Frequently Asked Questions
Have a question? Western Ohio Mortgage Corp. (WOMC) – Shurtell Branch has the answers!
Q: Do I have to pay a fee for your service?
A: No! WOMC – Shurtell Branch does not charge a broker fee to it’s clients. All fees are fully disclosed prior to final application and you will find us to be industry competitive.
Q: What if I don’t have money for a down payment?
A: If you don’t have money to work with, then you have come to the right place. WOMC – Shurtell Branch specializes in financing borrowers who have a lack of assets at all credit levels.
Q: What if I have filed bankruptcy?
A: WOMC – Shurtell Branch offers a number of products that allow for financing as soon as one year after bankruptcy.
Q: Where will I close my loan?
A: WOMC - Shurtell Branch will arrange for your closing to take place at your choice of locations. In the case of a purchase, the closing can take place at the realtors’ office or at a local title office. In the case of refinance, the closing may take place at your home! Whichever option best meets your schedule.
Q: What is an FHA loan?
A: An FHA loan is made under the direction of the Department of Housing and Urban Development, also known as HUD. The loan offers a low down payment and interest rates that are quite competitive with conventional rates. Most importantly, the loan offers homeownership opportunities to borrowers who may not typically be able to obtain conventional financing due to lack of assets, insufficient disposable income, or minor credit issues.
Q: What is a VA loan?
A: A VA loan is one that is backed by the Department of Veteran Affairs. Current and previous military personnel may be eligible along with some Reservists and National Guard. You will need to obtain a Certificate of Eligibility from the VA office if you do not already have one. If you need assistance in acquiring your certificate, WOMC – Shurtell Branch will be happy to assist you. The big benefit to a VA loan is the fact that a veteran does not need a down payment and no mortgage insurance is required. The program is also rate competitive.
Q: What is a Rural Development Loan?
A: A Rural Development Loan is a commitment issued through USDA. The loan offers housing opportunities for moderate income households who do not have the down payment to obtain other means of financing. There are some geographical areas that are not eligible due to their population. This is generally larger metropolitan areas. This is not a subsidized program which means if you ever sell or refinance your home, you are not subject to any additional penalty or recapture.
Western Ohio Mortgage Corp. (WOMC) – Shurtell Branch
Mortgages – Purchases – Refinancing
Call the Shreve Team at 330-567-3866 or 877-337-3866
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