US Mortgages offers various kinds of conventional loan rates available to prospective homebuyers. How can a ...
US Mortgages offers various kinds of conventional loan rates available to prospective homebuyers. How can a conventional loan help you reach your financial goals and improve your family's quality of life? Learn more about the conventional home loans US Mortgages offers, and get a feel for if you may qualify.
A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the underwriting guidelines mandated by Fannie Mae and Freddie Mac commonly require a down payments of at least 3%. Borrowers who have more cash and who have at least 20% to use for a down payment do not have to pay mortgage insurance premiums (typically required with FHA loans).
Borrowers that choose conventional mortgages typically make larger down payments than borrowers that choose the FHA option, and they tend to have a more secure financial standing, are less likely to default on the loan. A larger down payment also translates to lower monthly payments. Consequently, with the mortgage insurance premiums on FHA loans, payments for conventional loans that don’t require private mortgage insurance can be much more manageable in comparison.
What are the Requirements for a Conventional Loan?
Requirements can vary from lender to lender, but a good rule of thumb is that a 620 FICO score is typically the minimum credit score needed to obtain a conventional loan, and 740 is the minimum score you’d need to get a better interest rate. The term or length of the loan for a conventional mortgage is usually 15, 20 or 30 years. If you’re refinancing with the US Mortgages Goal Keeper Refinance™ you can also choose a term to match the existing length of time you still owe on your existing mortgage. This is a great option when you want to refinance but don’t want to start the repayment clock all over again.
Which Mortgage Program is Best for You?
If you have questions or would like to know about which program is right for your unique financial situation and goals, just reach out to US today and speak with one of our knowledgeable, licensed Personal Mortgage Advisors about which loan programs are right for you and your family.
What separates an FHA loan from a conventional loan? The biggest difference between these two loan types that US ...
What separates an FHA loan from a conventional loan? The biggest difference between these two loan types that US Mortgages offers, is that FHA loans are backed by the US Federal Government, specifically the Federal Housing Administration.
The FHA program was developed to make loans accessible to people who could only afford a low down payment or who had less than perfect credit in the 1930's. Since then, the program has helped countless Americans pursue their dream of home ownership. FHA requirements include a credit score of 560+ and a down payment of 3.5% to qualify borrowers for an FHA loan, though there are other factors including steady employment, LTV and DTI ratios that can impact eligibility.
A less-than-perfect credit score doesn't have to mean the end of the line when searching for a home. At US Mortgages, we believe that everyone should have the opportunity to purchase their own home at affordable rates. That's why we pledge to work with you to create a loan specific to your financial situation, ensuring your success while keeping you on budget.
The FHA Loans rate requires that borrowers purchase personal mortgage insurance (PMI). When speaking with an expert from our office, we will be sure to go over these items with you if you are not familiar with PMI. Because of the safety net that mortgage insurance provides to the lender, we are able to offer loans at traditionally lower interest rates. While FHA loans do require a down payment, mortgage insurance lowers the total amount. Those with quality credit scores can purchase a home with down payments as low as 3.5%, however less desirable credit scores can require a minimum down payment of a least 10%.
If you're wanting to know if what FHA home loan rates are available for you and will help you and your family reach their financial goals, contact US Mortgages! Feel free to provide us your contact information as well as any initial questions you may possess about an FHA Mortgage. You can also give us a call and get the ball rolling on your FHA Loan and future of home ownership today!
One small way the Federal government gives back to the servicemen and women of our country is through offering a ...
One small way the Federal government gives back to the servicemen and women of our country is through offering a government backed mortgage loan with attractive associated rates.
At US Mortgage, we are proud to provide our veterans with access to VA home loans - at low to no down payment, lower interest rates, and with access to simple refinancing through. You have served your country, now let us serve you. You've earned the right to own the home of your dreams, with a monthly payment that you can afford.
Learn more about VA home loans, who qualifies and how to start on your path towards a VA Loan.
