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Resources
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, call 781-232-8000 to speak to our experienced team about these guidelines further.
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.
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.
Poli Mortgage does have programs which may assist home owners to refinance, even if the value of their home has dropped significantly. One such program is called the HARP program. Contact us at 781-232-8000 for more information on this program.
A traditional refinance typically requires an appraisal.
To get started, Poli Mortgage asks for your most recent pay stubs, W2s, bank statements, home owners insurance, along with a copy of your current mortgage statements. Underwriting may require additional documentation and your Poli Loan Officer will let you know of any additional requirements.
We are a direct lender, and move quickly to close your financing. As soon as we obtain all the required documentation and appraisal, we enter the application and supporting documentation into our system. If all items are in order, we can approve and close in a number of days. Generally, from start to finish, refinances will take about 25 days.
Poli Mortgage has direct access to the secondary mortgage market, which gives us full control over the process and pricing we can offer our customers. Also, mortgages represent 100% of our business. This exclusivity enables us to offer the most competitive mortgage loan rates within the industry at large.
Poli Mortgage will run your completed application package through our underwriting system right away. Pending the appraisal results, we will have an approval status back to you within 24 hours.
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Poli Mortgage Group is a Division of radius financial group inc. Corporate NMLS #1846. radius financial group inc. is an Equal Housing Lender. Poli Mortgage Group is licensed in CT, FL, ME, MA, NH. For more licensing information please visit: https://polimortgage.com/licenses/ or by visiting www.nmlsconsumeraccess.org. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs rates, terms and conditions are subject to change and are subject to borrower qualification. This is not a commitment to lend. The content in this website has not been approved, reviewed, sponsored or endorsed by any department or government agency.
* This radius Pre-Approval/Credit Commitment Promise Contract ("Promise") is made and entered into, as of the date of the last signature below, by and between radius financial group inc. ("radius" or "Lender"), and the below-named Buyer and Seller. In consideration of Seller's reliance on this Promise in entering into a real estate purchase transaction with Buyer, the Parties agree as follows:
PROMISE TO SELLER. In the event that a Seller is induced to accept an offer from, and enter into a purchase and sale agreement with, a radius borrower on account of this Promise in connection either with (a) a radius Pre-Approval or (b) a radius Credit Commitment and the Buyer is unable to close on such Eligible Transaction due to a mistake made by radius (with accurate and up-to-date information) on such Pre-Approval/Credit Commitment (a "Bad Pre-Approval"), then radius shall pay Seller ten thousand dollars ($10,000), subject to the terms and conditions herein as Seller's sole remedy.
PROMISE TO BUYER. In the event that radius issues a Bad Pre-Approval to Buyer on an Eligible Transaction, radius will reimburse Buyer reliance expenses up to one thousand dollars ($1,000) for a home inspection, appraisal, or legal expenses actually paid out-of-pocket by Buyer, subject to the terms and conditions herein. This payment shall be Buyer's sole remedy.
ELIGIBLE TRANSACTION. For purposes of this Promise, an "Eligible Transaction" is a purchase money mortgage transaction for a primary residence (made on or after April 1, 2018) (not made to a radius employee or immediate family member), provided that the loan is a Conventional, USDA, VA, or FHA loan product for either (i) an existing home resale or (ii) a newly constructed home that is to be delivered and closed within ninety (90) days of the P&S.
CONDITIONS. The applicable radius Pre-Approval must not have expired prior to the date of the P&S. Offers/P&Ss cancelled due to home inspection issues or title defects are not covered under this Promise, and this Promise is void if a Bad PreApproval is the result of: (i) a change in Buyer's financial position, (ii) property specific requirements or expenses (e.g. homeowner's association dues/fees, flood insurance, or property taxes), or (iii) loan product availability or underwriting requirements, or third-party actions outside of radius' control.
FUNDS DISBURSEMENT. Any funds due and payable under this Promise will be paid if requested by Buyer or Seller in writing within 90 days of the date of an applicable Adverse Action Notice and accompanied by a fully-executed copy of this Promise. Any payments made under this Promise will be reported to the Internal Revenue Service by radius on a Form 1099-MISC or as otherwise required by then-applicable law. Please consult your tax advisor for any tax implications.
