You’re Looking To Buy A Beautiful new Home, So Why Choose BuildBuyRefi Over other Lenders?

First and Foremost, We Provide the most Purchase loan Programs of any 50 state bank, working 7 days a week around Your Schedule, Not Ours!

Respond “YES” To Each Of The Top 3 Qualifiers, And You Are One-Step Closer To Getting Access To Some Of The Hottest Purchase Home Loans BuildBuyRefi.com Has To Offer.

Respond “NO” To Any Of These Statements, And You May Still Qualify!

(1). You’re Looking To Buy A New Primary Residence, Second Home, Or Investment Property.

We provide purchase loans for these 3 home occupancy types. As long as it is a 100% residential property, meaning not mixed-use, not a commercial farm, and not a commercial/retail business, you are in the right place. If you are looking to buy your very first zero down payment home, or your 3rd rental property, or your 1st vacation home, we have programs that allow you to accomplish your goals in record time!

(2). You Can’t or Don’t Want To Pay Cash for Your Home.

Paying cash for your home has advantages, like beating out others bidding on the same property, eliminating your mortgage, and allowing you to maintain a debt-free lifestyle. But it is also true that most Americans can’t walk into a Real Estate office and put down 100% cash. Besides, most Americans would instead prefer to maintain a higher liquidity position, save money for emergencies, tap into competitive interest rates, and find ways to protect their property and their cash reserves.

(3). You’re Looking For The Highest Loan To Value (LTV) And Smallest Down Payment.

Most new home buyers are looking to put down as little as possible because money is still tight or they know how to use their money to more significant advantages. And many are completely tired of renting or having someone dictate their terms of living, and so this is why we provide excellent home loan programs.

Combined with our new home purchase renovation loans, many of our clients are accessing future equity value by buying an older dated home and turning it into the home of their dreams. Imagine getting pre-qualified for 96.5% or 100% of the future value of your home before you even start the renovation without the need for getting a 2nd mortgage. That alone has become a game-changer in communities around the country!

Great, if you answered “YES” to each of these, you passed the first part of our pre-qual test. If you have a “NO” somewhere, call us now, or take our eligibility checker to discuss your situation. Answering “NO” doesn’t mean you won’t qualify; it just means we need to find out which area impacts your request.

Before we discuss the programs we offer, let’s review the most important ways to make the process as smooth as possible.

First, There Are No Guarantees Because There Are Many Unknowns.

Anyone offering you a guarantee before you dig into the details is probably someone you want to stay away avoid. It’s not guaranteed until you have met all conditions and closed your loan. Let’s discuss further how you can get the results you are seeking.

You Need A Dedicated Team Know For Excellence & Wicked Fast Speed, Here’s Why!

Applying and getting pre-qualified for a purchase loan is only the first step; it doesn’t guarantee you’ll get the rate, terms, or program you were initially pre-qualified on. Many factors go towards achieving that low rate and great program you wanted, and that is “the speed at which YOU move.” Time plays against every borrower in a big way with any loan.

Learn the 5 most important reasons to “light the fire” and Take Fast Action on Your Purchase Home Loan Pre-Qualification!

1. Your Dream Home Could Disappear: We’ve seen it and heard of it all too often; not moving quickly enough and getting a pre-qualification letter in hand when looking at homes could mean you lose the property to someone else. Sometimes people stop the process altogether when they lose the house they got excited over. For this reason, we work seven days a week, providing pre-qualifications on the weekends, even for those shopping and needing a pre-qualification letter for their realtors.

2. Rate Locks Expire: Many loans are locked for 30 days because the shorter term allows you to get competitive rates. If you lose your rate lock by letting it expire or needing to extend it because you took weeks to get the items back, it will cost you more money or a higher rate. With rates recently rising, a higher price could make you no longer eligible for the loan you wanted. A long delay could require you to re-qualify for the loan again.

3. Programs Could Disappear: It’s happened before; we’ve witnessed many loan programs get wiped out overnight. Investors can choose to change their risk portfolio and stop offering programs altogether; that is why moving fast on the approval you have in your hand means taking action.