Credit requirements and costly down payments can make the idea of purchasing a home seem out of reach for many veterans and active duty military personnel. Veterans Affairs Loans, or VA Loans were established to ease this financial burden on the men and women who have already sacrificed so much for our country. Available with little to no down payments, and at greatly lowered interest rates, VA home loans allow servicemen, servicewomen and their surviving spouses to own a home.
Veterans who qualify for a VA Cash-Out refinancing loan will have the opportunity to receive cash from the value of their home, while also restructuring their current mortgage into a lower rate, or for a shorter term. It is not required that your original loan be a VA loan to refinance through VA Cash-Out refinancing!
At some of the lowest rates, VA Loan funds can be used for purchasing a home or cash-out refinancing a home.
There are several specific qualifications to be met before being eligible for a VA home loan rates. The length of your service, duty status and character of service all determine eligibility for home loan benefits around. Learn more about VA Loan mortgage on the VA Benefits website.
We recommend getting the necessary paperwork from the VA before discussing rates and options with our office in Colorado. Find out more about how to get your Certificate of Eligibility and what other paperwork you may need to provide by reviewing the US Department of Veterans Affairs website on the subject.
What is the USDA Program? How can you qualify for the USDA loan program? Where can you find more information about ...
What is the USDA Program? How can you qualify for the USDA loan program? Where can you find more information about the program and how to get started? Learn more below.
The USDA loan program is primarily available to rural homebuyers seeking a single-family home. With cost of living increasing across the board in nearly every major city in the country, the appeal of rural and suburban life is becoming more and more alluring to many urbanites. The intention of the USDA Loan Program is to provide attractively low rates to homebuyers that are impossible to find within city limits. Though this is a government program, the government is not the direct lender – the loan is given through local partners like US Mortgages.
As the local population continues to increase, and home rent costs skyrocket, the benefits of the USDA loan program are very apparent. USDA loan applicable properties do not require a down payment, and allow the property to be purchased for no money down. Credit requirements on USDA loans are much more flexible than more traditional mortgages, further removing restrictions on first time buyers who may have subpar credit. With these loans, you and your family can easily purchase a rural or suburban home as a stable foundation to grow.
Qualifying for the USDA loan program is primarily an issue of location of your property. Rules, regulations, and qualifications can vary between locations, we recommend looking at United States Department of Agriculture Rural Development for specifics on what locations have USDA loans available. Properties are generally smaller than 2,000 sq. ft., and must be used as the homeowner's primary residence. Income limits vary depending on county and the number of people in your household. The purpose of these loans is to allow low and moderate-income households to own safe and modest homes as their primary residence.
US Mortgages has been helping people own their homes since 1996. Let us know how to reach out to you, or give us a call to let us begin improving your family's financial situation with a USDA loan today.
If traditional home refinancing hasn't worked for you, even though you've been keeping up with your mortgage ...
If traditional home refinancing hasn't worked for you, even though you've been keeping up with your mortgage payments, you may be eligible for refinancing through a HARP loan. US Mortgages offers HARP mortgages throughout. Learn more about the HARP loan, when the program terminates, who qualifies and how to get started applying for a HARP loan below.
HARP loans refer to the Home Affordable Refinance Program, administered by the Federal Housing Finance Agency. The HARP program began in 2009 as a way for people with LTV above 80% to refinance without paying for private mortgage insurance. Refinancing with a HARP loan can make your mortgage more manageable, and bring increased financial stability to your life. Beyond avoiding paying high prices for costly mortgage insurance, HARP loans offer homeowners capped closing costs, and in many cases, no appraisal requirement. If you're one of millions of homeowners whose mortgage payments are becoming unmanageable, a HARP loan may help you avoid stress, debt, or even foreclosure.
When the HARP program was first conceived, it was scheduled to end on December 31, 2016. However, the Federal Housing Agency extended the program to September 2017. The last time the Home Affordable Refinance Program will be available is September 2017, barring an extension from the current administration. If you're interested in cashing in on these hugely beneficial loans, it would be wise to see if you qualify today!
