Chas Adams, Home Loans in RI, CT & MA

Homestar Mortgage offers a unique program that allows for Jumbo Buyers make a modest down payment on JUMBO single family primary residences.

10% is a BIG difference from the normal 20% requirement for most JUMBO loans.

Fannie Mae & Freddie Mac are the primary backers of conventional mortgages. These Government Sponsored Agencies (GSE’s) buy mortgages from Banks/Lenders and package them into Mortgage Back Securities (MBS) to be sold on the secondary market.

The money raised through the sale of these MBS gives Banks/Lenders more capital to lend to consumers.

United States Department of Agriculture (USDA) provides The Guaranteed Rural Housing mortgage loan program for single family residences and warrantable condominiums that are located in rural areas. Program allows for No Down Payment. Reduced Mortgage Insurance. Financed Closing Costs. Income limits do apply.

The Federal Housing Administration (FHA) provides mortgage insurance on loans made by FHA-approved lenders. FHA loans require a minimum down payment of 3.5% of the contract sales price on 1-4 unit residential primary residences. FHA 203K Rehab available.

The Veterans Administration (VA) loan program enables veterans and active duty personnel to purchase or refinance a home with favorable loan terms. VA offers mortgages that can accommodate No Down Payment on 1-4 unit residential primary residences. Some of the highlights are:

» » No Private Mortgage Insurance (PMI).

» » No Down Payment on applicable properties.

» » Seller can contribute to paying closing costs.

» » Rehab Loan Available.

In Rhode Island 1st Time Buyers, people who have not owned property in the last 3 years, can purchase 1-2 unit primary residence with No Money Down. Closing cost assistance available. No mortgage insurance or reduced mortgage insurance options.

Please check with Chas to see what additional 1st Time Buyer incentives may be available at this time.

Designed for the experienced real estate investor who is purchasing or refinancing investment properties they plan to hold for business purposes.

The borrower is qualified based upon the cash flow of the subject property only, regardless of the number of properties owned by the borrower.
» No borrower income or employment is stated or verified
» Debt coverage ratio is used for qualifying purposes
» 4506T not required
» Debt to Income (DTI) Ratio not calculated
» 1-4 unit residential properties only
» Vesting can be in a LLC, Partnership, or Corporation

Alternative Documentation is designed with two separate qualification options for borrowers with unique situations:

I. Asset qualification
» »Employment and income not required to be disclosed
» »Loan verification based on liquid assets
» »Full asset documentation required – savings, stocks, bonds, IRA’s, 401K’s, mutual funds or retirement accounts

II. Self Employed
» »Qualification using personal and/or business bank statements
» »Assets fully documented
» »Self employed in same business for minimum 2 years required

Homestar Mortgage offers safe, affordable mortgage options designed exclusively for the unique needs of physicians. Owner occupied homes with a 5% minimum down payment and no private mortgage insurance(PMI) Single family and warrantable condominiums Fully amortizing 5/1, 7/1, and 10/1 adjustable rate mortgages (ARM’s) Closings up to 90 days before contract start date