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Welcome to a site dedicated to those seeking to sell and purchase homes offered For Sale by Owner.
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Mortgage lending services at market rates from Monceri for any credit situation. We handle all the legal paperwork to list and sell your house without the expense of a Realtor
Our site is easy to navigate to all sections pertaining to homes for sale by owner.
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Frequently asked questions on real estate sales and those applying for Loans.

Are you buying your first home or looking to move up to a larger home doing most of the paperwork and selling efforts by yourself? knows home ownership is a big step to take, thus a clear understanding of the information given to you is vital.  We hope this section will answer all your questions or help define some of the terms used throughout this web site and real estate world.  Please keep in mind that if you're questions are not answered on this page, or in our resources section (where you will find the home buyer program tools and references to help you), feel free to contact us and we'll get back to you shortly.

Browse though our
Frequently Asked Questions, or view our Library of Terms.

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1.  What are some of the new responsibilities I will have to take on as a first time home buyer?  What are some of the benefits?
As a first time home buyer a large part of your time must be put to making sure you can afford down payment and regular mortgage payments on your home, and a disciplined effort towards saving for future repairs and improvements is vital.  It is also important to keep in mind that purchasing a home is an investment, it is a low risk investment, but research involving current investment trends in your desired area of living is vital in analyzing the success of your investment.  These, among others, are important responsibilities that are largely involved as a first time home buyer, and they must be considered.  There are many financial benefits to owning a home, but the most obvious and important benefit is that of appreciation value.  When choosing a home, it is important to consider the appreciation value potential of your home, so that when you sell it you may benefit from the difference of the appreciated value from the purchase price of the home.

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2.  How do I know if I'm qualified for a No Down Payment First Time Home Buyer Program?
In order to know if you are qualified for a first time home buyer program, consider your income and credit as well as the amount of money you have put away for down payment if it applies to you.  Keep in mind that your total monthly expenses of owning a home should not exceed a large portion of your income, or you may not qualify for a loan.  Taking into account your credit history is important in some cases, but our qualification form does not require a credit check.  If you plan to make a down payment (generally up to 20%) it is important to have enough money put down to reduce monthly costs as much as possible.  This
Down Payment Calculator can help you determine the down payment on your home mortgage.  Once you have this information, you should view our list of mortgage programs and select the one that works best for you.  The best way to determine if you are qualified to buy a home is to fill in our hassle-free qualification form, and we'll get back to you within a matter of days.

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3.  How can this web site help me, and if I still need help, what should I do?
This web site offers a large spectrum of first time home buyer information and tools to help you make the best possible decision in purchasing a home.  First, our first time home buyer
Process page summarizes the simple and convenient way we have crafted our services to make the home buying process as simple as possible.  Our list of first time home buyer mortgage programs offers a wide array of options to consider, so that you can choose the right one to fit your needs.  If you're having problems choosing the right program, use the tools and references in our Resources page.  Once you've decided generally the right first time home buyer program that works for you, fill out our free qualification form.  Within a matter of days we'll be in contact with you, custom tailoring your first time home buyer program based on what works for you.  If you like, you may contact us with any questions and concerns before or after you complete our qualification form

What if I don't get matched with any lenders?
If we are not able to match you based on the information you submitted, we encourage you to resubmit at a later date. We are constantly adding new lenders to our network in an effort to offer a solution for every borrower.

Am I obligated to work with the lenders I am matched with?
No, you are under no obligation to close your loan with any of the lenders we match you with. But we think you'll get a great deal (and fast) so we hope you will.

Library of reality terms -   top

The government monitors lending based on the age of its applicants. However, age is not an optional item. Lenders must determine if applicants are old enough to enter into a legal contract, typically age 18 or older. Please enter your age.

Gradual payment of a debt through regular installments that cover both interest and principal.

Amount of Loan
Please enter the amount of the loan you are requesting, rounded to the nearest $100.

Annual Percentage Rate (APR)
A measure of the total cost of credit (interest as well as other recurring charges) expressed as a yearly percentage rate. All lenders apply the same rules in calculating the annual percentage rate, giving consumers a good basis for comparing the cost of loans.

Appraised Value
An option of the value of a property at a given time, based on facts regarding the location, improvements, etc., of the property and surroundings.

Assets to Close
Assets to Close is the amount of cash or equivalent that can be used for a down payment and closing cost. The figure is based on your inputs from the application. You may use a new asset- to-close figure, and after making a change, a new Home Buying Purchase Power will recalculate.

