Home Purchase and Refinance

 The FHA, or Federal Housing Administration, provides mortgage insurance on loans made by FHA-approved lenders. FHA insures these loans on single family and multi-family homes in the United States and its territories. It is the largest insurer of residential mortgages in the world, insuring tens of millions of properties since 1934 when it was created.

• FICO® score at least 580 = 3.5% down payment.
• FICO® score between 500 and 579 = 10% down payment.
• MIP (Mortgage Insurance Premium ) is required.
• Debt-to-Income Ratio < 43%.
• The home must be the borrower's primary residence.
• Borrower must have steady income and proof of employment

Highlights of the conventional loan program:

• Can use to buy a primary residence, second home, or rental property
• Available in fixed rates, adjustable rates (ARMs) with loan terms from 10 to 30 years
• Down payments as low as 3%
• No monthly private mortgage insurance (PMI) with a down payment of at least 20%
• Lower mortgage insurance costs than FHA loans
• Mortgage insurance is cancelable when home equity reaches 20% (unlike FHA which lasts the life of the loan, in most cases)

•  A Certificate of Eligibility.
  • The VA will issue you a Certificate of Eligibility if you meet their guidelines for type and length of service.
  • If you don’t have one already, we can apply for your Certificate of Eligibility for you.
• A minimum FICO® Score of 620.
• A debt-to-income ratio (DTI) of no more than 60%. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.
• Money to cover the funding fee charged by the VA. This may be rolled into your loan. You may not have to pay this fee if one of these criteria applies to you:
  • You have a service-connected disability.
  • You receive VA disability or have in the past.
  • You’re a surviving spouse who qualifies.

 The Section 502 Guaranteed Loan Program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may purchase, build, rehabilitate, improve or relocate a dwelling in an eligible rural area with 100% financing. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers – so no money down for those who qualify! 

 What is an eligible rural area?
Utilizing this USDA's Eligibility Site you can enter a specific address for determination or just search the map to review general eligible areas.