Allied Mortgage Q&A

Question: We recently filed Chapter 7, which was discharged on 5/1. How much time do we need to wait to apply for a mortgage and what kind of rate could we expect to get?

Allied Mortgage's Answer: Your bankruptcy has not been discharged for 2 years, so you could possibly get into a home with no or little money down at a very low rate. It all depends on your credit since the bankruptcy. Such as do you have any re-established credit or have you been late on any bills since the bankruptcy. Give me a call and I can look at it for you.

Question: I have had a couple of years of illness--now in remission--and have gotten way behind on my bills. I have been living in a duplex and the landlord told us this past Sat. that he and his wife are selling the duplex and he has to have both units empty so he can do much needed repairs to get it ready for sale. He informed us that we have to be out by the end of June. I have wanted to move back to Evansville from Mt. Vernon for quite some time; however, the timing of this move is not the best. We had planned to purchase a Condo when we moved back to Evansville instead of putting money into an apartment. Now, the big question is are we dreaming or could this be a reality???

Allied Mortgage's Answer: It really depends on your credit. If you are way behind on your bills, there is not much anybody can do unless you have at least 15 to 20% down and are able to catch up your bills.

Question: What is exactly is a "home equity" loan, is it a second mortgage?

Allied Mortgage's Answer: Yes. Home Equity loan, 2 nd mortgage, Debt consolidation loan, Home Improvement loan, are all the same. The terms can be used interchangeably. They are all a 2 nd mortgages.

Question:  I do not know if you can help me but, I am trying to find out where I can get a copy of my credit report? My husband and I had filed bankruptcy almost two years ago and are looking to buy a home for the first time, and are having problems finding someone that will help us finance! If you could help that would be great!

Allied Mortgage's Answer: If you come in to apply for a home loan, you will get a copy of your credit report free from us. We don't have any application fees. You can also go to the internet and type in the search engine free credit report and hundreds of sites will pop up to get your report for free.

Question: Recently I was put on SSI disablility and am receiving TANF, is there any possiblity of me obtaining a home loan? Currently, I am renting at $475/month and would like to have something of my own.

Allied Mortgage's Answer: Yes. It depends on how much your income is and how much of a house you wanting to buy. If you don't have enough income to qualify, we do offer no income verification loans to get you into a home. Give me a call today to go over some of the details.

Question: I am newly married and have a tight budget, but my husband and I would like to know if there is a program to help first time buyers get a good loan. Also we would like to know how we can find out information on purchasing a foreclosed home with land in our area.

Allied Mortgage's Answer: There are a lot of first time homebuyer programs in the marketplace and we offer many of them. Many of the programs you can get into a home with little or no money down. However, many of the first time homebuyer programs are not available for property with a lot of land (Over 5 acres) and distressed property. Many foreclosed homes are in need of repair, and first time homebuyer programs are not available for this situation. Home must be in good shape and pass inspections. I would be happy to talk to you about your options. Feel free to give me a call.

Question: We are wanting to refinance but have only owned our home since June of 2001. We currently have a 1st and 2nd mortgage. 1st being 7.00% 2nd being 10.99%. Every mortgage company or bank is telling us we need to wait to refinance. The only way we could do a 100% loan was to do a 20/80 loan. We have no down payment. Is it in our best interest to wait to refinance, and how long?

Allied Mortgage's Answer: The only reason to wait would be if there is no equity in your home, there is no set time period. If you have good credit, you could refinance one day after buying the home. Even if there is little equity in your home, we over 100% financing with one loan that would probably offer you a better rate than what you have currently.

Question: What is the average price of title insurance?

Allied Mortgage's Answer: It varies from company to company and state to state, however on average for the title companies we use, it runs around $3 per thousand.

Question: Would it be a good idea for an over 65 couple to try to buy a home? Might qualify for a V A loan. We currently pay $450. a month rent and would need to keep our payment around that same amount.

Allied Mortgage's Answer: Thanks for your question. Age is not a factor when buying a home. If you want a home, buy one. If you are VA eligible, you can get a VA loan. It is possible to buy a home for a payment around $450.

Question: What is the difference between you and a bank?

Allied Mortgage's Answer: Banks primarily have one product, theirs. Also, they mainly only lend to people with perfect credit. Mortgage bankers only do one thing, mortgages. We specialize in getting your loan done. We can work with institutions all over the country to try to get your loan approved, no matter what your situation. We understand that people may have had past problems. And since we're not tied to one loan product, we can search the country to find the best rate on your loan. We typically offer lower rates than your local bank can offer.

Question:  My credit is not good, I even had a past bankruptcy, can you still help me?

Allied Mortgage's Answer: Yes! Even with a past bankruptcy, we can help. We have hundreds of loan products just for your situation. With over 900 lenders that we work with, we say: If Allied Home Mortgage can't get your loan done, nobody can!

Question: I want to purchase a home, what should be my first step?

Allied Mortgage's Answer: Get Pre-Approved! You want to get qualified for a home loan before you ever start looking for a home. You don't want to fall in love with your dream home, just to realize you don't qualify for the home or the payments would be too high. Also, Realtors and sellers of homes will take you much more serious and would be more willing to accept an offer or negotiate with you if they know you are already pre-approved.

Question: Does it cost anything to apply for a loan with you?

Allied Mortgage's Answer: Absolutely not. Unlike most banks, we do not charge an application fee. We will do a free mortgage analysis for you and get you pre-approved with no charge. Simply call or stop by and we can get you pre-approved usually same day. There is no obligation, and it's totally free to let us see what we can do for you. Call us today to get you on your way!

Question: I don't have any money for a down payment, can I still buy a home?

Allied Mortgage's Answer: Yes, we have many programs where you do not have to have any down payment. And even if you've had some credit problems in the past you still might only need 3% down and that can come in the form a gift from a non-profit agency. We own a non-profit agency called Alliance Gift Fund that will give you the down payment, so you can still get into a home with no down payment and you don't even have to pay back the gift!

Question: Do you offer any programs besides mortgages?

Allied Mortgage's Answer: Yes, we offer a For Sale By Owner program, which helps people sell their home without costly realtor commissions. We also have a bi-weekly mortgage program which will shave years off of your mortgage, therefore saving you thousands of dollars in interest. One of our most exciting programs is the Alliance Gift Fund. It is a down payment assistant program that will gift the money to a borrower to help them buy a new home without having to pay the money back. Call us today to find out more!