4. Your Job or Income Status Could Change: What if you lost your job, your income was reduced, or you wanted to take a new job, but it put your loan closing in jeopardy because you took too long? Any changes in your employment status could come back with more unfavorable terms or, worse, a complete loan denial.

5. Your Credit Score Could Dramatically Change: We’ve seen this happen so many times, a borrower maxes out their credit card for business, or they miss a payment because they weren’t paying attention, or judgment/collection was filed on your report for any host of reasons. Not closing quickly under the same credit terms is another reason underwriters require you to re-qualify or cancel the loan.

Follow These 3 Steps to Get Competitive, Low, Fixed, and Purchase Mortgage rates.

1. Find a lender you feel confident in and apply to get pre-qualified from that lender and get a pre-qualification letter to start shopping for your dream home. Make sure the lender has the program you want, and if they don’t sound confident they can close this program and have experienced reviews doing so, then keep looking! You may want to check out our reviews to help give you this confidence.

2. Request a rate lock on your loan once you are pre-qualified and get your lender every item needed as fast as necessary to close your loan, so your rate lock doesn’t expire. Your side of the process is only complete when the loan is closed, not when you think you’ve sent enough to satisfy what the lenders and underwriters request.

3. Take responsibility and move fast; as you know, rates have been rising lately. Wait too long, and you could end up with a higher interest rate, qualifying for a smaller loan than if you locked in faster on a lower price. It’s your job to ensure you meet all requirements, not the loan officer's or lender’s position to hold the file open as long as possible, paying for the rate lock extension out of their pocket. Locks cost money because your lender reserves the funds and rate you want. It’s your responsibility to ensure you move fast so as not to let that lock expire, or it could end up costing you.

BuildBuyRefi Will Offer Purchase Loans On These Styles homes.

*Modular homes are not considered manufactured homes; they fall under the same category as Single Family Homes and do not have the same restrictions as Manufactured Homes. Every program available to a Single-Family Home extends to Modular.

What Do Conventional, FHA, USDA, & VA Loans Mean, And Which Do I choose?

These terms (Conv., FHA, USDA, VA) refer to the program type, and more often, it is decided based on your goals. These can also be determined by other factors such as location, loan amount, borrower status, and the borrower’s desired transaction request. Each program has a different set of product offerings underneath it that are uniquely different. Let’s explain what these are.

These are the four different purchase program types available through BuildBuyRefi.

1. Conventional Purchase Loans

   • The government does not insure conventional loans and typically requires a more substantial down payment or equity position to qualify. There are no 100% Conventional financing programs available for manufactured homes. However, we can loan up to 95% on the purchase, making your minimum down-payment requirement 5%, not including seller contributions. The conventional loan product type is often chosen when you have a more significant down payment, like 20% helping you avoid mortgage insurance on a purchase.

   • Conventional home loans require a higher credit score and lower debt-to-income ratio than those of their FHA, USDA, and VA counterparts. If you are looking to buy a condo using a conventional loan for a condo, you must buy in a Fannie or Freddie-approved condominium complex.

2. FHA Purchase Loans.

   • FHA stands for the Federal Housing Administration, a government agency devised to help increase homeownership to lower credit scores, income amounts, and debt ratios. Because of this, the FHA loans come with Mortgage Insurance and do not automatically drop off when you get lower than 80%; you will be required to refinance out of an FHA loan if you want to drop the mortgage insurance monthly premium. 

   • However, the FHA loan allows up to 96.5% on a purchase, meaning you can get in for as little as a 3.5% down payment. In other cases like the FHA 203k loans, you could purchase a new home and rehab or renovate simultaneously, in theory going over 100% of the purchase price you agreed upon to design the house how you want it. Additionally, the FHA loan can be used with our BuildBuyRefi construction loan for homes and land up to 96.5% when used as a final take-out loan. 

   • The FHA has maximum loan amounts depending on the county where the property is located. If you want a condo, you must purchase it in an FHA-approved condominium complex.

