Buying A Home

The Way It Should Be

How to Pre-Qualify

Getting a loan can be confusing, exciting or even scary.  There are many different loans and options available that are designed for each individual and situation. We work with many lenders and have provided you with links to some area lenders below.  These lenders will help you get the pre-approval loan process started.  It is best to talk with a lender or your current banker first. This will help you determine which home prices you qualify for and what payment bracket you are comfortable with.  This allows you to stay within a specific price point.  NuStar Realty recommends you check with a few lenders to get the best loan possible for you as some lending institutions offer different programs than others.

Our Preferred Lenders

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There are many different loans available for buyers in today’s real estate market. We have provided common loans and there definitions.

Conventional Loan

A loan secured by a mortgage or deed of trust for which the loan-to-value ratio is within an acceptable range for a particular lending institution

FHA

An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan which is provided by a FHA-approved lender.

USDA

USDA Rural Development Single Family Housing Guaranteed Loan Program. Guaranteed loans offer affordable financing to rural homebuyers.

DVA

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders

Contract for Deed

A seller is agreeing to provide the financing necessary for a buyer to purchase the seller’s home. The buyer will agree to the contract and then pay the seller in installments.

Bridge Loan

A sum of money lent by a bank to cover an interval between two transactions, typically the buying of one house and the selling of another.

Reverse Mortgage

It is new type of mortgage that you can apply against your home. By definition, it is a non-recourse loan, which means the cash value of your home is the only financial instrument that can be used to repay the loan.

Commercial

mortgage loan secured by commercial property, such as an office building, shopping center, industrial warehouse, or apartment complex. The proceeds from a commercial mortgage are typically used to acquire, refinance, or redevelop commercial property.

SBA

Term loans from a bank or commercial lending institution that the SBA guarantees as much as 80 percent of the loan principal