Mortgage Programs
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FHA: A program for anyone to use. It requires a 3.5% down payment as a minimum. The qualifying
ratios are 31% of gross income for maximum house payment and 43% of gross Income for maximum
credit debt. Today we can work with credit scores as low as 620.
Fixed rate and Adjustable rate loans are offered.
ratios are 31% of gross income for maximum house payment and 43% of gross Income for maximum
credit debt. Today we can work with credit scores as low as 620.
Fixed rate and Adjustable rate loans are offered.
VA: A program for eligible military veterans that allows 100% financing. The qualifying is a dual
qualification. Ratio qualification is total credit debt ( including house payment) not to exceed 41%.
Residual Income qualifying is done where the VA sets a minimum amount of income that must be left
at the end of the month after all debt and taxes and estimates of maintenance and utilities are
factored in. The residual is set by Region of the country and family size.
Fixed Rate mortgages are available.
qualification. Ratio qualification is total credit debt ( including house payment) not to exceed 41%.
Residual Income qualifying is done where the VA sets a minimum amount of income that must be left
at the end of the month after all debt and taxes and estimates of maintenance and utilities are
factored in. The residual is set by Region of the country and family size.
Fixed Rate mortgages are available.
Conventional: The 'standard" financing of the industry. Required down payments are 5% or
more. Any loan with less than 20% down payment requires Private Mortgage Insurance (PMI).
Jumbo Finance: Generally loans larger than what FNMA & FHLMC will allow. These are loans
offered by "private" investors. Terms of these loans vary per the investor.
more. Any loan with less than 20% down payment requires Private Mortgage Insurance (PMI).
Jumbo Finance: Generally loans larger than what FNMA & FHLMC will allow. These are loans
offered by "private" investors. Terms of these loans vary per the investor.
VHDA ( VA Housing Development Authority): A group of mortgage plans offered to First Time
Home Buyers by the State of Virginia. Generally these programs will offer a lower interest rate and
other "perks" for First Time Home Buyers.
USDA Rural Housing "Guarantee Program": This program is offered in communities with smaller
populations. It is 100% financing but applicants must meet income and other guidelines to use it.
Home Buyers by the State of Virginia. Generally these programs will offer a lower interest rate and
other "perks" for First Time Home Buyers.
USDA Rural Housing "Guarantee Program": This program is offered in communities with smaller
populations. It is 100% financing but applicants must meet income and other guidelines to use it.
The current economic climate in the USA has seen a large number of home financing programs be
taken off the market. Whether or not they will ever return remains for time to tell. But, one thing
remains constant; that is the advantages of home ownership.
taken off the market. Whether or not they will ever return remains for time to tell. But, one thing
remains constant; that is the advantages of home ownership.