Academy Mortgage is well known for its adequate lending services. The firm gives mortgage loan to enable people build their own houses.
This is done by:
- The best mortgage professionals of the firm are retained
- And they render high quality mortgage services
- Further , they concentrate only in retail mortgage banking 100%
- Giving market-lending mortgage options and tools.
Academy Mortgage Loan types
- Conventional Mortgage which is not insured by the State or federal government.
- Conventional loans offers higher income and credit score criteria than the government loan.
- It demands a higher down-payment from 5%-20%.
Different Types of conventional loans
- Adjustable-Rate Mortgage (ARM): Academy offers a 3/1 ARM, 5/1 ARM, 7/1 ARM and 10/1 ARM.
- Fixed-rate loans: It has 30 to 15 years term . The Academy mortgage offers 10 to 30 year fixed rate options.
The interest rate is constant for a while then fluctuate based on market conditions.
Categories of Conventional Loans given by Academy Mortgage
- Conforming: It happens when a loan meets the underwriting criteria required by the government-sponsors like Fannie Mae and Freddie Mac.
Generally, the Loan amount and a mortgage loan amount below $417,000 determine whether it’s conforming or not.
- Non-conforming: When a loan does not meet all the requirements set forth by the government-sponsored entities.
Generally, a mortgage loan amount above $417,000 is considered non-conforming.
The Conventional Loans Benefits offered by Academy Mortgage
- It gives low closing fee and cost.
- The Loan does not go through cumbersome processes to be acquired.
- Also repayment conditions are more favorable generally.
- No government specifications and prepayment punishments if you refinance or sell your house.
- Moreover , the buyer has immediate equity in the property
- No private mortgage insurance is necessary with a 20% down payment which a great option.
- FHA Loans: Specifically, it is for first-time home buyers and buyers who do not have a lot of money or perfect credit card to put down.
Rewards of FHA
- There is no payback penalty
- 100% gift funds acceptable for down payment and closing costs.
- Easy qualification guidance.
- The down payment is as low as 3.5% of the purchase price
- Lastly, Fixed-Rate and Adjustable-Rate mortgages are provided.
State Housing Agency Loan: It is meant to support sound, durable communities and poor populations.
Benefits of State Housing Agency
- Different types of down payment assistance programs for eligible buyers
- Very low interest rates.
VA Home Loan: this helps veterans purchase homes with a favorable loan terms compared to other mortgage types.
Rewards of VA Home Loan
- Negotiable interest rate
- Gifts and seller contributions accepted toward closing costs.
- Buyer informed of property’s reasonable value.
- Right to prepay without penalty
- An Assumable mortgage.
- Mortgage insurance is not necessary.
- Due to temporary financial difficulty VA assistance to veterans home buyers is in default
- There is no down payment
- Ability to finance the VA funding fee
- 5% down payment and exemption for Veterans receiving VA compensation.
- Comparable closing cost with other financing types
USDA Home Loan: This loan program provides 102% financing for low-to-moderate-income home buyers in a rural development
USDA Home Loans Rewards
- No minimum investment or post-closing reserves required.
- You may include upfront guarantee fee in funding.
- Based on the appraised value of lenders fees and closing costs maybe eligible to include in the loan.
- Down payment is not necessary.
- Competitive interest rate.
- 100% financing on a fixed 30-year loan based on the home value.
Refinancing your Mortgage: To refinance your mortgage, simply pay off all your existing mortgage. Replace it with a new mortgage that has lower interest rate, monthly payment.
Rewards of refinancing
- It gives you cash from the equity in your home
- Get a lower interest rate and make lower payment
- It helps to easily build equity
- Convert from an Adjustable-Rate Mortgage to a Fixed-Rate Mortgage
- It changes the mortgage length
If you want to apply, click here.