Want to know one way we make it enjoyable? We keep it simple, with a small number of steps to get you from here to closing day and into your new home. Get a look into how we do it with this short video, “Ultimate Home Buyers Guide.”
It’s your dream home.
We make buying it easy.
How do we do it?
We make the mortgage loan process super simple.
FEATURED LOAN PROGRAMS
What type of loans are available?
Conventional Loans
This is the usual starting point for many, because it’s exactly what it sounds like: conventional. A Conventional Loan is pretty standard and requires a minimum down payment of 5%, for a maximum loan amount of $726,200. In addition:
- Seller concession is up to 3-9% of the sales price
- PMI required over 80% LTV
- Additional options are available
USDA Home Loans
For a USDA Home Loan, a new or existing property must be located in a USDA-approved area. While there may possibly be financed closing costs, there is no down payment required (100% – 102% LTV financing based on appraised value.) These also feature reduced monthly mortgage insurance premiums. In addition:
- Seller concessions of up to 6% of the sales price
- Condominiums may be eligible for financing
- Not restricted to first time home buyers
FHA Loans
With no income limits, FHA Loans require a 3.5% minimum down payment and a maximum loan amount of $472,030. For condominiums, they must be on FHA-approved list. Also, an upfront Mortgage Insurance premium is financed into the loan. In addition:
- Seller concessions up to 6% of the sales price
- Gifts allowed
VA (Veterans Affairs) Loans
Specifically for Veterans, VA Loans require no down payment (loan applicants must meet VA eligibility, however.) The maximum loan amount is $726,200, with no mortgage insurance. The VA funding fee can be financed into the loan (which can be waived by disabled veterans.)
Reverse Mortgage
Just like any other type of mortgage, though the applicant must be 62 years or older, own the property, and occupy it as their primary residence. One nice bonus? You don’t have to make a payment until the last surviving homeowner permanently moves out of the property or passes away. At that point, any remaining equity will be inherited by the estate.
- Greater fund flexibility
- Can offer a better alternative to selling
Jumbo Loans
For homes exceeding the value of Conventional Loans as established by the FHFA (the current conforming loan limit for one-unit homes in most counties nationwide is $726,200). Predominantly used to finance homes in highly competitive real estate markets or luxury homes, Jumbo Loans are usually available with a fixed interest rate or an adjustable rate.
- Down payments must be 10%-15% of the purchase price.
- Offer a few options when it comes loan types.
ADDITIONAL LOAN PROGRAMS
What type of loans are available?
Renovation Loans
Designed to provide the needed funds to update or renovate your home, Renovation Loans should be viewed as a means to reduce your long-term costs, increase the value of your property, or for buying a home that is at a lower price point or “fixer-upper.”
Bank Statement Programs
Also known as self-employed mortgage, a Bank Statement Program is a great option for those borrowers who do not have the tax documents to prove their ability to pay for a mortgage. Can be applied to owner-occupied, 2nd homes or investment properties, with loans up to $4 million.
Construction Loans
Loans are higher interest rate, shorter term (usually for a period of one year) loans to cover the cost of constructing or rehabbing a house. These loans are paid to a contractor, rather than the borrower, and as construction targets are completed. Upon completion of construction, the borrower has the option to either refinance or obtain a new loan.
Investment Property Programs
A conventional investment in real estate bought with the intent of generating income, usually in the form of a one- to four-unit residential home, Investment Property Programs tend to have a higher mortgage, with more adherent lending standards, as well as higher down payments, than your standard property loan.
We find the rates that work for you. That’s it.
You don’t want a more expensive rate, or even an okay rate. No, you want the best rate, the one that works for you. So that’s what we’re focused on. Purchasing a home is a large investment – it’s kind of a big deal, financially and emotionally. So, we want you to lean on us as we find the rate that works and make that purchase a reality.
Possibility starts here.
Get approved for your mortgage.
It may be hard to believe, but in just a few clicks, a new home or mortgage savings could be yours. Whether you’re looking for a rate that works for you or searching for your local branch, there’s no commitment. Get started today!
What our clients have said
The process was fast and easy. Very professional and we were walked through the whole process. Great communication and quick responses when we had questions. I would recommend all my friends to Shane with USA Mortgage.
Jennifer L. 8/16/2021