier to qualify for than a conventional loan. A private lender provides this loan and the FHA insures the loan against default. This loan requires the borrower to provide an upfront payment and a monthly payment for insurance. Contact us to find out about the FHA loan limits in your county and state.

• FHA 203(k) Loan: if you’re buying a home that requires upgrades or repairs, this could be the loan type for you. With this loan, your private lender provides you with the funds required to both purchase your home and make the required repairs. Often called a rehab loan, this loan has a fixed interest rate and a low down payment of around 3.5%. We can help you determine if your home purchase is a good fit for an FHA 203(k) Loan.

• FHA Energy Efficient Loan: the goal of this loan program is to enable home owners and buyers to make energy efficient upgrades. The cost of these upgrades is included in the loan amount. This is a great choice if you do want to make energy efficient upgrades that in the long-term will add value to your home and reduce your utility costs. This loan type can be combined with other FHA loans, contact us to learn how to both buy the home of your dreams and make energy efficient upgrades.

Ultimately, our goal is to get you pre-qualified and pre-approved for your home loan so you can buy the home of your dreams, so don’t hesitate to contact us with your questions. If you are ready to begin your FHA Home Loan, please click on the HomeBridge logo below to begin the application process.

The VA Loan program was created in 1994 by the U.S. government to ensure that military service members have the opportunity to purchase a home.

This loan type does not require a down payment or private mortgage insurance.

To be eligible for a VA loan, you must meet one of the following requirements:

• Have served 90 consecutive days of service during wartime.
• Have served 181 days of consecutive days of service during peacetime.
• Have more than six years in the Reserves or National Guard.
• Are the spouse of a service member who died in the line of duty or as a result of service-related disability.

You must also have a good credit score, be able to demonstrate that you have enough income to cover your monthly mortgage payment as well as incidental costs, and you must have a Certificate of Eligibility. We can help you make sure that you meet the VA loan requirements as well as help you with your Certificate of Eligibility.

It’s important to also understand that a VA loan can only be used for your primary residence – you cannot use it to purchase a second home. There is a lot to know about VA loans, so do contact us to help you with the application process. If you are ready to move forward with your VA Home Loan, click on the logo below to begin your application process.

A conventional loan is a loan that isn’t guaranteed or insured by the federal government.

This loan type follows the rules and regulations stipulated by Freddie Mae and Freddie Mac. It is important to note that this loan type may not be available in your county and state.

With the choice a fixed or an adjustable rate, a conventional loan does offer you some good borrowing options. If you choose a fixed rate loan, you will be locked into this rate for the length of your mortgage (anywhere from 10 to 30 years). The adjustable rate loan comes with a 30-year term and offers you a low introductory rate for specified period and then the rate is adjusted based on a pre-determined benchmark (often a T-Bill index or a specified LIBOR)

With a conventional loan, the down payment required depends on the rate type you choose: a fixed rate can requires as little as 3% and an adjustable rate can require 10%. This is something you can discuss with us and we’ll advise you on the route that makes the most sense for you and your family.

A conventional loan also allows you to borrow up to a maximum of 85% of your home’s value. Of course, we do suggest that you talk with us before doing this, so we can determine if this is the best solution for you.

Give us a call or come on in to discuss your options with a conventional loan, in fact if everything looks good we can start the pre-approval/pre-qualification process and get you on the path of finding your new home. If you are ready to move forward with your VA Home Loan, click on the logo below to begin your application process.

Often jumbo loans are reserved for home purchases that are priced much higher than the surrounding area.

If you’re considering buying a home which will require a mortgage for higher than $417,000, you should definitely contact us to discuss your jumbo loan options.

Whenever a home loan is higher than the conforming loan limit of $417,000, it is classified as a jumbo loan (in Hawaii and Alaska this limit is $625,500).

Because of the dollar amount associated with a jumbo loan, the qualification standards for such a loan are different from other loan types. To qualify for a jumbo loan, it helps if you can meet the following:

• A high credit score.
• A large down payment.
• Plenty of emergency/reserve funds.
• A low debt-to-income ratio.

These factors ensure that you’re financially stable enough to carry such a loan. As well, a jumbo loan can have a higher interest rate than other loan options. This interest rate of course depends on your lender, so be sure to ask us about this.

As always, we’re here to help you with your loan questions and to get you pre-qualified and pre-approved to buy the perfect home for you and your family. If you are ready to move forward with your VA Home Loan, click on the logo below to begin your application process.