Outstanding Mortgage Origination And Refinance Services
Don is a 12 year veteran of the mortgage industry who has successfully built a thriving mortgage brokerage
based upon outstanding customer service and innovation.
Don and his team close many loans early, and have knowledge of tax credits that are available.
He is very successful helping those with a need for fast credit repair
averaging just six weeks and with an average increase of 120 points to their credit score.
Don has developed an uncanny ability to predict the best time to lock in loan interest rates.
This ability ultimately results in tens of thousands of dollars of interest savings for our clients over the life of a loan.
Above All Others
Rukosky & Associates meets your needs,
through our preferred relationship with Don Owens and Hamilton Group Funding Inc.
There is not a residential or refinance loan type or term that Hamilton Group Funding Inc. does not offer.
VA – 100% Financing
A VA (Veterans Administration) guaranteed home loan is the preferred loan program for active, non-active, Reserve, National Guard, and retired military of the armed forces because there is no down payment needed and no private monthly mortgage insurance required. A VA home loan can be used to purchase a home or refinance an existing mortgage.
Primary Benefits of a VA Home Loan:
100% financing
No monthly private mortgage insurance is required
There is a limitation on buyers closing costs
The loan is assumable, subject to VA approval of the assumer’s credit
30 year fixed loan
Seller can pay up to 4% of the veterans closing costs and even pay down your debt to help lower your debt-to-income ratio
Interest rates are similar to FHA rates
You don’t need perfect credit
FHA, FHA 203K, and HUD $100 Down Payment Programs
The FHA’s mission driven organization encourages home ownership and provides affordable housing opportunities with low down payment and flexible credit requirements. While most people believe that the FHA lends money directly to borrowers, it actually just insures a certain type of loan that is financed by traditional banks and mortgage lenders. Four of the most visible single family housing programs that FHA offers are, Section 203(b), Section 234(c), Section 203(k) and Home Equity Conversion Mortgages (HECM) – Reverse Mortgages.
USDA – 100% Financing
To be approved for a USDA loan the borrower or borrowers must meet credit requirements. Your USDA loan application can receive an underwriting approval down to a 620 credit score, although it is much easier to get approved over a 640. Applicants must demonstrate repayment ability for the loan along with a job history of at least two years.
Primary Benefits of a USDA Home Loan:
No money down
Great interest rates
Affordable 30-year term loans
Ability to roll in your closing costs into your mortgage financing
Conventional
Conventional mortgages include portfolio loans, construction loans, and even subprime loans. But again, whenever a lender refers to a “conventional loan” they are most likely referring to conforming mortgages that are eligible for purchase by Fannie Mae and Freddie Mac. Technically speaking, a conventional loan is any mortgage that is not guaranteed or insured by the US government, such as VA, FHA and USDA.
Jumbo
A Jumbo, or non-conforming loan, is required for financing on a mortgage that is higher than the conforming loan limits set by Fannie Mae and Freddie Mac. Mortgage bankers / lenders consider jumbo loans to be a riskier proposition than conventional loans due to the fact that a larger sum of money is ‘bet’ on a single transaction vs spreading that same dollar amount among multiple transactions.
Qualifying factors for a Jumbo Mortgage:
It’s important to be thorough in explaining what you do for a living, the health of the industry and the likelihood of continued employment
Documentation of assets is critical, and they have to make sense in relation to the income stated on the application
In addition to having high scores and proof of a responsible borrowing history, underwriters may also look for other sizable debts that that the borrower has had a positive experience managing or paying off
The landscape has changed for appraisals, so don’t be surprised if multiple appraisals are required for financing approval on the property
Basically, the overall borrower profile and supporting qualifying documentation has to make sense to an underwriter
Down Payment Assistance Programs And Tax Credits
Special closing costs options are also available exclusively through Rukosky & Associates to our first-responders.
NC Home Advantage (Down Payment Assistance)
style=”text-align: left;”>Up to 100% Financing PLUS Financing of closing costs with a *Silent Community Second ( *No Payments or Interest for the forgivable Second Mortgage )
Combine this product with Down Payment Assistance and the MCC Tax Credit for maximum benefit.
Currently available for USDA, VA and FHA
Minimum 640 Credit Score (Set by NCHFA)
Income Cap is 85K for an INDIVIDUAL – Household income is not counted
Amazing Turn Times
NCHFA Down Payment Assistance (DPA)
Up to 5% Down Payment Assistance to be used in conjunction with NC Home Advantage
No monthly payment or interest
Silent Second forgiven gradually
No recapture unless there is significant equity, increase in income AND property is sold within 9 years
Very Affordable Down Payment: For Example on a 100K Purchase a home buyer would only have to contribute $605.00 for an NCHFA FHA Loan vs $3500 with standard FHA Loan. The formula is Calculated as Follows: FHA Loan Amount would equal 96.5% of Purchase Price ($96,500), Down Payment Assistance is calculated at 3% of the loan amount ($96,500 X 3% = $2895.00). Home Buyers Contribution = $100,000 – $96,500 (loan) – $2895.00 (DPA) = $605.00
Mortgage Tax Credits
This product can be used with ANY mortgage product, it is NOT limited to NCHFA
Tax credit up to $2000 PER YEAR for the life of ownership EVEN after a refinance!
Income is set per county and is based on total household income (similar to USDA)
2 Acres Max
FTHBs and Vets OR anyone who has not owned a home in the last 3 years.
240K Purchase Price Cap
Tax Credit can be used to reduce DTI. For Example: $2000 Credit / 12 months = $166. The $166 is added to INCOME to reduce DTI – this can make a big difference for lower income or borderline borrowers
Hamilton Funding Group, Inc.
Branch/Lender NMLS # 1106824
MLO # 98786