Even for homeowners who haven't qualified for more traditional refinancing in the past, the HARP loan program is designed to help. To be eligible, the value of the property must have fallen since it was purchased. Additionally, the homeowner must be underwater on their loan. Federal regulations of the program require that the mortgage must have been acquired by Fannie Mae or Freddie Mac before May 31, 2009. The homeowner seeking a HARP loan must be current on their mortgage payments with no more than one late payment in the last 12 months. Most importantly, a HARP mortgage is available only when it benefits the homeowner, just like all loans done by US Mortgages.
Since 1996, US Mortgages has been making home happen. Let us know how to get in touch with you, or give us a call directly.
We offer both home equity and HELOC loans. They are similarly named but function very differently. There are home ...
We offer both home equity and HELOC loans. They are similarly named but function very differently. There are home equity term loans and home equity lines of credit (HELOC). Home equity term loans is a lump sum loan based on the equity in your home that is to be paid back over a designated amount of time. This contrasts with a home equity line of credit, which functions a little more flexibly.
Home equity loans offer the opportunity for home owners to leverage their equity to their benefit. Think of it like a credit card with a time and a credit limit. These lines have a variable interest home equity loan rates that change over the course of the loan. HELOC loans also require withdrawal of a certain amount each time the line of credit is accessed.
Home equity lines of credit are perfect for homeowners with less fixed, varied expenses to ensure that they always have access to funds, while protecting the borrower from overpaying interest on money they aren't using. Many people choose a home equity line of credit to pay for college expenses, or to reinvest in their home with an expansion or remodeling.
Alternately, a home equity loan is ideal for borrowers looking to pay off a large, one-time expense. While a home equity loan will have an interest rate greater than that of a home equity line of credit, it its tax deductible up to $100,000, and is paid back in fixed monthly payments. Ideal for single large expenses, these loans are perfect when an unexpected cost interrupts your budget.
If you'd like to learn more about the HELOC loans offered by US Mortgages, let us know your contact information and we'll be in touch as soon as we can. Alternatively, feel free to give us a call at our office with any questions you may have about home equity lines of credit or any of the other loan products we offer.
Have you been turned down by other lenders for being self-employed? Being your own boss has many advantages, but ...
Have you been turned down by other lenders for being self-employed? Being your own boss has many advantages, but when it comes to proving your income, many self-employed potential homeowners are turned away from traditional loan programs. Stated income loans in Colorado have become increasingly more common, and it is not hard to see why. Our state's economy is growing rapidly, in no small part thanks to entrepreneurs like you. Still, even with steady income, many self-employed people with good credit have difficulty providing an exact figure for their monthly and annual salaries.
With US Mortgages, we understand that self-employment is a great way for many people to secure the brightest financial future for themselves and their families. Since we understand the validity of self-employment as a career path, we have started to offer a way for self-employed hopeful homeowners to get approved for mortgages and refinancing with our Bank Statement Loan Program.
Perfect for those with good credit, who would otherwise qualify for a loan but have difficulty proving their income, our bank statement program makes homeownership possible. When doing mortgages for people who are traditionally employed (through W-2s) we typically ask for pay stubs, tax returns and contact their employer for employment verification. With self-employment, this approach is not possible. However, with the right circumstances present on your bank statement, we will be able to get you into a home, regardless of the kind of employment you have.
Our bank statement program has both fixed rate and adjustable rate mortgages. In exchange for a larger down payment, US Mortgages offers qualified applicants competitively low rates compared to other loan programs.
To learn more about our bank statement loan program and see if one of our hundreds of loan products is right for helping improve the financial health of your family, let us know! You can provide your contact information online and we'll get in touch with you as soon as we can. Another way to get in touch is calling us directly and we will be able to answer any questions you may have.
Are you looking for a stated income mortgage broker? You've found one of the best with US Mortgages! US Mortgages is ...
