Services to Clients | MortgageWithMelanie

SERVICES TO OUR CLIENTS:

Residential- We understand that buying a home for the first time can be a scary experience. We have dedicated ourselves to educating our clients on the mortgage process and the multiple options that may be available to them, such as some of the program options below:

Fixed Rate Conventional Loans

Conventional-A conventional mortgage is a home loan that isn't guaranteed or insured by the federal government and conforms to the loan limits set forth by Freddie Mac and Fannie Mae. You can get a conventionalloan at a fixed or adjustable rate.

Conventional loans typically are harder to qualify for than FHA loans and require a slightly higher down payment. However, in some cases rates can be lower and have lower closing costs. Also, monthly mortgage insurance is usually less or can be nothing with 20% down payment.

30-Year Fixed

A 30-year fixed conventional loan is a loan that has the same mortgage payments for 360 months.

20-Year Fixed

This type of loan is the same as the 30-year fixed rate loan except the life of the loan is 240 months as opposed to 360 months. Since the loan is being paid slightly faster than the 30-year fixed rate loan, monthly payments for this type of loan are higher than the 30-year fixed rate loan. Some Lenders allow for a lesser rate.

15-Year Fixed

This type of loan is the same as the 30-year fixed rate loan except the life of the loan is 180 months as opposed to 360 months. Since the loan is being paid faster than either the 30-year fixed rate loan or the 20-year fixed rate loan, monthly payments for this type loan are higher than the other two loans. Generally, the longer a lender agrees to keep the interest rate "fixed," the greater the risk to the lender, therefore, in most instances, interest rates on 15-year fixed rate loans are slightly lower than on 20- or 30-year fixed rate loans.

5% minimum down payment required on purchase
Minimum credit score - usually 620
Post- bankruptcy: can qualify after 4 years
Post-foreclosure: can qualify after 7 years
Post-short-sale: Can Qualify after 2 years (LTV restrictions may apply)

Federal Housing Administration Loan

An FHA loan is a mortgage that's insured by the Federal Housing Administration (FHA). However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults.

FHA loans are not for everybody. Nevertheless, they are a great help to some borrowers.
FHA loans allow people to buy a home with a down payment as small as 3.5%. Other loans might not allow such a low down payment.

Who can get an FHA Loan?

Almost anybody can get an FHA loan. There are no income limits. However, there are limits on how much you can borrow. In general, you're limited to median home prices in your area. To find the limits in your region, visit HUD's Website. To qualify for an FHA loan, you'll need to have reasonable debt to income ratios. You don't need perfect credit but you will need to have a credit score of at least 500.

FHA loans offer a few other bells and whistles:

3.5% down payment required on purchase
Easier to use gifts for down payment and closing costs
No prepayment penalty
Financing for home improvement using FHA 203k programs

Veterans Affairs Loans

A VA loan is a home-mortgage option available to United States Veterans, Service Members and not remarried spouses. VA loans are issued by qualified lenders and guaranteed by the U.S. Department of Veterans Affairs (VA).

A VA loan is perhaps the most powerful and flexible lending option on the market today. Rather than issue loans, the VA instead pledges to repay about a quarter of every loan it guarantees in the unlikely event the borrower defaults. That guarantee gives VA-approved lenders greater protection when lending to military borrowers and often leads to highly competitive rates and terms for qualified veterans.

Far and away, the most significant benefit of a VA loan is the borrower's ability to purchase with no money down. Apart from the government's UDSA's Rural Development home loan and Fannie Mae's Home Path, it's all but impossible to find a lending option today that provides borrowers with 100 percent financing.

VA loans also come with less stringent underwriting standards and requirements than conventional loans. In fact, about 80 percent of VA borrowers could not have qualified for a conventional loan. These loans also come with no private mortgage insurance (PMI), a monthly expense that conventional borrowers are required to pay unless they put down at least 20 percent of the loan amount.

VA loans offer many additional benefits:

Down payment as low as 0%.
Competitive interest rates that are routinely lower than conventional rates
No prepayment penalties
Higher allowable debt-to-income ratios than for many other loans
Streamlined refinancing loans that require no additional underwriting or appraisal.

A USDA Home Loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture
Alternative (Non QM) products- Some of these products include our I-TIN Programs, Bank Statement Programs, Fresh start programs for people just one day out of bankruptcy, foreclosure, shortsale, etc, and additional gift programs for down payment assistance.

Commercial- A commercial mortgage is a mortgage loan secured by commercial property, such as an office building, shopping center, industrial warehouse, or apartment complex. We have access to many programs that can solve your needs.

Investors- Interested in flipping a home? Becoming a landlord? Please contact us to obtain more information on these options that can get you started on the path to being an investor!

TO OUR CLIENTS: