Let MBA Mortgage’s Experts Guide You Smoothly into Your Dream Home
MBA Mortgage loan specialists can help guide you through the loan process. We can help you get you pre-qualified for free before you even find your new home and we can match you with a trusted real estate agent through our partner networks. Our variety of loan options allow you to buy your first home with very little down and we will work to ensure the loan payments meet your unique needs. Speak with one of our experts to find out more and see if you qualify!
Purchase and Refinancing Loan Options
CONVENTIONAL HOME LOANS: Conventional mortgages are loans that are insured by private companies. Typically, these loans meet the funding criteria set by Fannie Mae and Freddie mac. There are a number of conventional loan types offered.
Fixed Rate: A fixed-rate mortgage has an interest rate that stays the same for the entire life of your loan. This offers a predictable monthly payment for a term of 10-30 years.
Highlights:
– Down payment as low as 3% down
– Interest rate security
– Monthly payment stability
– Best for buyers planning to stay in their homes for a long time
Adjustable Rate: Adjustable rate mortgages (ARMs) may allow you to lock in a low, introductory interest rate that could increase over time. A hybrid ARM offers a fixed period (typically 3-10 years) followed by a yearly adjustment to the interest rate. Hybrid ARMs are often represented by fractions, such as 5/1 – meaning the first rate reset takes place after five years and continues to reset each year for the life of the loan.
Highlights:
– Low starting interest rate
– Lower monthly payments during the initial term
– Best for buyers planning to keep their loan for a shorter period
JUMBO: Jumbo loans typically have higher loan amounts not allowed for standard conforming programs (set by Fannie Mae and Freddie Mac). This allows borrowers to a purchase a higher priced home with an affordable down payment.
Highlights:
– Fixed and ARM options
– Loans up to $3 Million
– Best for borrowers in the market for higher priced homes
GOVERNMENT LOANS: The government guarantees certain programs through various agencies to better serve borrowers with unique circumstances.
FHA: FHA loans are insured by the Federal Housing Administration (FHA). Programs are available for borrowers with limited savings for a down payment.
Highlights:
– Down payment as low as 3.5%
– Great option for credit scores as low as 500!
– Flexible use of gifts and grants for down payment
– Best for borrowers with limited assets for purchase
VA: VA loans are insured by The Department of Veterans Affairs (VA). Service members and their spouses are eligible to purchase with little to no down payment or cash to close.
Highlights:
– $0 down payment (up to county loan limits)
– Refinance within the VA program without re-qualifying
– Specifically for eligible past and present service members and spouses
USDA: The U.S. Department of Agriculture (USDA) insures loans to home buyers with low to moderate income moving to designated rural area
Highlights:
– Down payment not required
– Provide up to 100% financing
– Best for borrowers with limited assets looking to buy in rural areas
RENOVATION LOANS: Renovation loans allow borrowers to fix and update existing homes.
FHA 203(K): The Federal Housing Administration (FHA) offers loans specifically for renovation. FHA 203(k) funds a primary residence including repairs in one mortgage with a minimum down payment of 3.5%. There are two types of 203(k) loans:
Standard FHA 203(K): Allows borrowers the flexibility to finance major rehabilitation that costs a minimum of $5,000 up to county limit
Streamline FHA 203(K): Provides financing for minor renovations and repairs up to $35,000 of your mortgage
FNMA Homestyle: Fannie Mae (FNMA) Home Style allows you to purchase and renovate a primary residence, second home or investment property* with a minimum down payment of 5% in a single mortgage up to the lending limit.
CONSTRUCTION LOANS: Construction loans strictly finance the building of a house. Once the home is complete, the loan normally becomes the first mortgage on the house or borrowers may refinance into a regular permanent loan program mentioned above.
Not sure which program is right for you?
What are your goals? We understand that every situation is different. Our staff is standing by to answer any questions you may have.
Working with MBA Mortgage
- 24/7 Support – We’re there for you when you need us!
- We’re Experts – You’re in great hands.
- Fast and Efficient – We close most of our loans in 30 days or less.
- Options – With over 70 banks/lenders to choose from, we can help you find the loan that is right for you!
