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Mortgage Brokers in Pennsylvania
Financial Access, LLC
"Property Ownership Within Reach"
First and Second Mortgages · Purchases · Refinancing · Home Equity Loans · Lines of Credit
Ph: 267-382-0690 Toll Free: 866-636-9300 · Licensed in Pennsylvania
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Equal Housing Lender

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First Time Home Buyers with under $7,000 cash to purchase a home.

Programs

  1. Seller assist (also known as seller concession) - the seller agrees to pay a portion or percentage towards closing costs for the transaction.
  2. Waive escrow - The escrow account set-up with your loan are funds paid towards real estate taxes and home owner's insurance. Waving the account will reduce upfront closing costs.
Documentation
  1. W-2's for the last two years
  2. Two consecutive pay stubs showing consistency of income.
  3. Computer print out of the last 12 months of rent from an apartment complex or 12 cancelled checks (front and back) if paid directly to a private party.
  4. Agreement of Sale signed by all parties to show seller assist if applicable.
  5. Proof of liquid assets if applicable. ( Ex. Savings/checking, retirement account, stocks/bonds, CD, money market).
Employment Qualification
  1. Two consecutive years employed as a wage earner with no employment gaps
  2. The profession must be in the same line of business but not necessarily with the same company.
  3. College education and employment within two years is acceptable if the profession is the same.
  4. Self employment for two consecutive years in the same line of business.
  5. Employment gaps within two years must be explained.
Fixed Income

  1. Fixed income collecting permanent disability - case by case.
  2. Fixed income collecting social security income and/or retirement and/or annuities.
  3. Fixed income collecting permanent disability income - case by case.

Example:
- Financing at 97% of the purchase price with only $7,000 available cash, and waiving escrow
- Purchase price is $200,000
- Real estate taxes and insurance not included in the monthly payment

1st mortgage
Private Mortgage Insurance (PMI)
(When financing under 20% down payment)
$194,000 x 6.25% =

$1,194.49
$130.95 (estimate)
 
    $1,325.44 Total monthly payment
(principal and interest)
Example:
- Financing at 97% of the purchase price with only $7,000 available cash with escrow
- Purchase price is $200,000
- Real estate taxes of $2,800 and homeowner's insurance annual premium of $650 included in the monthly payment
1st mortgage
Private Mortgage Insurance (PMI)
(PMI is required for loans financing over 80% of the property value)
Monthly real estate taxes
Monthly homeowner's insurance
$194,000 x 6.25% =
$1,194.49
$130.95

$233.33
$54.17
 
    $1,612.94 Total monthly payment
including principal,
interest, taxes
and insurance (PITI)
The term or length of loan for both mortgages are for 30 years calculated at a fixed rate. The interest rate, private mortgage insurance, taxes and home owner's insurance are subject to change daily.

Estimated closing cost without points
Transfer tax @ 1% of purchase price
Title fees (title insurance, recording, notary, endorsements)
Appraisal fee
Lender fees
Home owner's insurance paid for 12 months
Miscellaneous fees (w/s and taxes through the quarter)
Seller assist towards closing cost (up to 3%)
Buyer's total closing cost (remaining due)
Plus 3% down payment of $200,000

$2,000.00
$2,100.00
$300.00
$700.00
$650.00
$1,000.00
($6,000.00)
$750.00
$6,000.00
  $6,750 Total cash needed to close


Financial Access, LLC
440 Auburn Court, Souderton, PA 18964
Phone: 267-382-0690 · Toll Free: 866-636-9300 · Fax: 267-382-0634

Licensed by Pennsylvania Dept. of Banking
Pursuant to the First and Secondary Mortgage Loan Act