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Loan Programs

Down Payment Assitance Programs

Down Payment Assitance Programs Near You

This downpayment assistance program (DAP) is designed to assist First Time Homebuyers who are interested in purchasing a home anywhere in Texas (including the Houston metropolitan area). With this DAP the first time home buyer can effectively cover his or her downpayment requirement -on an FHA Loan- making it a true Zero Downpayment Loan.

This DAP works in conjuction with any 30-year fixed interest rate FHA loan. The interest rates offered under the program change periodically depending on the industry's market rates at the time the loan is registered.

Fort Bend County : Up to $3500 down payment assitance

Unincorporatedd Harris County: Up to $14,000 down Paymment asitance

MCC: A dollar for dollar reduction against their federal tax liability. Note: The Mortgage Interest Credit (MCC) is a non-refundable tax credit, therefore, the Homebuyer MUST have tax liability in order to take advantage of the tax credit. This program provides help for potential homebuyers to buy a new or existing home.

Good Neighbor Next Door program, which helps law enforcement officers, firefighters and EMTs as well as teachers. this program was created for teachers and other civil servants, including firefighters, law enforcement officers and emergency medical technicians. It offers a 50% discount on HUD-owned homes located in "revitalization areas" — regions with high foreclosure rates and low homeownership —nationwide. Here's the catch: Applicants must not currently own a home and must commit to using their new house as a primary residence for three years — otherwise, they'll owe the full cost. See homes available through the program at HUDHomes.

Housing Opportunities of Houston (HOH): This program contracts governmental agencies to administer funds of up to $9,500 for a new home and up to $3,500 for a pre-existing home.

Homebuyer Assistance Program for Veterans:
a. Through the Texas Veterans Land Board, home loans may be obtained directly if they are $45,000 or lower. The Land Board also provides assistance to Texas Veterans by guaranteeing home loans, setting below market interest rates and avenues to lower the interest rates for loans up to $200,000.
b. $5,000 Grants for First-Time Military Buyers. Active duty personnel, veterans, retired members of the military, and employees of the U.S. Department of Defense and the Department of Homeland Security are eligible to apply for up to $5,000 in down payment and closing costs in the purchase of a first home. The national nonprofit Pentagon Federal Credit Union Foundation is offering the assistance through its Dream Makers program and says the grants can be applied to a mortgage from any financial institution.

FHA Loans

It's easy to understand why many people looking for a new home are turning to FHA insured loan programs. Because FHA Loans are insured by the Federal Housing Administration homebuyers have an easier time qualifying for a mortgage. Those who typically benefit most by an FHA loan are first-time home buyers and those who have less than perfect credit. The links to the right are articles aimed at helping you better understand FHA loans. With this information you can make a more informed decision on whether these government insured loans are right for you and your family. New Changes in FHA Loans In response to the growing housing situation in the United States the loan limits for FHA Loans has been temporarily raised. Depending on where you live you might find it even easier to qualify for a FHA loan. As FHA Loan specialists we can help you understand any new changes to the FHA loan program. We're here to create a customized solution that works best for you and your family.

VA Loans

A VA loan is a mortgage loan guaranteed by the U.S. Department of Veteran Affairs (VA) that is available to most US service members. It offers some very great benefits to those that have served our country.

Benefits of VA Loans

  • You can buy a home with no money down.
  • You can refinance your home up to 100% of the value of your home.
  • You never have to pay PMI (Private Mortgage Insurance).
  • Sellers can pay your closing costs.
  • They are usually easier to get because the Government insures the loan so that there is much less risk to the lender.
  • If you already have a VA Loan you might be eligible for a VA Streamline Refinance.
  • Disabled Veterans may qualify for a waiver of the Funding Fee if they receive any disability payments from the VA or if they are considered to be at least 10% disabled.

Who is eligible for a VA Loan?

As a rule of thumb, almost all active duty or honorably discharged service members are eligible for a VA loan.

You may be eligible for a VA loan if any one of these statements describes you:

  • I served 181 days during peacetime. (Active Duty)
  • I served 90 days during wartime. (Active Duty)
  • I served 6 years in the Reserves or National Guard.
  • I am the spouse of service member who was killed in the line of duty.
  • I currently receive disability payments from the VA.

Conventional Loans

What are Conventional Loans?

