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There are many different types of mortgage programs that you can choose from.
Here are some of the most common mortgage programs available. Many lenders add their own requirements (called overlays) on top of the program requirements. We do not. We originate at minimum the guidelines required, nothing more!
FHA mortgages are great if you want to get a good rate with a low down payment and more lenient credit standards. Our minimum credit score for FHA financing is 580.
USDA mortgages allow you to buy property in the USDA approved lending area (typically in the country). There is a maximum income and you need good credit, with a minimum score of 640. But if you qualify, you can buy with zero money down!
VA mortgages allow Veterans with a 580 credit score or higher to purchase real estate at great rates with no money down.
If you have strong credit with a score of 620 or higher and some money in the bank, a Conventional mortgage from Fannie Mae or Freddie Mac is the way to go to get a great rate and terms.
Non QM (Subprime) Mortgages
Non QM mortgages are the new term for what previously were called Subprime or Nonconforming or Portfolio mortgage products. These are mortgage products that fit outside of the guidelines listed above. Typically the down payment and rate is higher, so these types of mortgages should be your last resort if nothing else works.
How to Choose The Right Mortgage For Your Needs
With so many mortgage products out there, how do you choose?
Luckily, you don't have to. Part of my job is to take the application and find the best mortgage for YOUR situation. This is where having an experienced competent licensed loan officer can really pay off.
If the program is out there, probably offer it. Call me today at 937-572-3713 and let me help you find the best program for you!