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 mortgage

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.