100 River Ridge Dr., #304
Commonly Asked Questions
The closing costs for each Poli Mortgage loan are tied to many factors. These include property, state, loan amount, and optional coverage’s like home owners title insurance. Rest assured, Poli Mortgage Group is a known mortgage leader and offers some of the most competitive rates and closing costs for first time home buyers in the industry.
Yes. Your Poli Loan Officer will need you to supply two full years of tax returns to verify your self-income. For more information about mortgages for self-employed borrowers, visit our page on self-employment mortgage guidelines or call your Poli Loan Officer to discuss these guidelines further.
Will I need to be at my job for two years to qualify for a first time home buyer loan with Poli Mortgage?
Generally, a two-year employment history is required to qualify for a first time home buyer loan program through Poli Mortgage. However, if you have changed jobs, we can often use income and tenure information from your previous employer. We will also recognize college as work history if you are currently working in the same field you were studying.
Can I buy a two-family or a three-family home, then use estimated rental income to qualify for my mortgage loan?
Yes. The FHA allows the purchase of a 1-4 family property, and as long as the home is also your primary residence, the FHA will recognize a portion of your rental income in your qualification process.
Yes. Private Mortgage Insurance is not necessary in some circumstances. For instance, Private Mortgage Insurance would not be needed if you were to initiate two mortgage loans for the purchase of the home. The first mortgage would fund 80% of the purchase price, the second mortgage would fund 10% of the purchase price and the borrower would fund the remaining 10% of the purchase price with their down payment. Speak to a Poli Mortgage Loan Officer for more details.
Yes. Private Mortgage Insurance is always required if the mortgage loan is above 80% of the purchase price.
No. In most cases first time home buyers receive the same rates as those that are not first time home buyers. However, there are some programs which are advantageous for first time home buyers in different ways.
Yes. Poli Mortgage Group’s FHA mortgage loan program allows for gifts to apply toward all or some of your down payment. Conventional financing also allows for gifted funds to be applied toward your down payment. However, your portion of the down payment must be at least 5% of the purchase price unless 20% or more is gifted
What credit score should I have in order to qualify for a Poli Mortgage first time home buyer program?
For FHA financing, you will be expected to have a credit score of 640. If you are participating in a conventional mortgage loan program, you will be expected to have a minimum credit score of 660.