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Balloon Term
Balloon loans have a payment based on a longer amortization, but are all due and payable in full after a specified period of time indicated in the Promissory Note. When the note matures, the principal balance outstanding is due in full. We can help with five and seven year balloon loans with payments based on a 30-year amortization. Please refer to conventional loan product descriptions for details about Balloon loan programs. Please select the balloon term you are requesting.

There are several types of Bankruptcies (chapter 7,9,11,13, etc). If you have filed a bankruptcy within the past seven years please select "YES".

Bi-Weekly Mortgage Payments
Every 2 weeks, one half of your present monthly payment is electronically debited from your bank to a Trust Account. Your mortgage payment is then paid on your due date for you*. Over the course of a year, by paying one half of your present monthly payment every 2 weeks, approximately every 6 months additional dollars accumulate in the Trust Account for you. These dollars are applied to your principal, accelerating your equity build-up. By using this method, you make the equivalent of 13 payments over the course of a year.
*Interest is not credited to the client during this transaction period.

Building Status
Please select if the property is existing, fully completed but never occupied, under construction or being planned for construction in the near future.

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Cash Out Refi
If applicable please indicate if you intend to receive cash back from the refinance of your property.

Closing Costs
Closing cost vary by region and lender. The closing costs are based on an 80% loan-to-value ratio and are 2.5% of the Maximum Loan Amount.

Please enter the county where the property is located.

Credit Rating
A+ to A- Considered the best credit rating.  FICO scores are generally 620 and up with no lates on mortgage and one 30 days late on revolving or installing credit.  No bankruptcy within past 2-10 years.

B+ to B- General good credit with FICO scores from 581 - 619.  Two or three 30 days late on mortgage and two to four 30 days late on revolving or installment credit.  Cannot have any 60 day lates.  Must be 2-4 years since bankruptcy discharge.

C+ to C-Fair credit with FICO scores from 551-580.  Three to four 30 days late on mortgage are allowed.  Installment or revolving credit can have four to six 30 days late or two to four 60 days late.  Must have 1-2 years since bankruptcy discharge.

D+ to D- Overall poor credit history with FICO scores from 550 and lower.  Two to six 30 days late on mortgage or one to two 60 days late, with isolated 90 days late.  Revolving and installment lates show poor payment record with pattern of late payments.  Possible current bankruptcy or foreclosure allowed with all unpaid judgments to be paid with loan proceeds.  Must have stable employment.

Current Address
Please enter your current street address, city, state and zip code. P.O. Boxes are not acceptable. Please enter "SAME" in the street address space if your address is the property entered above.

Current Housing Expenses
Please enter your current housing expense. This may be rent or the full payment to an existing mortgage lender including principal and interest, the monthly amount of taxes and insurance, any condo/homeowner fees and special assessments.

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Debt-to-Income Ratio

The ratio, expressed as a percentage, which results when a borrower's monthly payment obligation on long-term debts is divided by his or her gross monthly income. See housing expenses-to-income ratio.

Down payment
Cash to be paid by the buyer at closing to consummate a real estate transaction.

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Estimated Taxes
Most real estate is assessed an annual tax, commonly called real property taxes. Local municipalities have various methods to calculate real property taxes, making it difficult to accurately determine the taxes in your area. The Home Purchase Power Calculator estimates the property taxes, but you can input a different amount based on the tax bill of the subject property. Make sure you divide the annual tax by 12 for the monthly amount.

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Financing Concessions
Many home purchases involve payment of a buyer's closing costs by the seller/builder and/or real estate agent. If you have a purchase contract for a home that contains provisions for either of these parties to pay some or all of your loan costs, please enter the total amount of those payments.

A foreclosure occurs when a borrower is unable to make the monthly payments or otherwise defaults on the terms of a real estate mortgage and the lender, through a legal proceeding, takes ownership of the property. A Deed-in-Lieu of Foreclosure occurs when a loan is in default and the lender agrees to accept title to the property from the borrower by deed instead of going through the foreclosure process. If you have had a property foreclosed or if you have given a deed-in-lieu of foreclosure in the past seven years, please select "YES".

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The government monitors lending based on the sex of its applicants. Lenders are required to ask for this information, but you are not required to provide it. Please make your selection as provided.

Gift Funds
If this is a purchase transaction and you will be using funds from a gift, please enter the amount of that gift. (Note: Gift funds may only come from a family member and must not have any repayment requirements.)

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Hazard Insurance
A form of insurance in which the insurance company protects the insured from specified losses, such as fire, windstorm and the like.

Homeowner's or Maintenance Fees
Payments made by property owner(s) of a condominium or a unit in PUD to the homeowners' association for expenses incurred in upkeep of the common areas.

