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Mortgages

What Lender is Right For You?

Finding the right mortgage is a complex thing. We have a variety of Lenders that we use. Not all lenders are the same and have the same product. Let us help you find the right lender for your lending needs. We do not have an in house lending company. We try to help you find the best lender utilizing all the areas lenders and their different products.

Some types of loans currently available.

  FHA203B

FHA Loan Section 203(b) is the most popular FHA program. You may use this program to purchase new or existing 1-4 family homes, including manufactured homes, in both urban and rural areas. A section 203(b) fixed mortgage may be repaid in monthly payments over 15 or 30 years.

Congress Enacts Bigger and Better

• FHA

The FHA became the main source of home loans to borrowers with poor credit and low down payments after the subprime lending market’s collapse. It allows borrowers to take out home loans with down payments as low as 3.5 percent, compared with 20 percent for a typical loan that doesn’t require mortgage insurance.

FHA loans are made through by banks, insured by the government and sold as mortgage-backed securities by Ginnie Mae, the government’s mortgage finance agency. The FHA currently backs around a third of new home loans, up from about 3 percent in 2006.

• FHA203K

Rehab a Home w/HUD’s 203(k)

• CONVENTIONAL

A conventional loan is a lender agreement that’s not guaranteed or insured by the federal government under the Veterans Administration (VA) or the Federal Housing Administration (FHA), or the Rural Housing Service (RHS) of the U.S. Department of Agriculture. A conventional loan can, however, follow the guidelines of government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. Both Fannie Mae and Freddie Mac are stockholder-owned corporations and are not part of the federal government.

• VA LOANS

Effective immediately, Certificates of Eligibility will no longer display a veteran’s date of birth. This change was made to limit the amount of personal data being displayed on Certificates of Eligibility.  Please note, however, that veterans will still need to provide their date of birth when submitting an application for a determination of eligibility in order to process their request.