How to qualify for a Suntrust mortgage

Aunindita

18 juil. 2011

Sun Trust Banks Inc. is an American bank holding company. Suntrust Bank is the main subsidiary headquartered in Atlanta and it is considered one of the largest banks in Georgia. Suntrust is developing its activity through over 1700 Suntrust locations. You can apply for a Suntrust mortgage online or you can visit one of the Suntrust Bank locations.

Agency affordable products: Rural Housing Program

These are the eligibility criteria to get into the program: · Borrowers must earn no more than 115% of the HUD (Housing and Urban Development) median income for their area, adjusted by family size · Good credit history for 100% financing · Available only for primary residence purchase

Home Affordable Refinancing Program (HARP)

The eligibility criteria for HARP are: - Your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac. - You do not have an FHA, VA or USDA loan. - You are not currently late on your mortgage payments and you have never been more than 30 days late within the past year - Your mortgage does not represent more than 125 percent of the current market value of your home. - You have the ability to make the new payments.

Home Affordable Modification Program (HAMP)

The eligibility criteria for HAMP are: - The house is your primary residence. - The mortgage was obtained on January 1st, 2009 or before this date - The monthly mortgage payment is more than 31% of your monthly pre-tax income - You do not owe more than $729,750 on your home. - You experience a financial hardship and you are delinquent or about to become one - You have the ability to support the new modified payments - You must have a clean chit for the past ten years in felony larceny, fraud, theft, money laundering, tax evasion, in relation with any real estate or mortgage transaction.

VA Programs: Eligibility criteria

In order to be eligible for a VA Mortgage from Suntrust, you must meet one of the following criteria: · At least 90 days on active duty during war time and honourable discharge or service disability discharge (WWII, Korean War or Vietnam War) · At least 181 continuous days under active duty and honourable discharge or service disability discharge until October 16, 1981 · At least 90 days on active duty during the Gulf War and honorable discharge or service disability discharge · Active duty service personnel with 181 days of continuous service after 1981 · Six years in National Reserves or National Guard · Un-remarried surviving spouses/or spouses of POW (prisoner of war) or MIA (missing in action) service person

A guide to calculating mortgage payments

Before buying a home, it is essential to know whether or not it is within your budget. Unless you have substantial assets, it will be necessary to take out a mortgage. For most people, a mortgage will be the greatest outgoing expense that they ever undertake. Accordingly, it is necessary to assess the long-term expense involved in taking up a mortgage in the first place. This guide provides an overview to calculating mortgage repayments.

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