Conventional Loans are mortgage loans that are not insured by the government (like FHA, VA, USDA Loans), but they typically meet the lending guidelines that have been set by Fannie Mae or Freddie Mac. Typically, conventional loans have better rates, terms and/or lower fees than other types of loans. However, conventional loans typically require a borrower to have good-to-excellent credit, reasonable amounts of monthly debt obligations, a down payment of 5-20% and reliable monthly income. Conventional loans are ideal for borrowers with excellent credit and at least a 5% down payment.

Most Common Types of Conventional Loans

Fixed Rate Mortgages: Your rate and payment never change.

  • 30 Year Fixed Loan
    Benefits: Lowest fixed monthly payments
  • 20 Year Fixed Loan
    Benefits: Low fixed monthly payments
  • 15 Year Fixed Loan
    Benefits: Lower rate than the 15 or 20 Year Fixed; Pay less interest and pay your home off more quickly.
  • 10 Year Fixed Loan
    Benefits: Lower rate; Pay off your loan and build equity faster.
  • 5 Year Fixed Loan
    Benefits: Lowest rate; Pay off your loan and build equity the fastest

Adjustable Rate Mortgages: After the initial period your interest rate can change once a year.

  • 3/1 ARM
    Fixed Rate for 3 Years, Adjustable Rate for the remaining 27 years
  • 5/1 ARM
    Fixed Rate for 5 Years, Adjustable Rate for the remaining 25 years
  • 7/1 ARM
    Fixed Rate for 7 Years, Adjustable Rate for the remaining 23 years

What are the Conventional Down Payment Requirements?

For Purchase transactions Conventional Loans require the home-buyer to put down at least 5% - 20% of the purchase price of the home. For a Refinance transaction, most lenders require at least 10% equity in the property. If you don't have enough equity to qualify for a conventional refinance - even if you owe more than your home is worth - you might be eligible for a HARP 2.0 Loan.

What types of property are eligible?

Most conventional loan programs allow you to purchase single-family homes, warrantable condos, planned unit developments, and 1-4 family residences. A conventional loan can also be used to finance a primary residence, second home and investment property.

Find Out if a Conventional Loan is Right for You

USDA Loans

A USDA Loan is a mortgage loan that 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.

 

Great for First-time Home Buyers

100% Financing (including Closing Costs)

No Down Payment Requirements

No Prepayment Penalties

Low Rates

Existing Homes, Foreclosures, New Construction

Benefits of USDA Loans

  • 100% Financing - you can buy a home with no money down. In some cases you can even finance your closing costs.
  • You can refinance your home up to 100% of the value of your home.
  • Low Fixed Rate Mortgage Options.
  • They are usually easier to get because the Government insures the loan so that there is much less risk to the lender.
  • They can be used for Existing Homes, Foreclosures or New Construction.
  • Simple Loan Process.
  • No Loan Limit. No Acreage Limit.
  • There is No Prepayment Penalty.
  • You can use the loan to repair or add on to your home.
  • Flexible Credit Requirements.

Who is eligible for a USDA Loan?

Generally these loans are available to anyone who meets minimum credit guidelines and local area income requirements and is purchasing a home or refinancing their home in an area that is not considered a major metropolitan area by USDA.

Some common misconceptions of USDA Loans:

  • They are just for farmers - USDA Loans are not "just for farmers," millions of people from all walks of life already qualify.
  • FHA or Conventional Loans are better - USDA Loans often offer better terms than an FHA or conventional loans.
  • They aren't flexible - Actually, USDA Home Loans can be used to buy a new home or refinance to a lower rate.
  • Only certain people can qualify - Anyone who meets the income and credit guidelines can qualify for a USDA Home Loan.
  • They are only for rural areas - Actually, USDA Loans are available in many areas that most people would not consider rural. For example, many small communities just outside of metropolitan areas qualify as rural areas according to the US Department of Agriculture.
  • They are harder to get than FHA or Conventional Loans - This just isn't true.  In many cases USDA Loans are actually easier to get because the loans are guaranteed by the government.

