Mortgage Information

There are a variety of loans and special programs available to every homeowner! You should have a detailed discussion about your personal circumstances with your loan officer to determine the best loan for you. You may use any lender of your choice! If you would like more information on pre-approval or questions about a home mortgage, contact my preferred lender under Resources. His website has a TON of information for you to review with regard to home mortgages! Below is a very brief summary of some loan types. For more detailed information, please contact a loan officer directly.

Conventional Loan – Requires a minimum of 5% down. If you put 20% or more down, you are not required to escrow your taxes and insurance. Generally takes 30 days to close.

FHA Loan – Requires a minimum of 3.5% down. Your MIP will stay with you for the LIFE of the loan if you only put 3.5% down. Escrow always required. Generally takes 30-45 days to close.

100% USDA Financing – ZERO down payment for this loan! This is a “rural property” loan for homes in rural areas. The approval for this loan is income and dependent based.

VA Loan – For our Veterans. ZERO down payment. Must have your DD214 to qualify.

203K Loan – Used when a buyer wants to make cosmetic repairs or structural repairs; work is done after closing by approved general contractor.

Generally speaking, your credit score needs to be at 640. However, there are exceptions to that rule so make sure you discuss with the loan officer!

Information About Brokerage Services