We have a strong and genuine belief in the “customer for life” principle of doing business: it is what fuels our company. Referrals from previous customers and local real estate professionals have always delivered the majority of our production.
The CORE Team takes pride in being one of the leaders in the mortgage industry. Through our ethics, policies, practices, technology and support, the home buying experience will be Supreme.
Conventional loans are actually any type of creditor agreement that are not financed by the Veterans Administration (VA), or supported by the Federal Housing Administration (FHA). In general, all conventional loans are protected by the government sponsored entities such as Fannie Mae (FNMA) and Freddie Mac (FHLMC).
There are different types of conventional loans that have their own peculiarities. Conforming and nonconforming types of conventional loans are the most common kind of subdivision. Conforming loans have to meet the guidelines set by Fannie Mae and Freddie Mac. One key feature is that the loan amount can not exceed the maximum loan limit set by Fannie and Freddie.
- The fact that the creditors can actually keep the loan in their own portfolios and in this way they provide themselves with more flexibility concerning the loans as it must not take any other direction when it comes to some other borrowers.
- The creditors are free to add or on the contrary eliminate some of the fees on the loans.
- In the case when a person who is willing to get a loan does not have all the possibilities to do that, the creditor has the opportunity to self-insure the loan at the same time increasing the interest rate so that to recompense for the risk he or she takes.
A jumbo is a loan in which the amount borrowed is greater than loan limit set by Fannie Mae (FNMA) & Freddie Mac (FHLMC)
- Able to finance a home that is over the maximum loan amount established by Fannie Mae and Freddie Mac.
- Enables a borrower to purchase “more house”.
The Federal Housing Administration was created in 1934 as an effort to bolster homes sales during the Depression. By financially guaranteeing loans the FHA lifts much of the risk of non-payment and foreclosure from private lenders. It is important to remember that the FHA is not a lender; they just guarantee your loan.
- Bankruptcy not an automatic disqualification.
- Less stringent credit requirements.
- Lower interest rates.
- Down payment is less.
- Lower mortgage points and other closing cost requirements.
- Resale can be made quicker.
- Is backed by the U.S. government.
- Down payment required.
- Higher MIP than on conventional loans.
- Loan Limits are lower than conventional.
- MIP required regardless of the Loan-to-Value (LTV).
A VA loan is a mortgage loan guaranteed by the Veterans Administration. It was created in 1944 and signed into law by President Franklin D. Roosevelt. A VA loan provides veterans and/or their surviving spouses with a federally guaranteed home with zero down payment. The program, also referred to as the GI Bill, has been highly successful and has helped millions of American veterans and their families acquire a home.
- No down payment.
- VA does not require private MIP.
- Limit on the amount of origination fees and closing costs that the lender can charge.
- Limit also placed on appraisal fees.
- Borrower must have a Certificate of Eligibility (CoE) from the VA in order to avoid a longer processing time.
- Borrowers are required to make a one-time funding fee based on loan amount and applicant’s service length.
- Closing costs may be paid by the lender and/or the seller.
The USDA Rural Housing Service has various programs available to aid low- to moderate-income rural residents to purchase, construct, repair, or relocate a dwelling and related facilities. USDA Rural Housing Loan programs allow qualified homebuyers to get loans with minimal closing costs and no down payment.
- No Down Payment requirement.
- Property must be located in an eligible rural area (moved up from disadvantages).
- Closing Cost can be added into the loan (if the property appraises high enough to include it at up to 102% of the appraised value).
- Loan government guarantee fee and not monthly guarantee fee.
- Low interest rates.
- Applicants with a wide range of credit profiles.
- Income eligible applicants who do not qualify for conventional financing.
- Families & Individuals that have minimal funds for a down payment and closing costs.
Includes First Time Homebuyers and Repeat Homebuyers.
- Seller Concessions – 6% max.
- No cash reserve requirement.
- No Non-Allowables costs.
- No First Time Homebuyer Requirement.
- 30 Year Loan @ Competitive Fixed Rate.
- No Limit on Gift Funds.
- Property must be in very good condition and have a high insulation R-factor.
- You can not make over 50% of 115% of the median county income to qualify.
- Must be able to verify income limits.
Home Loan Process
You complete the loan application and all items have been submitted.
We order your credit report.
We meet with you to determine which loan suits you best.
We issue a pre-approval and you start looking for a home with a real estate agent.
You find your home, your real estate agent presents an offer, offer is accepted and a closing date is set.
We order appraisal, title report, insurance binder, and other necessary documents.
We submit the completed files to underwriting for final approval.
Final approval is issued and any final conditions are collected and satisfied.
Loan is clear to close, closing documents are sent to the title company.
We send you and your real estate agents a copy of the final settlement statement for you to review in advance.
Your file goes to closing and you are ready to fund.
Congratulations, you are officially a home owner!
Our experience with Derick was our best yet and we have moved many, many times. There was not much inventory in the area where we wanted to live, and we complicated it by having some requirements that were not that easy to find. We had to move quickly with each new listing and he gave us good advice to get the contract. Derick was very easy to work with and has a calming and reassuring manner along with his wealth of experience and knowledge. He also provided top notch contacts after we closed for updates on the house. We highly recommend him!
Derick is resourceful, knowledgeable, and kind. He’s dedicated to his clients and communicates in a timely manner. He took extra steps to ensure we found a property that suited our family’s needs and wants.