1% down conventional loan

To make the down payment so low 1% down will be combined with a 2% grant from the lender, creating 3% equity and a loan with a 97% loan-to-value ratio Most importantly for the borrower, the grant does not need to be repaid. By utilizing the best tools, we can reduce out-of-pocket expenses from the beginning and have more impact on closings. The conventional 1% down mortgage is the best financing option in the market to help homebuyers purchase a home with a low down payment. This mortgage program is available to ALL homebuyers and you do not have to be a first time buyer to qualify. Buyers also have the option of removing the mortgage insurance “PMI” from their payment so they can obtain an even lower monthly payment. I included a Question & Answer section below so you know how to qualify for this program.

FHA 203k Home Improvement Loans

One of the most popular and diverse home improvement loans is the FHA 203k. You can make home improvements to the house you want, or the home you already own.The FHA 203k is one option for home buyers to find a house they want and turn it into the home they love. You can finance home improvements like a deck, new windows, new paint, new appliances and more. You can also finance FHA-required repairs like proper flooring, cracked wall repair, lead-based paint and mold issues plus more. And it all rolls into one mortgage payment. Learn more with national renovation lending expert Joe Daly and Mortgage Minute TV. Use the funds for simple upgrades to your home like a kitchen or bath improvement, or to completely reconstruct a home that is presently unlivable. You can even use a 203k Rehabilitation Loan to tear down an existing structure and build a new one using some portion of the existing foundation. You can borrow up to 96.5% of the appraised value - based on the value when the improvements or repairs are completed. Once you’ve decided you want to apply for a combo loan for your renovation and purchase, you need to identify contractors who can do the work.You need at least one bid (and sometimes as many as three) for your repair work from licensed professionals. You make the decision as to who does your work, but your lender needs to see the bids to make sure the amount you are being charged is reasonable. This loan can also be used by investors. 

FHA 203h Loans For Disaster Victims

Did you know the FHA offers a type of home loan specifically for those recovering from a disaster? The FHA 203h loan is described in HUD 4000.1 (the FHA loan rulebook for Single Family Mortgage loans and refinance loans) as follows:Section 203(h) of the National Housing Act authorizes FHA to insure Mortgages to victims of a Presidentially-Declared Major Disaster Area (PDMDA) for the purchase or reconstruction of a Single Family Property. Mortgages to be insured under Section 203(h) must be processed and underwritten in accordance with the regulations and requirements applicable to the 203(b) program. Borrowers must have a minimum FICO score of 500 to qualify under FHA loan guidelines, and lender standards may also apply. The FHA 203h loan rules include the following for eligibility. The previous residence (owned or rented) must have been located in a PDMDA and destroyed or damaged to such an extent that reconstruction or replacement is necessary. A list of the specified affected counties and cities and corresponding disaster declarations are provided by the Federal Emergency Management Agency (FEMA). The purchased or reconstructed Property must be a Single Family Property or a unit in an FHA-approved Condominium Project.These loans are for principal residences only-no time shares, vacation homes or other non-primary residences. There is an occupancy requirement for the FHA 203h. 

No down payment is required under this program.

ITIN Loans to individuals with an ITIN (Individual Tax Identification Number)

Bank Statement Loan: 12 Month Bank Statement 

Low Credit Score Loans with Downpayment 

1 Year Self Employement 

Hybrid Loans W2 and Bank Statement 

DACA Loans for Dreamers 

No Income No Asset Loans 

Cash Out Refinance 

Zero Down USDA Loan 

Foreign National Loan Programs 

Asset Loan Programs 

Fix and Flip Fpr Investors 

Transactional Funding 

 

 

Many of those in the immigrant population do not have a Social Security number and most have limited credit history. With  the ITIN mortgage lending program that allows clients with an ITIN (Individual Tax Identification number) instead of a Social Security number to purchase a home of their own. The ITIN Loan requires a higher down payment and may have higher rates then conventional financing. ITIN Mortgage loans are available for Single Family Residents, Townhomes, Condos and 2-4 units residential. An ITIN Mortgage Loan can be secured for your primary residence, a second home or investment/rental property.

 

 Foreign National LoanWe can lend up to 70% Loan to Value with a valid unexpired foreign passport and income and assets verified in clients home country. Subject to OFAC,SAR reporting and compliance.
 Investor Loan  Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced, these programs have many variations, including: No Doc, Limited Doc, and Full Doc.
 Challenged Credit Loans These mortgages are for borrowers with less-than-perfect credit. They can vary from slightly damaged credit to severely damaged. Regardless of your situation, we have a mortgage that will get you back on track. FHA loans down to 580 FICO score.