Whats New On Loans The Good The Bad The Ugly

Dated: 03/05/2018

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Our Top Programs

We have many great loan programs to offer. Here's an overview:


FHA

FHA is a great program for both first-time and repeat homebuyers! FHA guidelines tend to be more flexible on qualifying requirements than some other programs.

Pros of FHA Loans

  • Generally easier to qualify for than conventional loans.

  • Low down payment requirements. Credit scores above 580 can purchase with 3.5% down. Credit scores below 580 require 10% down.

  • Seller can contribute up to 6% towards closing costs.

  • Accepts gifted down payment funds.

  • Allows non-occupant co-borrowers.

Cons of FHA Loans

  • FHA loans require an upfront mortgage insurance premium (which is financed into the final loan amount). If the down payment is less than 10%, the monthly payment will include monthly mortgage insurance for the life of the loan. If the down payment is 10% or greater, the monthly mortgage insurance premium will fall off after 11 years.

USDA Rural Development

The USDA program is one of the best home loans that we offer. There are many areas of Ohio and Indiana where the entire county qualifies as a rural area. Contact us to learn more about your specific market area and how you can more effectively market these properties to your clients.
Pros of USDA Loans

  • No down payment is required. This a true 100% financing loan.

  • Closings costs may be able to be financed into the loan.

  • Generally easier to qualify for than conventional loans.

  • Seller can contribute up to 6% towards closing costs.

Cons of USDA Loans

  • The property MUST be located in a rural area as defined by the USDA.Click here to learn more.

  • The borrower must meet income eligibility guidelines for the Guaranteed Rural Housing Program. Eligibility is based on all household income, including income from adults living in the home who are not applying for the loan.Click here to learn more.

  • Requires an upfront guarantee fee (which is financed into the final loan amount) and monthly mortgage insurance for the life of the loan, regardless of the loan to value.



VA

VA loans are typically the best solution for our honored veterans and service members. Contrary to popular belief, VA loans are fairly easy to process and tend to not be any more complicated than any other loan program that we offer.
Pros of VA Loans

  • No down payment is required. This is a true 100% financing loan.

  • Generally easier to qualify for than conventional loans

  • Does not require private mortgage insurance.

  • Seller can contribute up to 6% towards closing costs.

Cons of VA Loans

  • Requires aVA funding fee of 0 to 3.3% of the loan amount,paid to the VA. The funding fee may be financed into the loan.


Conventional

Conventional loans, while stricter on credit and qualifying requirements, are still a great solution in many scenarios.
Pros of Conventional Loans

  • Low down payment options available. We offer programs that allow 1%, 3%, and 5% down.

  • Seller can contribute up to 3% towards closing costs with loan-to-value (LTV) over 90%, 6% with LTVs between 75.01% and 90%, and 9% with LTVs of 75% or less.

  • Loans for second homes and investment properties.

  • More lenient property standards than government loans.

  • Borrower-paid Private Mortgage Insurance (PMI) is not required with a 20% down payment, and can be eliminated once the loan balance drops below 78%. There are also options for Lender-Paid mortgage insurance.

Cons of Conventional Loans

  • Qualifying standards are stricterthan government loans. Borrowers with lower credit scores may have trouble qualifying.

  • Interest rates and PMI ratesare MUCH more credit score sensitive than government programs.

Rehab Loans

FHA, VA, and Conventional all offer their own versions of rehabilitation loans! These loan programs CAN help you get more business. Contact us today for more info.

 

What's New?

We have some new programs that you may not be aware of!

HomeReady 1% Down Conventional Loans -This program involves at 2% lender contribution to the down payment (up to $5000) and a 1% borrower contribution!

  • Minimum FICO = 720+

  • 1 unit owner-occupied only

  • No income limits if property is located in an underserved census tract.Learn more here.

Within Reach Government Down Payment Assistance Program-This program is designed to increase homeownership opportunities for low-to-moderate income individuals and families.

  • Down Payment assistance amounts 3.00% or 4.50% of the 1st mortgage total loan amount.

  • Grant is completely forgiven - no repayment required.

  • FHA, USDA, VA programs

  • Seller Credit of 6% is allowed.

  • Grant can be used for down payment and/or closing costs.

  • Borrower(s) not required to be First TimeHomebuyers.

  • Income Limit is based on qualifying income used for transaction, not household income.

  • Minimum FICO = 620

Contact: Ann Norton 330-412-9799 Your Realtor!

Or Kristina at 937-459-7524 for a Fast Free Pre-Approval! 

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Ann Norton

I am dedicated to you! I will give you a 100% all of the time day or night! I will get you the house you want for the price you want! I will sell your house and get it done quickly! I think outside th....

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