Loan Products
Every borrower is different, every home purchase or refinance is different. This is why you will see different loan programs and different rates quoted.
The key factors in determing a loan program include whether a person is a first time homebuyer, a buyer's income is at 80% or less of Area Median Income, a buyer's income is at or below 50% of the Area Median Income, the borrower's credit score, and the buyer's down payment.
There are 100% financing programs with Government loans -- FHA, VA & USDA.
Conventional loans require at least a 3% of sales price down payment.
Maximum loan amounts also play a part in determing the loan program.
I am here to help you find the right loan for you.
The key factors in determing a loan program include whether a person is a first time homebuyer, a buyer's income is at 80% or less of Area Median Income, a buyer's income is at or below 50% of the Area Median Income, the borrower's credit score, and the buyer's down payment.
There are 100% financing programs with Government loans -- FHA, VA & USDA.
Conventional loans require at least a 3% of sales price down payment.
Maximum loan amounts also play a part in determing the loan program.
I am here to help you find the right loan for you.
- Conventional Loan
- This is a Fannie Mae or Freddie Mac loan with a maximum loan limit of $832,750.
Minimum down payment is 3%.
Loan terms are 30 year, 20 year, 15 year & 10 year fixed.
One important factor in determing
- Jumbo loan
- This is for the buyer that will have a loan amount exceeding $832,750.
Typically a credit score of 680 is needed as well as a 10% down payment.
There is no Private Mortgage Insurance.
Eligible homes
- FHA
- This is a Government loan with the Federal Housing Administration. It is a very popular loan among first time home buyers but is available to all homebuyers.
You can choose a 30 or 15 year fixed ter
- VA - Veteran's Administration
- Available to Veterans or deceased Veteran's spouse. No down payment is required. There is no monthly mortgage insurance.
The house must be used as your primary residence.
A low credit score is acc
- USDA
- The United States Department of Agriculture provides home financing in certain rural areas. I or your Realtor can look up the address of the home you are interested in to determine if the home is eli
- Home Ready by Fannie Mae
- Only 3% down. 620 credit score is okay. Gift money is allowed for down payment and closing costs.
Available for a primary residence only.
Your income is limited to $75,516 in the Birmingham Metr
- Home One & Home Possible by Freddie Mac
- Only 3% down. 620 credit score okay. No income restriction. Gift money allowed. You will have monthly private mortgage insurance.