| Financing Types 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 very competitive. FHA requires 3.5% down on all properties. Down payment assistance has been available in the past for those who need it, but due to changes by the Housing and Urban Development, has become a thing of the past. There are very few programs available for this type of assistance - call me today and see if one will work for you! Conventional Financing Conventional financing is typically for those with excellent credit ratings. Rates are extremely competitive in this market and you may 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 available to those who have certain credit scores and meet their criteria. Your down payment will vary according to your credit score. 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 of these loans that must be paid up front and can be considered part of the closing costs. Veterans can get into a home with little or no down payment. Refinances With the market fluctuations and all the talk about what is happening and what is going to happen, let us help you decide if it is a good time for you to refinance. If you can drop your rate or convert your current ARM mortgage to a fixed rate, then it may be worth it to refinance. If you have a current FHA mortgage and have made all your payments on time, you may qualify for a streamline refinance where only your mortgage history is considered. |
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| Credit Scores Here is a breakdown of credit scores and their rating: Example: Superior Rating 720 and up Excellent Rating 680 to 720 Very Good Rating 640 to 680 Fair Rating 580 to 640 Imperfect Rating 550 to 580* Poor Rating 550 and below* *Credit ratings in these categories can still be eligible for financing depending upon your most recent credit history. Contact us today to see if you qualify! |
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
you make your dream of owning a home a reality! kim@kimshuford.com
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214-280-5563 Main Contact Number
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| Kim Shuford Contact me today and take your first step to home ownership! Contact Kim Now! |
| Kim Shuford Senior Loan Officer 214-280-5563 |
| Kim - You made it happen!! We are so happy in our new home and you made it possible. Thanks! ~M. Lybarger and R. Sehl |
FHA Limits by FHA.com