Are you looking for a stated income mortgage broker? You've found one of the best with US Mortgages! US Mortgages is one of the few stated income mortgage lenders that offer loans at a competitive rate. Learn more about the stated income loans we offer, who is eligible and how to get started on your stated income mortgage below.
Stated income loans are available to borrowers with a range of credit histories and income situations. Rather than requiring a complicated process for verifying income, US Mortgages helps more people get into the home of their dreams by offering stated income loans to borrowers with stable income, good FICO credit scores, verifiable employment, and a couple of other qualifying factors.
While income will not be verified, buyers must be prepared present their full credit history, and make a much more sizeable down payment. Many buyers though, particularly those who are self-employed, and/or have large reserves of cash on hand, find that the larger down payment is well worth not having to go through the complicated process of proving their income.
Let us know how to get in touch with you to assess your financial situation and see if you and your family qualify for stated income loans through US Mortgages.
It is easy to understand why stated income mortgages have seen such a rise in popularity recently. With economic growth comes a wide range of potential borrowers with good, steady employment, but who may also have difficulty providing an exact figure for their monthly and annual incomes.
Stated income loans are perfect for people who are self-employed, or for the entrepreneurial investor with cash on hand. For example, many people whose income comes primarily from real estate investment can be considered self-employed and may have trouble securing an additional mortgage because their debt to income ratio would prevent them from purchasing another investment property.
US Mortgages has been a stated income mortgage lender since 1996. Let us know how to reach out to you, or give us a call to let us begin improving your family's financial situation with a stated income loan today.
Structured for seniors age 62 and up, a reverse mortgage on your property allows you to receive payments from a ...
Structured for seniors age 62 and up, a reverse mortgage on your property allows you to receive payments from a lender on the equity of your home. Those seeking funds for the expenses that can incur with age can take advantage of reverse mortgage rates and use the value of your property now, only to be paid back after you sell or leave the home, or the homeowner passes away.
Reverse mortgages are an incredible tool for supplementing income. There are very specific qualifications for people who qualify for the reverse mortgages solutions offered by US Mortgages. Learn more about the eligibility requirements for reverse mortgages and the kinds of reverse mortgages we have available.
Our reverse mortgage solutions can provide older residents with much needed financial security. Your regular mortgage payments can be eliminated, while you receive payments from the lender on the equity of your home. You can continue living in your home while collecting payments, and are not required to repay the mortgage until you leave the home.
With a reverse mortgage, you do not risk losing your home. So long as property taxes and homeowner's insurance continues to be paid, your home cannot be taken from you.
Reverse mortgages allow homeowners to convert the equity they've put into their home into supplemental income. In Colorado, reverse mortgage lenders pay homeowners one of two ways during the term of a reverse mortgage rate: a lump sum or monthly payments. Frequently reverse mortgages are used to supplement income of aging adults who have a fixed income for a variety of reasons.
Borrowers must be aged 62 or older. Homeowners insurance and property taxes must be paid up to date to qualify. Borrowers must also live in the home to qualify for a reverse mortgage. Are you interested in taking the next step towards a reverse mortgage by speaking with brokers? Feel free to give us your contact information on our website and we'll get back to you as soon as we can. We also welcome you to give us a call at our office to learn more about reverse mortgages, their rates, and if they're right for you and your family.
The FHA or Federal Housing Administration is a United States government agency created in part by the National Housing Act of 1934. The FHA sets standards for construction and underwriting and insures loans made by banks and other private lenders.The FHA insures mortgages with the lenders, giving mortgage lenders the ability to grant home loans to people who might not qualify for conventional mortgages. To make homeownership more affordable, the down payment requirements for an FHA home loan are considerably lower than a conventional mortgage, usually 3.5% as compared to 20% of the total purchase price of the home.
"You can get an FHA home loan for as little as 3.5% down payment. That means to purchase a $250,000 home, you would only need a $8,750 down payment. The down payment may also be ""gifted"" to the borrower from a family member. This makes the FHA home loan a great option for most first-time home buyers. To learn more about FHA home loan benefits, talk to a US Mortgages Personal Mortgage Advisor. "
No. The Federal Housing Administration does not make loans directly to the public.The FHA works through a network of FHA approved lenders like US Mortgages.