Housing Expenses
These include the monthly principal and interest payments that are stipulated on the mortgage note. In addition, the monthly housing expenses include a monthly amount for the property taxes and hazard insurance (1/12 of the annual taxes and insurance). There may be other expenses, such as condominium fees, homeowners fees, special assessments, etc., that are included.

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Income to Debt Ratios
Primary Housing Expense(PHE)/Income Ratio(I): This ratio is the result of dividing the housing expenses for the proposed loan by the monthly income of the borrower(s).

Total Obligations(TO)/Income Ratio(I): This ratio is the result of dividing the housing expenses for the proposed loan plus the borrower(s) other monthly credit obligations by the monthly income of the borrower(s).

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Initial Interest Rate
Typically one to three percentage points lower than that of most fixed-rate mortgages. Lower interest rates also make ARMs somewhat easier to qualify for. The initial interest rate is tied to certain economic indicators that dictate in part what the monthly payments will be.

Mortgage lenders require hazard insurance on a property used as collateral for the loan. Insurance cost varies from region to region and by the magnitude of coverage. The Home Purchase Power Calculator estimates the insurance cost, but you can input a different amount based on you your insurance coverage preference or from your current Home Owners Policy. Make sure you divide the annual premium by 12 for the monthly amount.

Interest Rate
The percentage of an amount of money which is paid for its use for a specified time.

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Lien Priority
Mortgage liens can have different priorities on residential real estate. A first lien is considered a higher priority than a second lien. Please select the lien priority you are requesting

Liquid Assets
Please enter your assets that can be used for a down payment and closing cost. These assets can be converted to cash or cash equivalent. Examples are listed below:

Checking and Savings Account
Money Market Accounts
Exchange traded stocks and bonds
Equity from a pending sale of real estate
Gifts (not to be paid back)

Loan Purpose
Please select the purpose for which you are requesting a loan.

Loan-to-Value Ratio
The ratio of the mortgage loan amount to the properties appraised value or selling price, whichever is less.

Loan Type
We can help with conventional, FHA and VA loan programs. If you need further explanation, proceed to the product descriptions for each loan type.

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Market Value
The most likely price a given property will bring if widely exposed on the market, assuming fully informed buyer and seller.

Minimum Payment
The minimum amount that you must pay (usually monthly) on your account. In some plans, the minimum payment may be "interest only." In other plans, the minimum payment may include principal and interest.

Monthly Income
One of the most important components of the loan underwriting process is determining the borrower's monthly income. The income of all borrowers and co-borrowers is included in the calculation. The income can be derived from several sources, but it must be supported by historical documentation and have a high likelihood of continuation.

Monthly Debt Obligations
These include monthly credit obligations, such as installment payments, revolving charge cards or other borrower obligations that will continue longer than 10 months. Usually, 5% of the current balance of a revolving charge account is used for the monthly payment.

A lien or claim against real property given as security for a loan. It is a two party agreement as apposed to tri-party agreement of a deed of trust.

Mortgage Loan Amount
The mortgage loan amount is based on the monthly principal and interest payment, rate of interest, and term of the loan. Altering the taxes, insurance, debt, interest and term will recalculate the loan amount.

The lender of money or the receiver of the mortgage document.

Mortgage Insurance
Insurance required for a loan-to-value ratio above 80.01%.

Lenders provide financing on owner-occupied primary homes, owner-occupied second or vacation homes and non-owner occupied homes. Please select the applicable category.

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Plan Types
Mortgage loans have a number of possible repayment structures or plans including Fixed Rate, Graduated Payment and Adjustable Rates. Please refer to the conventional, or FHA or VA loan product descriptions for details about these variations. Please select the repayment plan type you are requesting.

Origination fees charged be the originating lender or broker and/or discount fees charge by lenders to increase the overall yield. A point is equal to one percent of the principal amount of your mortgage.

Prepaid interest
Prepaid interest is the interest charged to borrowers at loan closing to pay for the cost of borrowing for a partial month. For example, if a loan closes on the 15th of the month and the first payment is due 45 days later, the lender will charge 15 days of prepaid interest.

Previous Address
If you have lived at your present address for less than two years, please enter your previous address including street address, city, state and zip code. P.O. Boxes are not acceptable.

Principal Loan Balance
Face amount of a loan evidencing the amount repayable, exclusive of interest, according to the terms of the note securing the obligation.

Principal and Interest
The principal and interest is the monthly payment needed to repay the mortgage loan over a predetermined period. After deducting the monthly taxes, insurance, and debt from the Total Monthly Obligation, the mortgage payment is calculated based on a 30 year fully amortizing loan and the current 30 year mortgages rates of Lenders with a 1 point origination fee. You may input a new rate and term.

