FINANCING BACKGROUND
My experience in accounting, investments and being a mortgage lender provides my buyers with the understanding of the financial portion of buying a property. I have many connections with different lenders to assist you with your financing needs. I am adept at coming up with solutions quickly if something changes in during a transaction.
FINANCIAL OPTIONS
CONVENTIONAL
- The most common type of home loan is a conventional loan
- Perfect for borrowers with a strong credit history
- Down payments as low as 3%
- No mortgage insurance required, if putting 20% or more down
- Seller's prefer conventional mortgages
FHA
- Can qualify with a lower credit score
- Lower down payment requirement of 3.5%
- Mortgage Insurance Premium (MIP) can be less, depending on credit score
- Loan is assumable
VA
- Have lower interest rates than conventional loans
- Require no down payment
- No mortgage insurance requirement
- Loan is assumable
USDA
- Home has to be located in eligible rural area, as defined by USDA
- No down payment and low mortgage rates
- Can qualify with lower credit score
- Income limits do apply
PORTFOLIO LOANS
- The lender holds the mortgage
- Less stringent credit requirements
- Typically higher interest rates vs conventional loan
