News

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Alternative Financing

Alternative Financing is back & these programs are a game changer!

We now have special programs for:
• Doctors
• Residents
• CPA’s
• College/University Faculty
• Pharmacists
• PHD
• Engineer/Raytheon Employees
• Juris Doctor
• Registered Nurse, Nurse Practitioners & Physician Assistants, & Veterinarians
 
That offer reduced down payments on loans up to $1 million without private mortgage insurance.
 
Have a client who needs alternative or even “projected income to qualify”? I can help them today!
 
Have a client with a recent bankruptcy or foreclosure? Let’s talk—I can help you turn these folks into buyers sooner than you think, maybe even today.
 
When experience counts, think SMART, think Nova Home Loans!
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Reduce your monthly payment

When a buyer takes financing that is above 80% of the value or sales price, the lender will require private mortgage insurance on the loan.  This insurance significantly increases the monthly payment.  Too often, loan officers only talk about one choice—monthly premiums.

Using a loan officer who thinks “outside the box” can reduce your monthly payment $100 or more. Call today so we can customize a plan to fit your needs.

(520) 495-7237
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Early Access Program

Has a bankruptcy or foreclosure taken you out of the home-buying market?

My Early Access loan programs are less restrictive than FHA, FNMA/FHLMC, or traditional investor parameters.

Use my Early Access program to buy a new primary residence, second home, or investment property.

Call me today to learn more! 520-495-7237.

first time buyers

First-Time Homebuyer Programs!

I have special loan programs for first-time homebuyers that provide 3%, 4%, or even 5% down payment assistance to qualified borrowers.

Minimum credit score, debt-to-income ratio, income, & sale price restrictions all apply.  Call me today at 520-495-7237.

Stop renting—you’re making someone else’s mortgage payment!

debttoincome

High Debt-To-Income Ratios

Is a high debt-to-income ratio keeping you from buying a home?

Do you have income that another lender isn’t using?  I’ve got a program for you!

My Expanded Ratio Product is designed for consumers who do not meet the debt-to-income requirement for products of many investors.

We’ve helped countless clients who were told “no”by other companies. Call today to see what we can do for you!

520-495-7237

 

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How to get the home of your dreams when the real estate inventory is historically low in Tucson

Wow! Real estate inventory is near historic lows for our area and many ready, willing and able buyers are on the sidelines unable to find the home of their dreams.  Others are setting aside their wants and needs and settling for something less.

This is the time for creativity and experience to take over!  What if there was a way to take one loan to purchase a home and have that same loan provide funds for home improvements or repairs?  There is! FNMA’s Homestyle® Renovation loan is available for those who are buying their 1st home; move up buyers; 2nd home purchasers; as well as those who are buying an investment property.

Now that property that needs some TLC or a remodel can be made into the home of your dreams. Call today to discuss this fantastic financing option and you’ll be in your new home sooner than you think.

When experience counts, think SMART, think Nova Home Loans!

MCC

Special Tax Savings Program

One of the benefits to being in the mortgage business for over 30 years is that I can introduce programs that many in real estate either don’t know about or have forgotten.  One of these gems is the Mortgage Credit Certificate (MCC) program.

What is a Mortgage Credit Certificate?

Simply put, it’s a tax savings program that allows a home-buyer to take a dollar-for-dollar reduction on 40% of the mortgage interest paid (max $2,000 per year).  You get to take this reduction each and every year for the life of the loan.  The savings of the MCC allow me to increase a buyer’s qualifying power as well.  If you save $150/mo with the MCC, you’ll qualify for another $150 per month on your home mortgage!

How do I know if I qualify?

Call today to learn about sales prices, income, and prior ownership restrictions at 520-495-7237.

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Credit Scores!

What you need to know about credit scores…

These days you can  get credit scores  just about anywhere.  Banks, credit unions, charge card companies, and even the credit repositories themselves now offer them to their customers as a value-added service.  These groups give away the scores for free, often in the hope that they can convince the consumer that adding one of their products will lead to a higher score over time.

Here is the problem, the score they provide often isn’t the score that the repositories provide to the lending industry!  The Consumer Financial Protection Bureau (CFPB) just fined Experian $3 million for lying about the scores they provided and how lenders use these scores.  According to the CFPB’s action, between at least 2012 and 2014, Experian falsely represented that the scores they marketed to consumers were the same used by lenders for credit decisions. Experian themselves knowingly provided a different scoring model to the lender.

Because more and more consumers are relying on this misinformation to judge their own qualifications, it’s been causing serious issues for many.  Some potential home buyers have been encouraged by “free” score providers to add unnecessary credit accounts in an effort to boost a score that was already sufficient and frequently, they saw their credit score actually decrease! Lower credit scores don’t just affect those struggling to meet minimum loan program requirements, they may cause higher mortgage interest or property insurance rates for even those who are well-qualified.

So just what can you  do to be properly prepared  when you want to buy a home?  The answer is simple – get the credit information directly from the lender who will be providing the loan.  Nova’s Credit Services team is fully staffed by certified FICO experts who share guidance on the proper way to maintain or increase a credit score.  There are no tricks or gimmicks and their advice is free as part of the service we provide at Nova.  Remember, this isn’t a service that is exclusive to the credit challenged—well-qualified individuals can save money too.

When experience counts, think SMART, think Nova Home Loans!

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Credit Builder Card

We’re excited to announce the new Credit Builder Card that allows Nova Home Loans’ clients to quickly boost their credit rating & credit score.

What It Is:

Credit Builder Card is a secured credit card program that makes it easy for Nova clients to fund & open a secured card.  The card quickly reports to all 3 credit bureaus and helps clients build their score.

How It Works:

Nova clients can enroll through an easy, online enrollment process.  Clients can choose from several options to accumulate the $200 to fully fund the account and apply for the card.  The card is generally received in 2-3 weeks.

Fast Reporting:

The card has a $29 annual fee and this amount reports as an on-time payment to all 3 credit repositories within a week; even before they receive the card in the mail.  This has started building credit immediately.  Weekly reporting means no more 30-day waiting for balance updates.

Easy Approval:

Clients are approved for the card as long as their identity can be verified and they don’t have any active bankruptcy proceedings in the courts.

Spanish Program:

A Spanish language version of the program is available to ensure the credit card is accessible.

I have attached a flyer on the Credit Builder Card but feel free to call me directly at 520-245-8830 with any questions.  When experience counts, think SMART, think Nova Home Loans!