Frequently Asked Questions
We have allocated this area for you to browse some of the most frequently asked questions by clients and real estate agents. If you have additional questions that are not listed here please feel free to contact us and we will be most happy to deliver a satisfactory answer to you.
Don't worry, we can work with your real estate agent to ensure they know how to ask the sellers to pay all or part of your closing costs so you only have to come up with the 3.5% down payment (FHA).
If you have a low credit score or if you have had a few blemishes on your credit history and are still interested in purchasing a home we will work with you by guiding you through the steps necessary to get your credit up to speed. We have resources and friends in the industry who can also help you prepare to purchase a home. Ask your favorite loan originator for more information.
At AmCap Mortgage, LTD. we strive to close on your home in under 30 days. We are committed to making sure all deals are processed in a timely manner so that we close on time.
At the heart of approving a potential borrower are what lender's call the four "C's". Credit (your personal credit history), Collateral (the market value of the property used a security for the transaction), Cash to Close (down payment) and Capacity (your financial ability to repay the loan). If one or more of these areas is inadequate your loan may become nonconforming in nature. A nonconforming loan may require a slightly higher interest rate to adjust for the added risk associated with your loan. AmCap Mortgage, LTD. is the type of lender that tries to figure out ways to approve all loan submissions.
For borrowers who purchase a home with less than 20% down payment of the selling price of the mortgage the following applies. Mortgage lenders often require them to retain another type of insurance which covers the lender in the unfortunate event that the borrower cannot repay the loan and the lender is not able to recover the costs of the foreclosure and also the selling property.