Home Loans

Confused about home loans? Call Fiscus Realty, we can explain the home loan process and recommend a number of fine mortgage companies. Today, most mortgage companies can have you pre-approved for a home mortgage within 48 hours, even though you may not have even found a home to buy yet.

FHA - A government insured loan which requires a small down payment. An FHA 203k loan allows you to borrow additional money to fix the place up before you move in.

VA - A loan insured by the Veterans Administration (for veterans) which requires little or no down payment.

CONVENTIONAL - Requires 5% or more down payment. Loans of 20% LTV or more are not required to have mortgage insurance.

MBOH - Montana Board of Housing. Home loans for First-time home buyers.

CAP - Cash Assistance Program. This loan gives you the money for the down payment on the real loan. (for low income persons)

FmHA - Farm Home Administration. Home loans for rural properties. Low down & monthly payments. (subsidized)

Here is a list of things to take to your lender:

Social Security numbers and proof of same for both borrower and co-borrower.

Picture identification.

List of all checking & savings accounts with name and address of bank and account numbers.

A list of all debts including account numbers, names & address's of creditors.

Rental information for last 2 years for VA and conventional loan applicants. Address for last two years.

Name, address of employers for last 2 years; income information regarding hourly, monthly, and annual wages.

If self employed, last 2 years signed Federal Tax returns (form 1040) with all schedules. Current year to date earnings with all balance sheets.

If commissions & bonus paid, last 2 years 1040's, year to date earnings.

VA loan applicants need certificate of eligibility or the DD 214 (discharge papers.)

Borrowers will have to provide at the time of signing the formal application, the most recent pay stub, if used by the employer and the most recent bank statement.

If child support or alimony is paid or received: a copy of the divorce decree or property settlement and affidavit that child support is paid current.

If down payment is a "gift" a gift letter must be made available. Any gift will have to be verified in the account of the borrower.

Borrower should be prepared to generally itemize all cash accounts; profit-sharing; IRA's; cash value of life insurance, etc. Copies of most recent statements can be submitted as verifications. Generally itemize value of accumulated personal property, vehicles, and any other assets of value.

Appraisal and credit fees are advanced at the time of application, are non-refundable, and are established by FHA, VA, and industry standards.

If a new home is being built, 2 sets of plans and specifications are required for appraisal.

If a refinance, applicants should be prepared to provide a written explanation for the purpose.

Fiscus Realty - 1111 Main Street - Billings, Montana 59105

E-mail us at FiscusRlty@aol.com or Call (406) 252-6400 - Fax: (406) 252-7449