Raleigh Mortgage Consultant Specializing in Wake County Home Loans

BETH PROCHASKA
Mortgage Consultant

Office
1-919-272-5363

Beth Prochaska, Mortgage Consultant
Southeastern Lending
5000 Falls of Neuse Road
Suite 100
Raleigh, NC 27609
Office: 919-855-8700
Fax: 919-855-9080

	PROGRAM HIGHLIGHTS FOR FIRST TIME BUYERS

Little Cash? Need Low Down Payment or Closing Costs?

Closing Costs Assistance Program
No Money Down Program
FHA Mortgage
VA Mortgage

Closing Costs Assistance

Need extra cash to cover your closing costs?

Like to put more money toward your down payment?

The Closing Costs Assistance Program offers:

More Money toward your down payment
Savings: reduce or eliminate out-of-pocket closing costs
Flexibility: The Closing Costs Assistance program is available for use with Fixed-rate, ARM and Balloon products in conjunction with Government, Conventional and Jumbo loan amounts.

Best for:

First time homebuyers with little savings
Move-up buyers with little equity
Borrowers with high debt ratios

Most potential borrowers cite the lack of equity or sufficient down payment funds and cash to close as the major obstacles for purchasing or refinancing a home.

No Money Down Program

Interested in buying a house with no down payment?

No Money Down Program offers:

100% Financing
Finance the entire purchase price of the property, plus closing costs and prepaids.
Financing Options
Choose from a number of mortgage products, including Intermediate ARMs and Fixed Rate Mortgages.
Special Qualification Guidelines
There are no maximum income restrictions and additional costs can come from a gift or other source.

Best for people who:

Have strong current income but not a lot of savings
Are first-time homebuyers having trouble saving for a down payment
Are move-up buyers looking to purchase a larger home without large cash reserves
Have higher-return investments they don't want to deplete for a down payment

FHA Mortgage

Worried about not qualifying for a mortgage loan?

Concerned about not having enough of a down payment for a new home?

FHA Mortgages offer:

Low down payments
Minimal cash is needed up front
Easy qualifying terms
The Southeastern Home Mortgage FHA Home Loan uses relaxed underwriting criteria to evaluate debt and income. These flexible credit guidelines may enable more applicants to qualify for financing.
Authorization to get help with costs
FHA guidelines allow homebuyers to receive some or all of their down payment and loan fees from relatives.

Best for:

Homebuyers who have limited savings and/or moderate incomes
First-time homebuyers who are concerned about not having enough funds for down payment and closing costs on a new home

FHA Mortgages help low-to-moderate-income homebuyers purchase homes with low down payments (approximately 3%) and flexible qualifying guidelines. These loans are insured by the Federal Housing Administration (FHA), which sets loan limits that vary by area. With an FHA mortgage, you can use a gift or unsecured loan for down payment and closing costs. FHA mortgages are available in fixed rate and adjustable rate mortgage options.

VA Mortgage

Are you a Veteran?
Do you have limited funds for down payment and closing costs?

The VA Mortgage offers:

No down payment
Easy qualification with regard to credit and income
Out of pocket expenses can come from a gift
No monthly mortgage insurance requirement

Best for people who are:

Qualified veterans, reservists, active servicemen and women and their spouses (check with your regional VA office to see if you are eligible)
Eligible borrowers who have limited funds for down payment and closing costs

VA mortgages offer the opportunity to buy a home up to a specified amount with no down payment. These loans are administered by the Department of Veterans Affairs. VA loans are assumable and have more flexible requirements than either FHA or conventional (not government insured) home loans. Available in fixed rate mortgage options.