A conventional loan is a lender agreement that’s not guaranteed or insured by the federal government, however, it can follow the guidelines of government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. Both Fannie Mae and Freddie Mac are stockholder-owned corporations and are not part of the federal government.

Main types of conventional loans available at Accurate Mortgage Group:

• Fixed-rate mortgage loan – the interest rate on these loans never changes during the life of the loan; often chosen by buyers who don’t know if they’ll pay off the loan early and like a consistent payment amount
• Adjustable-rate mortgage (ARM) loan – the interest rate varies throughout the life of the loan; often chosen by buyers who will pay off the loan in full within a designated time period
• Jumbo mortgage loan – applies to obtaining financing above the limits set by the Federal Housing Finance Agency; often chosen by buyers of luxury properties and homes

A government loan is one that is guaranteed or insured by the federal government under the Veterans Administration (VA), the Federal Housing Administration (FHA) or the Rural Housing Service (RHS) of the U.S. Department of Agriculture.

FHA Loans

FHA mortgage loans are issued by federally qualified lenders certified by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.

These loans are popular, especially for first-time homeowners, because they are:

• Generally easier to qualify for than conventional loans
• Have lower down payment requirements
• Cannot exceed statutory loan limits

FHA loan limits define how much you can borrow for a HUD-backed mortgage (U.S. Dept. of Housing and Urban Development). Each state has different limits. Your mortgage loan advisor can tell you what is available for your FHA home loan, or you can check for yourself here.

VA loans – Offers Up to 100% Down Payment Assistance!

Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.

Here’s how it works:

• 100% financing without private mortgage insurance or 20% second mortgage.
• A VA funding fee of zero to 3.3% (this fee may be financed) of the loan amount is paid to the VA.

When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. When refinancing a home, veterans may borrow up to 90% of reasonable value in order to refinance where state law allows.

USDA Loans – Offers Up to 100% Down Payment Assistance!

The U.S. Department of Agriculture offers a variety of programs to help low- to moderate-income individuals living in small towns or rural areas to buy a home. The Rural Housing Service (RHS) helps qualifying applicants, who cannot receive credit from other sources, purchase modestly priced homes as their primary residence. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.

USDA Loans are a great option for those who don’t want to live in the city because they offer:

• Minimal closing costs
• Low or no down payment requirements

Accurate Mortgage Group’s USDA loans terms are available for up to 30 years.

USDA loans can be used toward the purchase and renovation of a previously owned home or a new construction.

THDA Programs – Offers Up to 100% Down Payment Assistance!

THDA (Tennessee Housing Development Agency) 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 associated with their credit history, income limits and the cost of the home they’re interested in purchasing.

Accurate Mortgage Group is pleased to be able to offer a variety of specialty loans. Below, you’ll see some of most popular offerings. Please speak with a mortgage loan advisor for more details on any of these specialty loans.

Honoring our Heroes

This loan program is specifically designed to benefit those we consider to be our “everyday” heroes: those in the military, EMS/medical workers, law enforcement, firefighters and educators. We’d like to make it easier for those who work in these sectors to obtain home financing, so these loans include:

• Lender credit up to .25% (with matching credit from participating real estate agents)
• No origination points
• Availability whether on a purchase or refinance

FHA 203K Renovation

This loan’s unique terms let borrowers 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.

Foreign National

This loan program is set up to help those who’d like to purchase property in the U.S. It allows a loan amount up to $5 million for second home and non-owner-occupied properties of one to four units.