"Your first stop for a home or land loan"
"Your first stop for a home or land loan"
Noel Jarrett (NMLS2512852) is your point of contact for your loan. She graduated from Panama High School and after 20+ years living outside of LeFlore County she moved back to Poteau as a pharmacist. Now seeking to help the community in a different way, she has become a licensed mortgage broker
Solomon Boon is backed by the nation's leading wholesale mortgage lender which means a wide variety of loan options for your home or land loan
You can apply online any time ~or~ visit Noel during lobby hours if you need help with an in-person loan application. Solomon Boon seeks to provide potential borrowers with as much ease as possible
Feel free to call / text 918.649.5830 and request an appointment Tuesday through Saturday if you are unable to visit during lobby hours
1. Who is applying for the loan? Whomever is going to be part of this loan (i.e. their name will be on the loan) will need to have the following available:
2. Gift letter? If you are receiving $$ as a gift in the purchase of your home, please be prepared to submit a letter from the 'giver' stating the following:
*Additional helpful information can be found in our 'Scoop' blog after our contact page
Non-government loans - higher FICO score are required (620+) and possibly even higher (mid-700s) for a more competitive interest rate. Pro: less governmental red tape and higher loan limit ($766,550 as of 2024); Con: higher down payment (up to 20% of loan) and more scrutiny over your financial history
Governmental loan - which means less restrictive FICO score (500+). Pro: more lenient debt-to-income ratio, lower FICO score and lower down-payment; Con: more stringent appraisal process, property must meet FHA property condition and structure standards, property loan limit ($498,257 for single-family house in 2024)
This may be your loan if you're an eligible active-duty military member, veteran or surviving spouse. Pro: no down payment or mortgage insurance, lower interest rates / fees, easier qualifications; Con: funding fee required and property restrictions
Governmental loan - a property loan limit ($398,600 in 2024) and household income limit exist plus the requested FICO score is commonly in the 600s. Pro: no down-payment (though closing costs are still in effect), competitive interest rate, relaxed credit requirement, good option for first time home-buyers, no prepayment penalty; Con: income and property restrictions
As the name suggests - these loans are for amounts greater than the price limit determined by Freddie Mac / Fannie Mae (i.e. the government does not back these loans). Due to the higher purchase price you may need a FICO score in the 700+ range to qualify. Pro: higher loan limit; Con: large down-payment (10% to 30% of loan), higher interest, more closing costs, clean / high credit score and not all properties will qualify
** the above $$ information is based on southeastern Oklahoma
Enter your info (to the best of your ability, it's okay if you don't have all the answers ;-)) and once you complete the application we'll review and then give you a call the next business day. Once we understand your goal we'll start to walk you through the process for which loan product best suits you.
108 Dewey Avenue, Poteau, Oklahoma 74953, United States
Open today | 10:00 am – 04:00 pm |
05/29/2024
* * * * Assumable Loans * * * *
High interest rates are a great time to look over your current real estate listings and find which Sellers may have lower interest rates from their previous loan that may be assumable. This is also a good selling point for Buyers that may qualify for government loans.
Assumable loans are FHA, VA, USDA; customarily conventional loans are not assumable (look for an 'assumption clause' in the conventional loan contract).
BUYER notes:
SELLER notes:
- Should speak with their lender at length on how a non-Veteran Buyer assuming their loan will affect the Veteran Seller's 'entitlement' of purchasing another home with a VA
loan. Also, review with the Lender possible scenarios of an assuming Buyer's foreclosure or short-sale.
- If a Veteran Buyer is qualified to assume the Seller's current VA loan - the Seller should verify with Lender that the Buyer will submit their own Substitution of Entitlement
(SOE) which will allow the Seller to still take advantage of VA benefits in the purchase of their future home.
> > > > Home listings on major sites are increasingly referencing assumability as a major benefit < < < <
05/08/24
* * * * PMI vs MIP * * * *
Conventional Loans PMI: lenders include Private Mortgage Insurance (PMI) if borrower does not pay 20% of property's purchase price; this protects lender if borrower misses a loan payment. Upon borrower reaching 20% equity in their home they may ask for PMI to be cancelled (it auto-cancels at 22%).
~Interesting bit: the prospective borrower should speak to their tax person - some lenders will allow a greater interest % with no PMI; the tax professional may know which may be more beneficial for your borrower's tax scenario.
FHA's Mortgage Insurance Premium (MIP): similar scenario of protecting the lender, it is commonly applied regardless of down-payment amount. It will most likely be in two parts -> an upfront MIP (which can be combined into loan) and a monthly MIP for the life of the loan.
~Interesting bit: Consider refinancing & converting the loan to conventional upon building up greater than 20% equity.
> > > > Make sure your borrower understands the term 'insurance' strictly is protecting the lender so they don't misconstrue it as a form of protection for themselves < < < <
Outside of my professional life I want to help inspire my community to read the Bible, please click below:
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