Accepting phone appointments 7 days a week!
Loan Programs:
Min. down payment 3%, one borrower must be first time home buyer
Gift funds allowed
Mortgage Insurance is dependent upon down payment amount but is required if less than 20% down payment.
Credit score, there are hits to the rate if below 740
Loan terms 30, 25, 20, 15, 10 years
Fixed rate and ARM
1-4 Unit properties allowed
Max seller/lender credit 91%-95% = 3% of purchase price
Max seller/lender credit 81%-90% = 6% of purchase price
Max seller/lender credit for investment property = 2%
Min 20% down on investment property
3.5% min down payment
Gift fund allowed
UFMIP (up front mortgage insurance premium) 1.75%
Monthly mortgage insurance .55%
Primary residence only
1-4 Unit properties allowed
Max loan amounts are dependent upon county
Seller credit towards closing costs up to 6% of purchase price
For eligible veterans
100% financing
Primary residence only
No monthly mortgage insurance
Seller credit for closing costs up to 4%
100% financing
1.0% UFMIP (up front mortgage insurance premium)
.35% monthly mortgage insurance
Primary residence only
Income restrictions apply
Home must qualify - rural areas
Seller credit for closing costs up to 6%
For eligible veterans
Primary residence only
Minimum down payment 5%, your own funds or if qualified, gift funds from a family member
Mortgage insurance dependent upon credit score and loan to value
Loan terms 30-year fixed, 20-year fixed and 15-year fixed
Interest rates typically lower than VA loans
Primary residence only
Allows up to six months for rehab
Designed for borrowers who:
-Want to rehabilitate a damaged foreclosure
-Home with repair contingencies
-Want to include improvements in the purchase loan amount
Streamline -
-Max repairs $35k
-No foundational changes
Standard -
- Allows foundational changes
Loan Closing Costs - Definition of Terms
LOAN DISCOUNT POINT: Fees (based on loan amount) to "buy down" the interest rate.
APPRAISAL FEE: Fee for appraisal on subject property (will need to be paid at time of ordering appraisal).
CREDIT REPORT FEE: Fee paid for credit report for borrowers.
INSPECTION FEE: Fee paid for property inspection, this is not a requirement of the loan.
TAX SERVICE FEE: One time fee paid to verify property taxes paid each year.
PROCESSING FEE: Fee paid to the lender for the processing of the loan.
UNDERWRITING FEE: Fee paid to the lender for the underwriting of the loan.
WIRE TRANSFER FEE: Fee paid to wire funds to close the transaction.
INTERIOR INTEREST: Interest paid at closing for remaining days the month of closing. Based on loan amount multiplied by interest rate divided by 365.
HAZARD INSURANCE PREMIUM: Premium paid to the insurance company for first year home owner's policy.
MORTGAGE INSURANCE PREMIUM: Premium paid to private mortgage insurance company for lenders coverage (if required).
SETTLEMENT CLOSING FEE: Fee paid to closing agent to sign and close transaction. On purchase usually prorated between buyer and seller.
DOCUMENT PREPARATION FEE: Fee paid to lender for preparation of all loan closing documents.
TITLE INSURANCE PREMIUM: Premium paid for title insurance to insure title of property.
RECORDING FEES: Fees paid to record all loan documents.
FLOOD CERTIFICATION FEES: Fees paid to verify property is, or is not, in a flood zone.