fbpx

CALCULATE YOUR MORTGAGE

Affordable Home Loan Options & Info

New Construction

· Extended lock options up to 12 months
· 30-year financing on all programs FHA, VA, USDA, & Conventional
· 3% to 5% minimum down payment options available

More info

FHA

· Down Payment options start at 3.5%
· Co-Signers are allowed
· Down payment and closing costs may be gifted
· More lenient credit options

More Info

Conventional

· 3% down payment options if meet income eligibility
· 5% down payment minimum for all other loan products without income eligibility
· No mortgage insurance options for borrowers with less than 20% down
· 20% down payment or greater has no private mortgage insurance (PMI)

More info

USDA

· No Down payment option available
· Income limits apply
· Only applies to designated rural properties

More Info

VA Loan

· For qualifying purchase borrowers who want 100% financing
· No PMI
· Typically, lower interest rates & closing costs compared to FHA & Conventional

More info

Down Payment Assistance Programs (DPA)

· 0% down payment options available for FHA and Conventional financing
· First Time Homebuyer and previous homeowner programs available
· Income & Credit restrictions apply

More Info

Renovation Loans

· 30-year financing available
· Finance home improvements after closing
· FHA, VA, and Conventional loan options

More info

Prior Bankruptcy and or Foreclosures

· Bankruptcy waiting period:
      · FHA & VA – Chapter 13: 1 year from entering payments and with court approval
      · FHA & VA – Chapter 7: 2 years after discharge
      · Conventional – Chapter 13: 2 years from discharge or 4 years from dismissal
      · Conventional – Chapter 7 – 4 years from discharge or dismissal date

· Foreclosure waiting period after completion:
      · FHA – 3 years
      · VA – 2 years
      · Conventional – 7 years

More Info