This is our ”in-house” loan program and it’s geared for well qualified borrowers that do not meet traditional guidelines, have credit challenges, or are self employed. Rates are higher than with conventional financing but it’s a fast easy way to become a home owner and start improving your credit so that you can re-finance down the road. Our affiliated company “Viva mi Casa Financial” offers this program only for the homes sold by our other affiliate “Sierra Nevada Homes LLC”.
A Conventional Mortgage Loan is a traditional program for loans that are not guaranteed by the government. These loans can have a fixed or adjustable rate. Fixed interest rate mortgage loans have a term of 10, 15, 20 or 30 years. Adjustable-rate mortgages, or ARMs, are mortgage loans in which the rate can change based upon a price index such as Libor Conventional loan amounts $417,000 or less are considered “Conforming Conventional Loans.” These loans typically require a 5% minimum down payment (however there are benefits to putting more down.) The minimum credit score is 620.
FHA, the Federal Housing Administration, is a governmental agency established during the Great Depression to develop national standards of housing and encourage home ownership. The FHA Mortgage Loan is a smart mortgage investment for either a purchase or refinance, because the FHA mortgage rates are at historic lows. Not to mention, the flexibility of the guidelines make it easier for people to become qualified. Backed by the Department of Housing and Urban Development, this mortgage loan offers the borrower the ability to put as little as a 3.5% down payment – and you can even finance “allowable” closing costs when finalizing the sale of property.
Pursuant to the requirements of section 157.007 of the Mortgage Banker Registration and Residential Mortgage Loan Originator Act, Chapter 157, Texas Finance Code, you are hereby notified of the following: Consumers wishing to file a complaint against a company or a residential Mortgage Loan Originator should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 N Lamar, Suite 201, Austin, TX 78705. Complaint forms and instructions may be obtained from the department’s website at http://www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originator. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at http://www.sml.texas.gov.