Residential Mortgage Lender Providing FHA Loans
We are a residential mortgage lender providing 0% Down Payment FHA and Conventional loans to prospective home buyers, both first-time buyers & repeat buyers. The single greatest obstacle to homeownership continues to be the down payment requirement and we are here to help overcome this obstacle. We offer a 3%, 3.5% and 5% down payment and closing cost assistance second mortgage that covers your full down payment and sometimes even more! Depending on your credit score and your debt ratio, we will guide you in determining which program best suits your needs. In addition, if you are able to negotiate with the seller of any particular property what is called “seller closing cost assistance”, you could get into your house for the cost of your appraisal and your deposit on the home.
In addition to our down payment assistance, we offer the FHA Government Renovation loan for those who desire to renovate their property and prospective homeowners who want to renovate a home before they move in. Here is the data regarding homes in the United States: “The renovation market has grown by more than 50% since the Great Recession ended in 2009. The U.S. market for home improvement and repairs is more than $400 billion annually, according to the Harvard Joint Center for Housing Studies. Nearly 80% of the nation’s 137 million homes are at least 20 years old and 40% are at least 50 years old.”
With an FHA backed renovation mortgage, current and prospective homeowners do not need any equity in the home to qualify for this type of loan. A current homeowner or prospective buyer can borrower up to 110% of what is called the “after-improved” appraisal value. As an example, if a property is on the market for $200,000, and a contractor estimates that it will cost $35,000 to finish the basement and add a bathroom, which the appraiser then states will cause the value of the home to be $210,000, the mortgage base loan amount can be up to $225,802, which enables the homeowner to roll in the $35,000 of renovations and still only need 3.5% down payment.
We also provide FHA loans to seniors with our government insured Reverse Mortgages. If you are already an FHA borrower, we can streamline refinance you into a lower rate OR we can refinance you into a Conventional mortgage to lower or eliminate your monthly mortgage insurance.