Mortgage insurance or as it is sometimes referred to as MI, protects the lender against the possibility that a borrower defaults on the mortgage. This should not be confused for homeowners insurance which protects the homeowner against damage to the home. Mortgage Insurance gives mortgage lenders the confidence to originate competitively priced mortgages to people with less than ideal credit backgrounds. With an FHA home loan, the borrower can pay for the mortgage insurance with an upfront payment and a make small additional payment along with their monthly principal and interest payment.
Yes. A bankruptcy does not disqualify an applicant from qualifying for an FHA home loan. If the applicant has established a responsible payment history since the bankruptcy they may qualify for an FHA mortgage two years after the discharge of a Chapter 7 bankruptcy, and one year after the payout period for a chapter 13 bankruptcy.
Anyone who has served 90 consecutive days of active service during wartime, or 181 days of active service during peacetime, or anyone who has more than 6 years of service in the National Guard, or Reserves, or you are the spouse of a service member who died in the line of duty or as a result of a military service related injury. To find out if your eligibile talk to a US Mortgages Personal Mortgage Advisor or vist https://www.benefits.va.gov/homeloans/purchaseco_certificate.asp for more details.
Qualified buyers have the opportunity to purchase a home with no down payment using a VA home loan. Additionally, there are no monthly MIP (mortgage insurance premiums) and require no out of pocket costs to close their loan. VA loans typically have lower monthly payment compared to other loans because they typically come with more competitive rates. VA loans have lower credit qualifying standards than other loan programs and if you are looking for a cash out refinance you can even take out 100% of your available equity. VA benefits are an earned benefit but 1 in 3 vets aren't even aware their home buying and refinancing benefits and only 13% actually use these benefits, despite US veterans having the highest percentage of home ownership out of any group in the US,
Technically, there is no maximum VA loan. It’s limited by the value or the purchase price, however, most lenders generally limit the maximum VA mortgage loan to $453,100. You should consult with a Personal Mortgage Advisor for more information on loan limits and to verify your eligibility.
Homebuyer’s eligible for a VA home loan do not have any income threshold for using their VA home loan benefits. However, VA borrowers are expected to have stable, consistent income that will cover their monthly expenses, including their new mortgage payment. US Veterans can qualify using their VA disability payments.
HARP stands for the Home Affordable Refinance Program. Introduced in March 2009, HARP enables borrowers with little or no equity to refinance into more affordable mortgages without new or additional mortgage insurance. HARP targets borrowers with loan-to-value (LTV) ratios equal to or greater than 80 percent and who have limited delinquencies over the 12 months prior to refinancing.
You may be eligible to refinance yusing the HARP program if you meet the following criterea:
Both Fannie Mae and Freddie Mac have established toll-free telephone numbers and web submission processes to make this data available. Homeowners can enter information to determine if either agency owns or guaranteed the loan. This information is not a guarantee of eligibility for a refinance under HARP ®, as other qualifying criteria must also be met. To save time, our Personal Mortgages Advisors can also look this up information for you, so Talk to US First!
For Fannie Mae: www.fanniemae.com/loanlookup
For Freddie Mac: www.freddiemac.com/mymortgage
Condominiums are already eligible under HARP® and, under the enhanced program. Condominiums that had met Fannie Mae/Freddie Mac requirements bprior to the enchanced program remain eligible.
Applying for a HARP refincnance is simple. First, a Personal Mortgage Advisor will ask you some simple qualifying questions and then have you complete an application, just like a traditional mortgage transaction. It helps speed up the process when you have the necessary documents ready for the Personal Mortgage Advisor. Here is a list of the most common documents needed when applying for a HARP refinance:
No. The Home Affordable Refinance Program can only be used to change rate or term of the loan and cannot return cash to the borrower for the purpose of paying other debts.