3. USDA Rural Development Home Loans For New Purchase.

   • The U.S. Department of Agriculture backs these loans to increase homeownership in qualifying rural communities. To qualify, the home you buy must be in a USDA-qualifying area. USDA also requires mortgage insurance; however, the monthly MI amount is lower than a comparable FHA loan. The USDA has maximum income limits per number of people per household but does not have a maximum loan amount limit.

   • The USDA also allows up to 100% for a brand-new home in all 50 states as long as you meet the required minimum credit score. Also, your debt-to-income ratio (DTI) must be lower than what the FHA requires; however, they allow for large tracts of land, and USDA-qualifying areas exist in all 50 states. The USDA is not yet funding purchase loans on pre-owned manufactured homes except for a few qualifying pilot states, so be sure to ask us before putting a USDA contract on used manufactured homes. 

   • Since no “traditional” USDA-specific renovation loan allows you to do extensive renovations, we have wonderful in-house Portfolio Renovation programs allowing you to buy and renovate simultaneously or complete an extensive renovation on your existing home. We can pair them with FHA, FNMA, or VA Reno Programs offering market competitive rates. Or, maybe a better option for you would be to pair a USDA Purchase loan with our in-house Unsecured Personal Loan program. Allowing up to *$50,000 before or after closing for qualified borrowers. Having the funds upfront from our unsecured loan means you can control how those funds are spent without a project consultant, whereas traditional renovation loans typically require oversight of the project from start to finish.

4. VA Home Loans For Active Military, Disabled or Retired Veterans, and their Spouses.

• The VA home loan benefits are some of the best available to Veterans and their spouses. Of all purchase loan programs, the VA loan offers the highest loan to value, competitive rates, and comes with no mortgage insurance at all. This is why more Veterans should take advantage of this program whenever they can. 

• Sometimes Realtors will turn away this loan type, which means you’re working with the wrong realtor because they are the strongest of all government-backed home loan programs. Every program offered through the VA allows for 100% or higher in loan financing. Additionally, the VA Renovation loan we offer now provides up to $50,000.00 for renovations, whereas other lenders only offer $35,000. Also, we provide a complete 100% OTC construction loan and two-time close construction loans. Buy your land and home in one or two loans, not three separate transactions. 

• The VA home loan comes with fewer reports required for manufactured homes if you choose this property type. You can even purchase a home with large tracts of land and have certain exceptions granted that you will not find in conventional, FHA, or USDA types. The VA loan has no location or income restrictions, but it has certain DTI and loan amount restrictions based on the areas you buy in. If you want to buy a condo, you must purchase in a VA-approved condominium complex.

Our Most Popular purchase Loan Products & Details.

You most likely already have an idea of what loan program you need, want, or would like to have. But for those who are just learning about these program types, we want to explain them in more detail.

#1. Conv/FHA/USDA/VA Purchase Loans

• A purchase loan is used when buying a new primary residence, second home, or investment property. The types of purchase loans we offer are Conventional and government back programs like FHA, USDA, VA, and Non-QM loans. These products are not used when buying a Jumbo property over county loan limits; in this case, you want to view the Jumbo loans below.

• A standard purchase loan is most common for a property that's already built; however, it can be combined with a renovation or a construction loan program. Read more about these programs below.

Generally, we want Your minimum “middle of the 3” credit scores To Be Higher than A 620 FICO.

My middle credit score is above 620; what rate can I get?

The rate you are quoted and received depends on many factors since rates change daily, sometimes multiple times a day; the quote you receive today most likely will be different tomorrow. That is, of course, if you have not locked in your loan.

Borrowers with a 620 credit score may see a little higher rate than those with a 640, 680, 720, and so on. This is due to investors offer better rates the higher your score is. They do this because those with higher scores have proven lower credit risk than those with higher scores.

Many people who buy a new home with a lower credit score with a higher rate could raise their credit even if they took out a 100% loan six months to a year later. We are always working with our existing clients in cases where that happens and reviewing market conditions to offer an internal streamline refinance.

Do you provide bad credit purchase loans? What is the lowest score you accept?

Can we lend lower than 620? 

In some cases, yes, we’ve done them as low as 580, but it’s tough and let’s explain why.

