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The Right Solution for YOU!

FHA MORTGAGESHA MORTGAGES

***GREAT OPTION FOR FIRST TIME HOMEBUYERS WITH LIMITED ASSETS***

SOLUTION: BENEFITS: DISADVANTAGES:

30 year fixed

Monthly payments are fixed over the life of the loan

Must pay an upfront FHA funding fee can be financed into the loan. 

20 year fixed

Interest rate does not change

Must pay PMI for at least 5 years even if your Loan to Value reaches 80%.

15 year fixed With a purchase transaction must have 3.5% down payment.  Rate does not drop if interest rates improve
  Gifting from a family member, church or employer is okay for down payment  

3 or 5 year ARMS available

No Prepay Penalties - can sell or refinance anytime

 
Reverse Mortgages for Seniors 62+ Allows for retirees to receive payment for their home rather then pay a mortgage

General rule of thumb is that the borrower must have at least 50%+ equity in their home

  We are set up with the leading lender that underwrites reverse mortgages Fees can be excessive with different lenders
   

 

CONVENTIONAL MORTGAGES

SOLUTION: BENEFITS: DISADVANTAGES:

30 year fixed

Monthly payments are fixed over the life of the loan

Must maintain PMI until loan reaches 80% LTV

20 year fixed

Interest rate does not change

Payments may change over time

15 year fixed

 No Funding Fee like an FHA loan

Potential for high payments if rates go up

  Some conventional products do not require PMI if you're above 80% LTV but you'll have a higher rate Lender paid PMI is available but the cost of your loan increases through an increase in rate
     
Adjustable Rate Mortgages

Interest Only options available

ARM Rates can be substantially lower then the fixed rate option If Rates go up possibility of your payment increasing
  Typically no prepayment penalties  - can sell or refinance anytime

 

RURAL HOUSING LOAN

***GREAT OPTION FOR FIRST TIME HOMEBUYER BUYING IN A RURAL AREA***

SOLUTION: BENEFITS: DISADVANTAGES:

  30 Yr Fixed

No down Payment

Home Must be in a Rural Area

 

100% Financing

Must qualify with USDA income guidelines

 

NO PMI

Can not have another mortgage and close on a Rural Housing Loan

  All Closing costs can be included in the loan Funding Fee is 3.5% that can be financed into the loan

 

Funding Fee is 3.5% that can be financed into the loan

 

 

Call Us At 812-246-LOAN (5626) or visit us at 816 County Road 160, Charlestown IN 47111 M-F 9am-6pm
NMLS Number 18533