MAGNOLIA REALTY

Hi I’m Cheri, here to help you get the home loan that fits you!

I’m an experienced senior real estate agent with a demonstrated history of working in the financial services industry. I’m skilled in Certified Mortgage Planning, U.S. VA Loans, U.S. FHA Financing, U.S. Federal Housing Authority (FHA), and Credit Restoration. Let’s get you to where you need to be!

Loan Types

Conventional Fixed-Rate Mortgage: With this type of mortgage, the interest rate remains constant throughout the life of the loan. This provides stability for borrowers, as their monthly payments stay the same.

Adjustable-Rate Mortgage (ARM): The interest rate on an ARM can change periodically based on market conditions. These loans often start with lower initial interest rates but can increase over time.

FHA Loan: Insured by the Federal Housing Administration, these loans are designed for first-time homebuyers and have more lenient qualification requirements.

VA Loan: These loans are available to eligible veterans and active-duty military personnel and typically offer favorable terms and lower down payment requirements.

Jumbo Loan: Jumbo loans are used for properties that exceed the conforming loan limits which is set by the Federal Housing Finance Agency (FHFA). They often have stricter credit requirements.

Mortgage Application Process:

  • Prequalification: Assessing your financial situation to determine how much you can borrow.
  • Preapproval: Obtaining a written commitment from a lender based on your creditworthiness and financial information.
  • Application: Completing a formal mortgage application with your chosen lender.
  • Underwriting: The lender reviews your application, credit history, and property information to make a lending decision.

Factors Affecting Mortgage Loan Approval:

  • Credit Score: A higher credit score generally leads to better loan terms.
  • Debt-to-Income Ratio: Lenders evaluate your ability to repay by comparing your debt obligations to your income.
  • Employment History: A stable job history is often preferred by lenders.
  • Property Appraisal: The property must be appraised to ensure it’s worth the loan amount.

Applying for a home loan?

Fill out this quick questionairre and we’ll get to in touch with the best next steps you should take to ensure that you are getting the right loan for YOU!

Name
Address
Type of home your looking to buy
Do you have a SSN or ITIN
Do you have a full two-year work history without gaps in employment
Do you own your own business
Do you receive a 1099 or W2
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