A few things happen when a borrower has a score under 620. 

#1. The interest rate we can offer becomes too high.

The pricing adjustments for lower scores and loan amounts become a high risk for the lender. And due to us offering some of the most popular programs government-backed lending has to offer, we stay away from dancing with any loan that targets what the government deems to be high costs.

#2. The borrower has limited to no credit, or their credit trade lines are not acceptable to our current underwriting guidelines.

It’s even true that some people can have a 620 credit score with limited or no trade lines that could be denied, but it is essential to show our underwriters you can make payments on time and are at low risk of defaulting on your home loan. A credit score isn’t the only thing we are looking for.

#3. The borrower could be a few steps away from a much better credit score.

It's possible that if you fall under the 620 threshold, there are some areas in that credit repair that could help you become more attractive to underwriters and lenders. In many instances, you don’t have to go through a 3rd party credit repair company, as today’s lenders have tools to help you determine what moves you can make to improve your score. Do what is needed, and not only would you get a lower interest rate, you could qualify for a more substantial loan with better home options than if you settled for borrowing with worse credit.

The 6 Acceptable Income Types When Applying For A New Home Loan.

While we accept almost every income type when verifying and approving new purchase loans, we won’t loan on are stated income loans.

1. W2 Full Time & Part-Time Employees 

2. Self-Employed or 1099 Contractor

3. Active Military Income

4. Retirement, Pension, 401k regular disbursement income

5. Social Security or Disability income

6. 12 or 24 months of personal and/or business bank statements

It’s important to note that any change during employment status, such as getting fired or switching jobs, is grounds for denial or a re-underwrite. You want to avoid any change in your job status while completing your loan, and if there is the slightest chance something might change, you need to speak to your loan officer immediately about this. 

Please do not assume it will be approved because you are getting a better offer. Changes like these scare underwriters and increase the documentation you get; it could delay your closing, cost you a rate lock, or lose your purchase money escrow altogether. 

You will save thousands in lost time and money by being as upfront as possible with your loan officer.

Aside From Working 7 Days A Week On Your Schedule, We Specialize In The Most Popular purchase Programs To Hit Today’s Mortgage Market!

The Truly Determined Borrower Ultimately Deserves A Low, Fixed-Rate Mortgage. At BuildBuyRefi.com, We Offer A Powerful Team That Delivers 5-Star Service Each Time.

We Won’t Leave You Guessing What Is Going On!

Why do other lenders and even my local bank offer high-interest rates, shorter terms, or require higher down payments?

That’s a great question!

Short answer, because they aren’t competitive. 

Longer answer…

The Top 3 reasons other Lenders Find it hard to Compete with BuildBuyRefi in the New purchase market.

#1. We Have Some Of The Most competitive New Purchase products, rates & loan terms:

• Most lenders, brokers, and banks only have a few programs, not offering anything near our vast array of loan products. Their rates are higher and loan terms shorter because they can’t touch the monthly volume we produce.

• They tease you with low rates but hide the small print; for example, that meager teaser rate could be interest-only, require a 740 or higher score, and require a substantial down payment. Many customers get upset when finding out they don’t get an advertised rate, along with daily changing interest rates. We do not publish general rates due to constant changes; most lenders hide the fine print at the bottom of their low published rates.

#2. We’re seasoned veterans On Purchase Loans & A 5 Star Rating Working With Realtors Across The Country:

• Most are not seasoned veterans in the purchase lending sphere, meaning the loan officer you work with might never have closed on one of these more niche product types before, and that is a dangerous mix to get involved with. You need a banker who knows how to navigate these different loan programs, and most of our bankers have 15-30 years of experience lending on these unique programs and property types.

#3. We Want To Help You Buy your new Home With Zero-Down or Low-Down-payments On All Property Types:

• Your local bank or credit union may be acting like they are doing you a favor to keep you with them, but they don’t want 100% loans on their books. They may talk you into putting more money down or taking a higher rate, saying they are making an exception to the guidelines. In this case, their inability to be competitive or desire your unique property type costs you more just by staying loyal.