Home Buyer Q & A

  • We are looking at purchasing a new home.  We are both over age 62, and I understand we can purchase a home using a reverse mortgage.  Is this true?  Yes, the reverse mortgage tool can be used for either a purchase or refinance. The reverse mortgage program is highly specialized, so I would refer you to one of our specialists to assist you. In the meantime, a recent article of interest, please click this link.
  • I have VA eligibility, and we are going to purchase a new home.  We feel like everything should be in joint name.  Can my wife also be on the loan, she does not have any VA eligibility?  Absolutely. You and your spouse can both be on the loan and the deed. Not an issue.
  • I really want to buy a home.  My credit is not the greatest, I hadn’t realized how important all of this is, honestly.  Can you help me?  I know I am not ready to buy a home now, but I will do whatever you tell me to get myself into the position o f being ready to purchase a home. Our first step is to pull your credit report. I then have access to several different tools to determine the best strategy to prepare you for home ownership. We have a program called Pathway to Home Ownership, there is no cost, but it will help us with setting up reminders to make sure we are meeting credit milestones toward our goal. But it is very important when we start this process that we do not veer from the plan. Any deviation could lengthen the amount of time to mortgage readiness.
  • We keep getting things in the mail with really low rates talking about buying or refinancing.  They are from companies all over the place, nothing local or close by. How do we know what is real and what is not?  Best advice ever…go with your gut. If an opportunity seems to be too good to be true, chances are it is. There really aren’t any programs out there anymore other than your standard fixed rates and adjustables. Some interest only programs remain, but the pricing is usually unattractive. If you receive somthing that sparks your interest, request a closing costs estimate, see what fees are involved. Do not provide social security number or date of birth. Run it by someone local that you trust. Then remember, the person you call locally that you trust…just might be the person with which to do business…

- Jennifer Keenan, Senior Mortgage Consultant, NMLS# 101837, Tidewater Home Funding 757-366-8690