Need money? – Know your options!
781-724-6221
By Alain Valles, MBA, MS
Real Estate is Good News
Why buy? It’s simple – you’ll have a better chance of financial success!
Independent of the joy of homeownership, the Survey of Consumer Finances shows that the average homeowner has household wealth of $231,420, while the average renter has household wealth of only $5,200.
Already own a home or other real estate? Congratulations!
CoreLogic has stated that the average level of equity for homeowners with mortgages hit nearly $300,000 in 2022. You should know your net equity so that you may anticipate your profit if you sell or how much you may borrow to fund other life’s necessities.
Know Your Mortgage Options
Unfortunately, many people believe that there is only one type of 30-year fixed loan with the same lending guidelines. This results in people believing that they can’t own a home or be able to refinance to obtain desired cash to pay off bills or fund other desires. Below is a very short sample of various loan programs that the “banks” do not offer. Each program has unique features so please call for a more in-depth explanation and to learn more about other loan options.
FHA/VA Government Loans
- Loan down payment options (3 ½% to 0% down)
- Down payment may be all gift
- Credit scores as low as 500
- Co-signers allowed
- For single to four-family homes
Bank Statements Only or Stated Income Loans
- Typically for investor properties or second homes
- No tax returns required
- Great option for self-employed borrowers
Private Lending
- Not for everyone, but for unique non-owner occupied situations, a private loan may be the solution to a temporary situation
- No minimum credit score or income requirements
- Based on property loan-to-value
Reverse Mortgages
- No monthly mortgage payments required
- Must pay real estate taxes and insurance
- For homeowners 62-years old or older
- Excellent option to be financially independent
- May receive lump sum cash, a monthly check for life, and/or have a credit line
- No minimum credit score required
- Lenient income requirements
Take Action – Get Information
Please call me at (781) 724-6221 or email me at av@powhse.com. I will be happy to review your specific situation and educate you about which loan programs might best meet your goals.
Alain Valles was the first designated Certified Reverse Mortgage Professional in New England. He obtained a Master of Science from the M.I.T. Center for Real Estate, an MBA from the Wharton School, and graduated summa cum laude from UMass Amherst. He is the senior loan officer MLO#7946 at Powerhouse Funding Corp. NMLS #1740551. He can arrange but does not make loans. Alain can be reached directly at (781) 724-6221 or by email at av@powhse.com.
