FHA Financing

FHA financing is for those who have good credit or may have had credit issues in the past but have no late payments on their recent credit history.   This is a loan that is backed by the Federal Housing Administration and as such is subject to their guidelines and restrictions.  However, their rates are usually most competitive.   FHA requires 3% down on all properties but there are down payment assistance programs to help those who qualify.  If you are interested in using a down payment assistance program, please contact us immediately as they will not be available much longer.

Conventional Financing

Conventional financing is for those with excellent credit ratings.  Rates are extremely competitive in this market and you will have the option to waive your escrows (taxes and insurance) with this type of financing.  Down payments vary depending upon your situation and the property you are buying.

___________________________________________________

SubPrime Market

This is what is considered niche financing.  Many lenders have certain products that are offered to those who have a certain credit score.  Depending on your credit score your downpayment will vary.

___________________________________________________

VA Financing

This is only available to those who have served in the armed forces and their families.  There is a VA Funding Fee on each one of these loans that must be paid up front and can be part of the closing costs.  Veterans can get into a home with little or no down payment.

___________________________________________________

Re-finances

With the market fluctuations and all the talk about what is happening and what is going to happen, let us tell you if it is a good time for re-financing.  If you can drop your rate or convert your current ARM mortgage to a fixed rate, then it may be worth it for you to re-finance.  If you have a current mortgage and have made your payments on time, you may qualify for a streamline re-finance available on any type of financing.

______________________________________________________

Contact us today to see what type of financing you qualify for!  Let us help you make your dream of owning a home a reality!  kim@kimshuford.com

Or fill out the information on our contact us page and we will be glad to get back with you quickly!

______________________________________________________

Credit Scores

Everyone's credit score is different.  Some loan programs are driven by credit scores and some are not.  Please contact us and we will let you know where you fit in on these different loan programs.

EXAMPLE

Superior Rating                         720 and up

Excellent Rating                         680 to 720

Very Good Rating                       640 to 680

Good Rating                                 580 to 640

Fair Rating                                  550 to 580*

Imperfect Rating                  550 and below*

* Credit ratings in this category can still be eligible for financing depending on your most recent credit history.

Don't waste your money on credit repair services!  You can do it yourself and we will help you!  Learn how today, give us a call!  972-596-4089