FHA 203K Loan
One of Accurate Mortgage Group’s biggest specialties is working with the FHA 203K loan. Its unique terms let you purchase a home that needs repairs by tying in the costs of the remodel in the loan. In many cases, this allows you to get a great deal on a home with just a few repairs needed.
State and Local Housing Programs
Many state, county and local government programs offer financing for qualifying low-to-moderate income families wishing to purchase their first home. Loan assistance programs like Mortgage Credit Certificate (MCC) offer a partial tax credit for interest on the loan.
These programs typically offer:
THDA offers 30-year, fixed rate mortgage loans and down payment assistance loans to first time homebuyers. Not every borrower is eligible for a THDA mortgage. Borrowers must meet certain requirements and conditions, including credit history, income limits, and cost of home.
Jumbo loans, as indicated by their name, are larger than conventional mortgages and classified as non-conforming. The reason for the distinction, aside from their cost, is their underwriting guidelines. For some jumbo loans, the underwriting process might require getting more than one appraisal to verify the actual value of the property. And the borrower may have to undergo even more financial investigation and submit more paperwork than normal to be approved. But, unlike some other non-conforming loans, jumbo loans do not deal with the borrower’s past credit problems, but rather the size of loan.
Because jumbo loans are for more money than the average price of a home, they carry more risk for lenders. To offset this risk, lenders who offer jumbo loans often charge a higher interest rate and may require a larger down payment than a conventional mortgage. And since fewer home buyers can afford homes valued at over $417,000, the market for jumbo loans is not as broad as it is for conventional loans. That makes the prospect a riskier endeavor for lenders, which is reflected in the interest rate and terms of the mortgage.
Talk with a loan professional at Accurate Mortgage Group today to see which type of loan will work best for your particular situation.