All About Mortgage Loan FAQs
Get quick clarity on loan approvals, rates, and requirements without any confusion.
What Type of Property Does APEF Loan on?
APEF lends exclusively on residential property. We do not lend on vacant land, farmland, mobile homes, or renovation projects. We also offer loans for small business purposes when the borrower owns a home.
Can I Get a Mortgage from APEF if I Am Recently Divorced, Have Poor Credit, Recently Started a New Job, or Starting a New Business?
Yes. It is possible to obtain a mortgage from APEF with these conditions in your recent history assuming you can meet our primary requirements of a solid steady employment history verifiable for the previous three years.
What Determines the Amount I Can Borrow for a Mortgage?
Our primary determination is borrower(s) income level and earnings history over the last three years. We document your living expenses much the same as traditional mortgage companies judge the amount they will loan. We also rate the type of employment and its potential for long-termstability. The secondary, but also very important factor, is the existing market value of the home you are purchasing in its existing condition of repair.
What Kind of Mortgages Does APEF Provide?
We offer a 12-24-month balloon mortgage with possible one-year renewal options, designed as a 'Bridge' mortgage to help you purchase a home. This allows you time to rebuild your credit and qualifications, so you can qualify for a traditional mortgage within two to three years. Typically, you can qualify for a mortgage two to three years after a foreclosure, short sale, bankruptcy, or period of poor credit.
What Does Your Mortgage Cost?
Our mortgage payments are structured using a 30-year fixed-rate amortization schedule, which helps keep payments predictable and manageable. Final terms are based on factors such as down payment, loan amount, property type, and overall lending risk. Each loan is individually reviewed to provide the best possible solution for your situation
How Do You Handle Insurance Payments and Property Taxes on My Home?
Exactly like traditional mortgage companies. Your property taxes and property insurance are held in escrow by being added with your monthly mortgage payments which we pay for you. We will require annual proof of your HOA fees, if any, are paid in full.
If I Am a First-Time Home Buyer, Can I Qualify for Your Mortgage?
Yes, if you qualify based on our employment qualifications, experience, income, and the property meets our requirements for the purchase price.
Will You Do a Mortgage on a Rental Property?
Yes, we consider loaning on rental property on a case-by-case basis, carefully evaluating each property's potential and the borrower's financial stability to ensure a mutually beneficial arrangement.
Do You Loan on New Construction?
Yes, if the property is finished to our satisfaction with certified inspections by APEF and you have a copy of certificate of occupancy prior to closing. New construction is inspected the same as previously occupied residences.
Will You Loan Extra Funds to Rehab the Property Prior to Closing?
No. We will only loan on the sales contract price less the down payment.