Your Home Mortgage Loan Options
There are several loan options available when purchasing a home. Listed below are some of the home loan options offered by A&M Mortgage Group. If you have any questions concerning the home loan process, please contact me. I am easily available and ready to assist you with your mortgage needs.
FHA loans are government-insured loans backed by the Federal Housing Authority. These guidelines offer the best hope for many borrowers to qualify for home loans on good terms they can afford.
Lower Down payment
FHA loans require the lowest down payment, and allows people to buy homes and start building equity sooner.
Lower Mortgage Insurance
In many cases, the monthly mortgage insurance paid on a FHA loan is lower than that of a comparable Conventional mortage. This results in a lower monthly payment overall.
Better Interest Rates
FHA loan rates are generally very competitive.
Higher Debt Ratios
You can qualify with a higher total monthly debt for an FHA loan than you can for a conventional loan.
Higher Seller Contributions
There is a higher seller contribution available on FHA loans than many comparable Conventional loans - 6 percent as opposed to 3 percent. This means that you can negotiate for the seller to pay most, if not all, closing costs.
Conventional Fixed Rate Loans
A fixed-rate mortgage may be an ideal option if you:
- Are concerned that interests rates will increase and you want the predictability of a fixed interest rate.
- Want to be able to determine what your payment will be for years to come in order to plan out your budget.
- Expect to own the home for many years.
Adjustable Rate Loans
An adjustable rate loan may be ideal if you:
- Have a plan in place to move to a different home before the end of the initial rate period.
- Are certain your income will increase enough in the future to cover the increase of the mortgage interest rate.
- Require a lower monthly payment than what you can expect from a fixed-rate mortgage.
The VA Loan program is the most powerful home loan program on the market for many veterans, service members and military families. These flexible, government-backed loans come with significant benefits that open the doors of homeownership to veterans who might otherwise struggle to obtain financing.
No Down Payment
Saving money and building credit can be difficult for service members who are constantly on the move. With the VA Loan, qualified borrowers can finance 100 percent of the home’s value without putting down a dime.
No Private Mortgage Insurance
With a VA Loan, there is no PMI. This is because the federal government backs all VA Loans and assumes the risk on behalf of the borrower that is typically covered by the PMI.
Competitive Interest Rates
Pair the ability to purchase a home with no money down and no PMI with the low rates available on VA Loans, and the savings start adding up significantly.
Basic Allowance for Housing
Basic Allowance for Housing (BAH) is a significant benefit for qualified active military members. Lenders can count your Basic Allowance for Housing as effective income, which means you can use BAH to pay some or all of your monthly mortgage costs. BAH varies based on your pay grade, your geographic location and your number of dependents.
Jumbo Loan Programs
A Jumbo loan is a Conventional home loan that exceeds the maximum mortage limits set by the Federal Housing Finance Agency, which is currently $417,000 in most areas. We have several Jumbo loan programs available to meet your needs and goals putting you in control of the financing of this most important investment.
The USDA Guaranteed Rural Housing program allows qualified homebuyers to purchase a property in designated rural areas under affordable terms.
- Moderate income limits apply
- No Down Payment Required
- Can purchase an existing home or build a new home
- Ability to finance some costs into the loan amount in many cases
- Flexible Underwriting Guidelines
- Generous seller contribution limits
* Loan programs are subject to credit and property approval. Other guidelines may apply.