Feeling Overwhelmed With So Many Choices? 
​Let me help guide you in the process so you can make an educated decision. 

Loan Programs Available


​Here are the various types of loans and programs that are available.  Don't feel like reading? Give me a call and let's walk through your situation together to find the best match for you. 
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Conventional loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. This type of loan utilizes an automated underwriting system and loan approvals are based on many factors including: credit history, down payment, property type, employment history, assets and property value. 
This type of mortgage is insured by the Federal Housing Administration (FHA). FHA gives you the benefits of low mortgage interest rates with lower down payments. Loan limits can vary depending on the county in which the property is located.  VA loans are guaranteed by the Department of Veteran Affairs. There are excellent benefits to this type of loan such as low interest rates and no down payment requirements. 
A USDA loan is insured by the US Department of Agriculture and available to qualified individuals who are purchasing or refinancing their home loan in an area that is not considered a major metropolitan area by USDA.  These loans are great for first time buyers and offer 100% financing, no pre-payment penalties and low rates.  
If you’re looking to save thousands in interest expense and want to builder equity quicker a 15 year fixed rate mortgage is a good fit. The most popular and secure of loan options is the 30 year fixed. A benefit with the fixed programs is your Principal and Interest payment will never change.
Take advantage of the lowest rate available with an adjustable rate mortgage! When interest rates are on the decline or your plans to stay in the home are for a short time, then this is a great loan option for you.
Jumbo Financing is used when your loan amount exceeds Fannie Mae/Freddie Mac limit of $726,200.  Jumbo loans can be of the fixed or adjustable variety.

5 Steps When Financing Your Home

Getting pre-approved occurs before the loan process actually begins. The lender gathers information about your income and debts, and makes a financial determination about how much house you may be able to afford.

It's a good idea to know how expensive a home you can afford before you start shopping for one! If you are refinancing the loan on your existing home, then the prequalification process should help you decide whether refinancing is a good idea for you. 
The application is the beginning of the loan process and either occurs after you have found a property you want to buy or have determined that you wish to refinance the loan on your existing home. You complete a mortgage application for a particular loan program and, supply all of the required documentation for processing. Various fees and down payment options are discussed at this time. The lender will deliver a Loan Estimate (LE) within three days that itemizes the rate and estimated costs for obtaining the loan. 
The lender will typically submit the application package to an automated underwriting system that will provide the lender with the necessary documentation needed for loan approval. In some cases, the lender may also manually underwrite an application package. 

The lender's processor reviews the credit reports and documentation to verify your employment, debts, and payment histories. If there are unacceptable late payments, collections, judgments, etc., the processor requests a written explanation from you. The processor also reviews the appraisal and survey and checks for property issues that may affect final loan approval. The processor's job is to put together an entire application package for the lender's underwriter. 
The lender's underwriter is responsible for determining whether the application package prepared by the processor meets all the lender's criteria. If more information is needed, you will be contacted to supply more documentation.

If the underwriter approves the loan, the lender issues a conditional commitment to lend, orders title insurance, works with you to clear all conditions to its commitment to lend, and then schedules a closing time. Conditions to the lender's commitment may include issues with credit, income, or the property that may arise during the processing and underwriting process. 
The closing will occur after all conditions are cleared and the lender issues a full loan approval. At the closing, the lender "funds" the loan with a cashier's check, draft or wire to the closing agent, who disburses funds, in exchange for the title transfer to the property. This is the point at which you finish the loan process and actually refinance or buy the house, subject to the lender's loan. Closings occur at different places in different states. For instance, some states require that the closing take place at a closing attorney's office, while others use a title or escrow company. You may also be able to close at your home.