Our Programs

House Icon $649 DOWN

We have an option to get you into a house for $649 down.  We have access to resources that enable us to do this where you do not have to pay out of pocket any additional down payment or up front closing costs.  We need to know exactly which avenue to use for your situation to determine the total bottom line, so we need to start by having you fill out our online prequalification or speak with our lender.

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Income

The Guaranteed Housing Loan caters to the average income borrower. Applicants can have an income of up to 115% of the median income for the area.

The Direct Housing Loan is for very low to low-income families. An income below 50 percent of the area median income is considered very low, while low sits between 50 and 80 percent. 

Credit Requirements

Guaranteed Housing Loans are subject to the credit and income requirements of both the lender and the USDA. Most lenders want their borrowers to have at least a 620 score with no foreclosures, bankruptcies or major delinquencies in the past several or more years. All applicants must present a decent credit history, demonstrating the ability to pay mortgage, including taxes and insurance, on time each month.

Families applying for the Direct USDA Loan must demonstrate a good credit history and the ability to pay the USDA set monthly mortgage payments; they must also NOT be able to receive credit with a traditional mortgage. Because this loan is available to very low income persons, payment subsidy is available to them to help with repayment. 

Loan Terms

Guaranteed Loans are fixed at 30-years, but will have a 15 year option beginning in September of 2014. With the 502 Guaranteed Loan, your USDA-approved lender determines your interest rate, not the USDA.

Direct Loans have a repayment option of 33 years and 38 years - 33 years for borrowers with an income above 60 percent of AMI. Manufactured are subject to 30-year term loans. The government (HCFP) set's the interest rate. The interest rate can be predetermined if the borrower uses the payment assistance subsidy.

Guaranteed Loan:

100% financing

Guarantee Fee rolled into the loan amount (102 percent financing)

No maximum purchase price. A person's income and debt-to-income ratio will determine the logical home price. Many Property Types Allowed, including new and existing homes, modular homes, Planned Unit Developments (PUD), condominiums and brand-new manufactured homes.

Closing costs and lender fees can be rolled into the loan. Gifted Funds, Grants, Mortgage Credit Certificates (MCC's) and Seller Concessions accepted.

Renovation and Repair Costs Can be Included in the Loan Amount. 

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FHA insured loans require mortgage insurance to protect lenders against losses that result from defaults on home mortgages.

FHA lending limits vary based on a variety of housing types and the state and county in which the property is located.

In order to prevent homebuyers from getting into a home they cannot afford, FHA guidelines have been set in place requiring borrowers and/or their spouse to qualify according to set debt to income ratios.

An FHA loan applicant's past credit performance that demonstrates good credit history and a solid track record of timely payments will likely be eligible for the mortgage. 

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Purchase Loans and Cash-Out Refinance:

VA-guaranteed loans are available for homes for your occupancy or a spouse and/or dependent (for active duty service members). To be eligible, you must have satisfactory credit, sufficient income to meet the expected monthly obligations, and a valid Certificate of Eligibility (COE). 

Interest Rate Reduction Refinance Loan (IRRRL):

The IRRRL is a "VA to VA" loan, meaning it can only be done if you have an existing VA guaranteed loan on the property. The IRRRL is generally performed to lower the interest and reduce the monthly payment on the existing VA guaranteed loan.

Native American Direct Loan (NADL) Program:

The NADL program helps Native American Veterans purchase, construct, improve, or re-finance a home on Native American trust lands. Your tribal organization must participate in the VA direct loan program. You must have a valid Certificate of Eligibility (COE).

Adapted Housing Grants:

VA helps Veterans with certain total and permanent disabilities related to your military service obtain suitable housing with either a Specially Adapted Housing (SAH) or Special Housing Adaptation (SHA) grant. 

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Conventional Loan

Mortgages can be defined as either government-backed or conventional. Government agencies like the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA) insure home loans, which are made by private lenders. This insurance is paid for by fees collected from mortgage borrowers. The US Department of Agriculture (USDA) loans money to lower-income borrowers through its Direct Housing Program. It also guarantees loans made by private lenders through its Guaranteed Housing Loans program. This backing is paid for by borrowers.

Mortgages not guaranteed or insured by these agencies are known as conventional home loans. They include:

About half of all conventional loans are called "conforming" mortgages, because they conform to guidelines established by Fannie Mae and Freddie Mac. These two government-sponsored enterprises (GSEs) buy mortgages from lenders and sell them to investors. Their purpose is to make mortgages more widely available. All conforming mortgages are also conventional mortgages. 

Loans that do not conform to GSE guidelines are referred to as "non-conforming" home loans. Non-conforming loans that are larger than loan limits set by the GSEs are often referred to as "jumbo" mortgages. All non-conforming mortgages are also conventional mortgages.

Conventional loans held by mortgage lenders on their own books are called "portfolio" loans. Because lenders can set their own guidelines for these loans and do not sell them to investors, these products may have features that other mortgages do not. For example, a portfolio lender might allow a borrower to use investments like stocks and bonds as security for a mortgage for which she would not otherwise qualify.

Conventional home loans marketed to borrowers with low credit scores are called sub-prime mortgages. They typically come with high interest rates and fees. The government has created special rules covering the sale of such products, but they are not government-backed -- they are conventional loans. 

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