Home Mortgages

 

Our tagline, “Mortgages for every stage of your life.” holds true and is the driving force to offering the best products for your new home, second home, or investment property. We offer a wide variety of programs including Conventional, FHA, VA, USDA and many others. I am committed to finding the best mortgage program designed to fit your specific needs.

HomeReady Loan

 

The HomeReady Loan is a Fannie Mae program for low-income borrowers with good credit. If you’re having trouble qualifying for a loan because you don’t have high enough income, but your credit report shows you’re financially responsible, this financing option may be a good fit. 

Loan Highlights
  • As little as a 3% down payment required

  • A minimum FICO® Score of 620 and even better pricing for credit scores over 680

  • Loans available for borrowers who make 80% or less of the area’s median income

  • Loans available on 1 – 4 unit properties, but with varying down payment requirements on multi-units

  • No minimum required contribution from borrowers for 1-unit properties, borrowers can use any source of funds for the down payment

  • Lower mortgage insurance requirements than standard Fannie Mae loans and it’s cancellable at 80% loan-to-value ratio

  • May include boarder or rental income for qualifying purposes

Loan Requirements
  • A 3% down payment is required, but funds may come from other sources

  • May use household income (non-borrower income) to qualify for the loan

  • All buyers/borrowers must take a Home Buyer Education course (online and at your own pace)

  • You must prove you have the income (from all sources) and stable employment to maintain the payments.

Refinances

 

I help homeowners get a great deal on their home refinancing. Whether you’re hoping to shorten the term of your mortgage or are seeking to lower your rate or monthly payment, I'll help you explore your options - streamline refinancing, no money down cash-out, and debt consolidation are just a few. 

Home Possible Loan

 

The Freddie Mac Home Possible program helps low-income borrowers secure a home with just 3% down and flexible credit requirements. If you don’t qualify for traditional financing, but have decent credit, the Freddie Mac Home Possible program may be just what you need. 

Loan Highlights
  • As little as a 3% down payment required

  • A minimum FICO® Score of 660

  • Loans available for borrowers who make 80% or less of the area’s median income

  • Loans available on 1 – 4 unit properties, condos, and PUDs, but with varying down payment requirements on multi-units

  • Non-occupying borrowers allowed on the loan to help with qualifying purposes

  • Lower Mortgage Insurance requirements than standard Freddie Mac loans and it’s cancellable at 80% loan-to-value ratio

  • Available as a fixed-rate or adjustable-rate mortgage

Loan Requirements
  • A 3% down payment is required, but funds may come from other sources and there’s no minimum borrower contribution on 1-unit properties

  • May use non-occupying borrower’s income (non-borrower income) to qualify for the loan

  • All buyers/borrowers must take a Financial Literacy course (online and at your own pace)

  • The property must be your primary residence

  • You must prove you have the income (from all sources) and stable employment to maintain the payments.

First Time
Homebuyers 

We offer a variety of low and no money down payment options for first time buyers including FHA, VA, USDAHomeReady, and Home Possible .
 

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Reverse Mortgages

Reverse mortgages are designed to help seniors convert their equity to a source of income in their retirement years. A reverse mortgage is insured by the Federal Housing Administration (FHA). It allows seniors to tap into their home’s equity to allow them to supplement their retirement income.

Loan Highlights
  • Borrowers receive their home’s equity in equal monthly payments, as a line of credit, or as a lump sum payment

  • No mortgage payments are required as long as you keep up with the home’s taxes, insurance, and maintenance

  • You can leave the property to your heirs who will receive the equity after paying off the reverse mortgage

  • Loans available 1-4 unit properties and/or FHA approved condos

Loan Requirements
  • You and your spouse (co-borrower) must be at least 62-years old. The amount you receive is based on the age of the youngest borrower.

  • There’s no minimum credit score requirement, but lenders do a financial assessment to ensure you can afford the taxes, insurance, and home maintenance

  • At least one borrower must live in the home as their primary residence full-time

  • You must not be delinquent on any federal debt

  • You must undergo HUD housing counseling before taking out a reverse mortgage

FHA Loans

 

This loan is insured by the Federal Housing Administration (FHA). An FHA loan allows for a lower down payment than other mortgage programs. 

Loan Highlights
  • A minimum 3.5% down payment

  • A minimum FICO® Score of 580

  • Fixed and adjustable rate mortgages

  • Loans for 1-4 unit properties and Condos may be available

  • Down payment funds can be a gift from a relative or employer*

  • Home sellers can contribute up to 6% of the closing costs

*Subject to underwriting review and approval

Loan Requirements
  • The home is your primary residence, which means that it cannot be an investment property or second home

  • You must occupy the property within 60 days of closing

  • Your loan cannot exceed the loan amount limit in your area. The FHA’s limit for lower-cost areas is set at $356,362 in 2021. In high-cost areas, the limit for 2021 is $822,375. Look up the loan limits in your area

USDA Loans

 

The USDA loan program helps stimulate the economy in select rural areas. The loan program helps low to moderate-income families own a home without the barrier of a large down payment requirement or perfect credit. 

Loan Highlights
  • No down payment required

  • A minimum FICO® Score of 640

  • Loans available to borrowers with income that doesn’t exceed $86,850 in most areas (varies by area)

  • Loans available on 1 – 4 unit properties, condos, and PUDs

  • Lower mortgage insurance requirements than most federal-backed loans

  • Available as a fixed-rate or adjustable-rate mortgage

Loan Requirements
  • The USDA uses household income to determine eligibility (ensuring you make less than the limits for your area), but only borrower/co-borrower income to qualify for the loan

  • The property must be your primary residence

  • The property must be rural according to the USDA guidelines

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Want to hear more about any of our loan programs?
Talk with me today.

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