Jacqueline Watts – NASB Home Loans

Yes! The Missouri House Development Commission (MHDC) helps qualified first-time home buyers get home loan funding. Read more about it at nasb.com/mhdc. Plus, NASB has the Good Neighbor Program (nasb.com/good-neighbor) that can provide special financing opportunities to eligible participants for homes located in the Kansas City metropolitan area.

Closing costs are all the fees and expenses required to close on a home loan. They come up as you get to the final step in the mortgage process and must be paid for regardless of whether you're buying a new house or refinancing an existing mortgage.

Yes! With NASB’s RateSecure Rate Lock Program you can lock in a low mortgage rate for up to 90 days. Read more about it at nasb.com/ratelock.

An escrow account is used to make payments on your behalf for property expenses, such as real estate taxes and insurance premiums. We collect funds for your escrow account as part of your monthly mortgage payment.

Discount points are prepaid fees that borrowers can purchase that will lower the amount of interest they will have to pay on future payments. Each point costs about 1% of the total loan amount and can lower the loan's interest rate by one-eighth to one-quarter percent. The length of time you expect to stay in a home may factor into whether paying points is the right choice for you.

If you do not fit the criteria required for a conventional mortgage loan a portfolio loan can be a more flexible option. NASB offers these so that borrowers can get a loan, even though they may be self-employed, have a low credit score or have gone through a bankruptcy. Contact one of our loan officers to see if you qualify.

The maximum loan amount you can borrow depends on your credit score, your debt-to-income ratio (DIT) and profile in the underwriting process. The lender basically wants to have an understanding of how much you will be able to repay, taking into consideration all risk factors.

Private mortgage insurance (PMI) is typically required on a conventional loan when there is less than a 20% down payment.

Among the documentation you may need for a conventional loan are: • Copy of driver’s license • Two years full tax returns if self-employed - all pages and all schedules • Two years W2's • Two most recent pay stubs with year-to-date pay • Two most recent asset statements - all pages with full transaction history • Copy of your mortgage statement if you currently own