A conventional loan is any mortgage that is not guaranteed or insured by the federal government. A conventional loan is either “conforming” or “non-conforming”. These loans follow the guidelines, terms, and conditions set by Fannie Mae or Freddie Mac. A conventional mortgage can come with super low closing costs and flexible payment options. A Conventional Loan requires the home buyer to invest at least 5%-20% of the sales price in cash for the down payment and closing costs.
To decide whether you qualify for a Conventional loan, we look at:
+ Income and Monthly Expenses. Your standard debt-to-income ratios for a Conventional Loan are 28/36.
This can sometimes be exceeded with compensation factors.
+ Your credit history.
The Federal Housing Administration (FHA) provides mortgage insurance on loans made by approved FHA lenders. The benefits to this type of loan include a low down payment and less stringent credit qualifying. To qualify for this type of loan, you must meet standard FHA credit qualifications. You are eligible for approximately 96.5% financing. With FHA, you are able to finance the upfront mortgage insurance premium into the mortgage. You will also be responsible for paying an annual premium.
If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.
You may be eligible for HARP if you meet all of the following criteria:
1. The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
2. The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
3. The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
4. The current loan-to-value (LTV) ratio must be greater than 80%.
5. The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
Call us today and let us help you verify if you qualify for HARP.
With an Adjustable Rate Mortgage (ARM), your initial interest rate and monthly payments are low, but will change during the life of the loan. ARMS are offered with initial fixed rate periods of 3, 5, 7 and 10 years.
Call us to discuss more about ARM’s
VA Home Loans are available to Veterans who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime.
The VA will guarantee a maximum of 25% of a home loan amount up to $104,250.00, which limits the maximum loan amount to $417,000.00. In general, the reasonable value
Currently in the state of Georgia, any home loan greater than $417,000 is considered a Jumbo Loan. Jumbo loans have different criteria and requirements for approval. Just give us a call and one of our highly experienced loan officers will walk you through what you need.
Self Employed? Not a problem. Our highly experienced team of professionals will walk you through the requirements to qualify you for a loan. Documentation we’ll need from you includes your tax returns and other items with which we can quantify your income. Call us today to get started.
HomePath financing, available only on Fannie Mae-owned properties, offers great benefits — low down payment, no mortgage insurance, expanded seller contributions, and more. HomePath Mortgage is available for move-in ready properties for both owner occupants and investors. The HomePath Renovation Mortgage provides both the funds to purchase and to renovate in one loan.