Our goal is to give our clients the product that match best with their interest. We offer many different kinds of loans, such as VA Home Loans, Conventional, FHA, USDA Loans, and non-conforming loans. We have many years in experience delivering out clients the best service so they can have a hassle free loan buying experience. Our Loan Officers are highly trained to deal with every kind of loan that we offer.
The most common type of home loan we offer is Conventional Loan. This type of loan does not have a government guarantee like other types of loans and also requires a down payment. Mortgage Insurance is required if the down payment made for the home loan is less than 20% of the total amount. The advantage of a conventional loan is that people can use it to buy investment property and second home, unlike government backed loans. For borrowers that have good credit score and will pay 20% down payment, conventional loans are the right choice.
Having equity in your home of at least 20% means you could not have to pay private mortgage insurance. Contact us if you are interested in refinancing your home in Houston.
FHA Home Loans
The Federal Housing Administration ensures certain loan mortgages that meet certain qualifications. A down payment of only 3.5% is required, because of this it is Houstonians choose this type of loan when they don’t have money for a down payment of 20%.
FHA Streamline Refinance
FHA Streamline Refinance is used to for Houston Homeowners to reduce their interest rate and reduce the amount of time and documentation that is needed to refinance. You must have an FHA mortgage to qualify, and has to have all necessary payments made loans with late missing payments will not qualify. Also, the cash out option cannot be used in this type of refinance.
A home loan that is greater than the limits of conventional loans as stated by Fannie Mare and Freddie Mac is a Jumbo Loan. Usually, jumbo loans are used to finance the purchase of high-end properties and condos. The conforming limit in “high-cost” areas is currently $625,500. Jumbo mortgages also subject lenders to significantly higher risk due to the fact that if a jumbo mortgage loan defaults it would be harder to sell a luxury residence quickly for full price. Typically, the interest rate loan on a jumbo mortgage loan is normally higher depending on the situation.
USDA Home Loans
USDA Home Loans are backed by the US Department of Agriculture. Since USDA Loans are insured by the government and are for the purpose of improving home ownership in rural areas no down payment is required. USDA Rural Development loans are a good for most borrowers looking to purchase a home in rural areas. In order to qualify for a USDA Rural Development Loan your income must be not exceed 115% of the media income limit set by the USDA for your county and family size. Most towns with a population less than 20,000 are eligible for borrowers. A credit score of 620 or greater is required to obtain a USDA Home Loan. USDA backed mortgages are for owner occupied properties only. If buying a home in inner Houston then you do not qualify for USDA Loan, but many rural areas in the greater Houston area can possibly qualify.