Rhonda’s Maui Mortgage Quiz Take the Quiz! Aloha! Test your Maui mortgage knowledge with this interactive quiz. Enjoy the beautiful images, and learn more about buying and selling property on Maui's North Shore. Home Loan Re-Financing Options are Available to… People who want to reduce their loan interest rate or pay off their home loan faster People who want to cut payments and tap into their equity All of the Above Before You Enter a Contract, who is Best to be Pre-Qualified with? A Licensed Lending Officer An Underwriter What Type of Loan Can Qualify for you for a No-Down-Payment home purchase? USDA Loan VA Loan USDA & VA Loans You Need to Have a 650 FICO score or above for a No-Down-Payment Loan What Type of Loan Qualifies a Buyer with a Minimum of a 3.5% Down Payment? Conventional Loans FHA Loan USDA & FHA Loans Conventional & FHA Loans When Refinancing, is it possible to Ask Your Mortgage Lender to Match Your Remaining Loan Term? No Absolutely! Do You Need to be a First-Time Home Buyer to Qualify for a No-Down-Payment Mortgage? Yes No Who is Eligible for a Low or No-Down-Payment VA Loan? US Citizens US Veteran & Active Military Service Members None of the Above Close family members and relatives can legally “Gift” money for a downpayment. True False What Credit Score Do You Need to Qualify for a Low or No-Down-Payment Mortgage? At least 580 640 or higher 500-579 700 or better A USDA Loan is backed by the U.S. Department of Agriculture’s Rural Development Program. Who Can Apply for a USDA Loan? A family looking to buy a single-family home in the suburbs Farmers and food-cultivating developers that qualify It’s only available to people looking to buy in rural areas Suburban and rural home buyers that qualify What Does it Mean When You ‘Lock Your Interest Rate’? The interest rate cannot be changed during a specific period of time The interest rate cannot be changed during a specific period of time, but it’s possible to refinance The interest rate cannot be changed during a specific period of time, but with the help of your lender you can close the loan before it expires The interest rate can be changed before the end date when both parties agree You Had a Chapter 7 Bankruptcy. How Long Until You Can Apply for a Home Loan? After 2 years I paid my Chapter 13 payments in time, and I can apply for a FHA Loan after 1 year 4 years or more depending on my situation The Filing Date and the Discharge Date are different. I can apply for a home loan within 3 years What Do Closing Costs Include? All items in the Loan Estimate Home insurance premiums, and property taxes Home insurance premiums, property taxes, attorneys fees, and loan origination fees The Loan Estimate minus the property taxes You Can Buy a Home with Less Than 20% Down. True False Fannie Mae and Freddie Mac are examples of… FHA Loans Federally backed home loans Conventional Loans Loans Guaranteed by the Department of Veteran Affairs Are State Assistance Programs available to First-Time Home Buyers? Yes No What is the Down Payment Required for a FHA Loan? 10% 20% 3.5% 15% To Remove a PMI (Private Mortgage Assistance), how much equity do you need in Your Home? 78% or more Your Lender can cancel your PMI when you have paid your mortgage less than 60% Your Lender is required to cancel your PMI when your balance drops to 78% 15% When Applying For a Home Loan, Lenders look at… Your income-to-debt ratio Your credit score, and your income Your credit score, and outstanding debt New credit accounts, paid debt, and your FICO score What Do You Need to be Pre-Approved for a Home Loan? A pre-approval letter Verify your assets, debts, and income Verify your income, debts, assets, and employment Submit your pre-qualification paperwork Who's Your Favorite Top North Shore Maui Realtor? Rhonda Smith-Sanchez, of course!