Fort Orange Funding

Divorce And Your Mortgage An acrimonious divorce can do a number on your credit, especially if the mortgage doesn't get paid. If the monthly payment isn't made in full and on time each month, both parties will take a hit on their credit rating.

Borrowing Against A 401K If your debt-to-income ratio doesn't offer much leeway, you should probably think twice about borrowing against your 401K; this is considered a monthly obligation and can count against you.

Asset Documentation Documented funds from a personal savings account and additional reserve assets can greatly increase your strength as a borrower.

Low Interest Rates If your new interest rate is lower than your previous one, your closing costs and other refinancing expenses may pay for themselves relatively fast.

Down Payment Assistance If your employer provides down payment assistance, you'll need a letter stating that repayment is not required.

Gifted Down Payments While monetary gifts from a family member for a down payment are acceptable, they must be from a relative.non-relative gifts are not.

Child Support And Alimony Alimony, child support and other payments that you receive should always be disclosed to us and thoroughly documented; these funds can affect your debt-to-income ratio.

Roof Over Your Head Day December 3rd is National Roof Over Your Head Day; celebrate by putting one that you own over your head!

Adjustable Rate Mortgage If you took an ARM because you expected to sell quickly, refinancing before you miss a payment is wise.

Delinquencies The older delinquencies are, the better your credit looks. Be sure to establish timely payment history and pay off as much debt as you can for at least six months before applying for your home loan.

Documentation For Gifted Down Payments We will need evidence that the family member who'll be gifting your down payment can actually afford to make the gift in the form of a bank or stock statement.

Build A Budget The excitement of buying a home can often affect a borrower's judgment. Just because you can borrow a certain amount doesn't necessarily mean you should. Keep your budget in mind when committing to a mortgage.