Q: What is the down payment?
A: Currently, the down payment is $3,000 and needs to be given at the Customer Journey Meeting in order to reserve your lot. We only accept check, money order, or cashiers check. Checks must be made out to Paul Gabriel Trustee.
Q: I was pre-qualified does that mean I am approved for a loan?
A: No it does not. The Pre-Qualification lets you know that you are a good candidate for a mortgage loan and the loan amount for which you could qualify. There are still some factors in the underwriting of a loan that could prevent you from being loan approved.
Q: Is the interest rate fixed for the term of the loan?
A: Yes. The interest rate is fixed for the term of the loan.
Q: Do I have to include my spouse on the loan?
A: You do not have to include your spouse on the loan, but you will need to demonstrate that you can obtain the loan on your own. The non-purchasing spouse; however, must be included on the Deed of Trust.
Q: What if I get paid cash? Can I still apply for the loan?
A: You must be able to present the last three (3) years of tax returns as income documentation.
Q: What if I have had a foreclosure?
A: Applicants who have had a foreclosure and have at least 24 months of satisfactory rental history may be considered for approval.
Q: What if I have filed for bankruptcy?
A: Applicants who have been discharged from bankruptcy for a period of at least 12 months and who have re-established credit history may be considered for approval.
Q: What if I have no credit history?
A: Non-traditional credit (cell phone bill, utilities, insurance, etc...) will be reviewed in the event the applicant does not have the traditional credit history.
Q: What about collections?
A: Collection accounts cannot exceed $2,500 in total. Medical collection accounts are not included.
Q: I just started a new job will that affect my ability get approved?
A: Applicants must be employed, with the same employer for a minimum of six (6) months and in the same line of work for two (2) years with exception to applicants who were obtaining a higher education in the past two (2) years.