Property Rights
Property rights include fee simple and leasehold. Fee simple is the highest form of ownership and is the most common form of ownership or property right. If you need further explanation on the types before making this selection, please review the definitions in the glossary.

Property Tax
A tax levied by the local municipality or county on real and personal property.

Property Type
We can help with mortgage loans for the most common types of property, including detached homes, attached homes, units in Planned Unit Developments and Condominiums. At this time we can't help with the financing of Cooperative or time-share properties. Please select your property type.

Purchase Price
Please enter the contract price of the subject property if this is a purchase transaction.

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The federal government monitors the ethnic mix of all loans made by lenders to ensure there is no discrimination against any one group. While lenders are required to request this information so it can report it to the federal government, you are not required to provide it. Please make your selection from the list provided.

Revolving and Installment Debt
The Home Purchase Power Calculator used the revolving and installment debt from the application. If the monthly debt figure is different or you believe it will be different when you obtain a mortgage, you may input a new figure.

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Second Trust Rolled In
If you are requesting a refinance and intend to pay off an existing first mortgage AND an existing second mortgage please select "YES".

Sales Concessions
In some home purchase transactions, seller/builders and/or real estate agents offer special incentives to prospective buyers (e.g., a new car or boat; a trip; club membership dues; cash credits for upgrades in carpeting or other buyer preference items). If you have purchase contract for a home that contains provisions for incentives such as these, please enter the total value of those items.

Secondary Finance
If there will be a second mortgage used to assist in financing the acquisition of the subject property, please enter the amount of that loan. Proceeds from a second can come from a loan from the seller/builder, a private party or from another lender. (Note: Special qualification requirements are applicable when secondary financing is used.)

Self Employed
Please indicate if you are self employed. If you own 25% or more of the company by which you are employed, you are considered self employed for loan purposes.

Social Security Number
If you are concerned about transmitting your social security number on this application, please leave this entry blank. One of our loan counselors will contact you later for this information. If you choose not to provide this information at this time, we will be unable to respond with an approval determination until after you are contacted.

Street Address
Please indicate the address of the property for which you are requesting a loan.

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Total Assets
Please enter your total assets, including liquid assets. Examples are listed below:

Checking and Savings Account
Money Market Accounts
Exchange traded stocks and bonds
Real Estate
Personnel Items such as furniture, jewelry, etc.
Cash Value of Life Insurance
Retirement Fund (IRA, 401k, etc).

Total Liabilities
Please enter your unpaid total liabilities. Examples of liabilities are listed below:

Revolving Credit Debt (Visa, MasterCard, department store charge cards)
Installment Debt (bank loans, auto loans, boat loans, etc)
Real estate loans
Pledges, personnel notes, etc.

Total Monthly Debt
Please enter your monthly debt obligations. Monthly debt obligations may include monthly payments on:

Other real estate loans, but not
payments on loans being repaid if this is a refinance loan;
payments on loans being repaid from the sale of an existing home;
Installment loans;
Revolving accounts; and
Child support and separate maintenance (alimony) paid to a former spouse.

Do not include payments on rental real estate mortgages that have been deducted from the income noted in the Total Monthly Income section.

Total Monthly Income
Please enter the total monthly income for all persons included in this application. Income can include:

Workman's Compensation or permanent disability payments;
Retirement and Social Security income;
Net Income from Self Employment (Schedule C net income);
Income from Trusts, if continuing for at least three years into the future;
Income from Partnerships, Professional Corporations or Sub-S Corporations;
Bonuses, if they are continuing;
Interest and dividends;
Rental income after deducting expenses and debt payments; and
Other investment income.

Income from child support and/or separate maintenance (alimony) and public assistance programs need only be disclosed if you intend to use it for loan qualification purposes.

Total Monthly Obligations
A key ratio used in the underwriting process is the relationship between the borrower's monthly income and their total monthly obligations. The ratio is determined by dividing the total monthly obligations by the total monthly income. There are many factors used in the underwriting process and mortgage lenders generally follow the underwriting guidelines of FNMA and FHLMC. Typically this ratio should not exceed 36% to 38%. The Home Purchase Power program determines the total monthly obligations using a ratio of 38%. The figure is calculated by multiplying the total monthly income by 38%. Total monthly obligations include:

The monthly mortgage payment (principal and interest)
Taxes and insurance
CONDO/PUD fees, if applicable
Monthly installment and revolving debt
Other recurring obligations

We can help with residential loans on 1-to 4- family properties (i.e., a 2-Family property is a Duplex, 3-Family property is a Triplex, etc). Please indicate the number of units for this property.

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