USDA loans are a great choice for borrowers in rural to semi-rural areas. They offer a low interest rate, reasonable closing costs and can close in a timely manner. Another great feature of this loan is that it allows 100% financing of the purchase price of the home. There are specific qualification criteria for USDA guaranteed loans, so talk with us to see if this program is a good fit for you. USDA loans are designed for low to median income households. Each county has a limit that is set by the USDA. We monitor the county limits near you and will be able to advise you on your income eligibility. In addition, debt to income ratios are very strict on the USDA Program. If your monthly income vs. your debts exceed a certain percentage, you may not be eligible for this program. The property you’re considering must be in one of the USDA’s designated geographic areas. Rural areas and smaller towns under 10,000 in population are considered USDA eligible. We can advise if a property you are interested in is USDA eligible—just ask to see a USDA eligible map.
FHA programs are in high demand due to their flexibility, more lenient view of credit, and low down payment. They are perfect for refinancing or purchase. Depending on your credit score and the amount you have saved for a down payment, the rates for an FHA loan might be lower than a Conventional mortgage. An FHA home purchase only requires a 3.5% down payment—and there may even be programs to help you come up with that portion as well. You don’t have to be a first-time homebuyer to qualify for an FHA home loan, though you can only have one FHA home loan at a time.
VA Mortgage programs are specifically for veterans, current or discharged military personnel. The terms to be eligible to receive a VA loan are determined by the United States Department of Veterans Affairs. If you have entitlement, then chances are good that you are eligible. Mortgages & More, Inc. a Division of Flanagan State Bank, is LAPP approved, which means we can assist you in quickly determining eligibility via online access. With a VA loan, you might qualify for up to 100% financing of the purchase price. VA loans can be used more than one time, and feature low rates and no monthly mortgage insurance.
Maybe you’re looking for a mortgage loan without some of the restrictions or guidelines found in the FHA or VA loan programs, or you have a strong borrowing history. If so, a Conventional loan program might be a good fit for you. Mortgages & More, Inc. offers competitive low rates and quick, efficient closings, so you can get into your new home as soon as possible. We’ll look at all the options to make sure you get the best home loan for your needs.