Mortgage lenders in Corpus Christi
A mortgage lender is an individual or an institution that mainly specializes in offering mortgage loans to eligible Loan borrowers. There are several mortgage lenders in Corpus Christi that a client trying to apply for a mortgage loan can reach to. With the same loan programs but at different loan rates that’s what differentiates the Mortgage lenders. There are a variety of home loans offered by these lenders; FHA loans, Conventional loans, VA loans and the USDA Home loans.
To understand the loans better we have each discussed below.
FHA HOME LOANS
What is an FHA mortgage loan? The program is a mortgage loan program that was evolved in the year 1934. The FHA loans are insured by the U.S government under the U.S Federal Housing Administration, but FHA just insures the loans, the loans are provided by lenders who are approved and licensed to offer the loans by the FHA. The lender is the one responsible for processing a clients mortgage proposal and terminates it when done.
FHA loans have some requirements a borrower is supposed to meet before he or she is awarded the loan.
Credit score requirements
A client must have a minimum credit score of about 500
Income requirement
A client must have been working for the past two consecutive years and must have the probability of working for the next three years to come.
Clients who are commissioned, self employed will have to provide their tax returns which will aid in calculating their monthly income.
Down payment requirements
The mandated minimum down payment is a 3.5% down payment but sometimes a client will be asked to provide a 10% down payment. A 3.5% down payment is for clients who have a credit score higher than 580 while for clients with a lower Credit score from 579 to 500 will have to provide a 10% down payment.
Other requirements
A client with cases of bankruptcy will have some exceptions made for him if the case happened at least 2 years ago.
FHA loan has other several programs embedded, these programs are;
203h loan
Victims of major disasters like earthquakes, who lost their homes in the process, can access this loan to help them rebuild themselves. The purpose of the loan is helping them get a new home.
203b loan
A type of loan that most clients use to purchase a home with the FHA mortgage plan this is as long as the client meets the requirements set by the FHA loan lender.
HECM
A client can always supplement his or her income with this program. The program allows a client to convert his or her home equity into cash that can be used to supplement the clients’ income.
203k rehab loan
With this program a client is allowed to finance into his mortgage for home repair, upgrading of the home at one point.
CONVENTIONAL HOME LOANS
Conventional loans are the best for clients with excellent credit scores. Conventional loans are processed very fast this is because they carry less paperwork than unlike other mortgage programs i.e. Veteran Affairs mortgage loans, Federal Housing Administration loans and Conventional loans whose process can take you some days.
Getting a conventional loan is usually very hard, this is because of the harsh eligibility requirements set on conventional loans. The application procedure for both the conventional loan and other loans programs isn’t so different the requirements are what makes them differ.
Conventional loan requirements are;
Down payment requirements
Conventional loans have a minimum down payment of about 3%.
Credit score requirement
Conventional loans demands for a credit score at least 620, but with other lenders a client will be asked for a higher credit score to qualify for a Conventional loan, these are big lenders.
Dept-to-Income Ratio
Most lenders follow the 28/36 Dept to Income Ratio, so a borrower must meet this requirement to be declared eligible.
VA HOME LOANS
What is a VA loan? This is a mortgage loan that is guaranteed by the United States government under the U.S Department of Veterans Affairs.
VA loans have some eligibility requirements a client must meet to be declared eligible; a client must meet one or two of the requirements below;
- Borrower of a VA loan must have served during wartime for at least 90 consecutive days to be declared eligible.
- A borrower must be a spouse to military member who died due to a service related problem or died in the line of duty.
- A borrower must have served in the National Guard or reserve for a period not less than 6 years.
- A borrower must have been of service for 181 days of which in this days he or she must have been serving actively.
The program has very few requirements to qualify which makes the loans easy to get.
VA loans have no down payments required but some lenders may request for a down payment.
VA loans are usually fully financed that is 100% financing of the loan.
USDA HOME LOANS
This loan is guaranteed by the government under the United States Department of Agriculture
USDA loans has some requirements and loan features which are;
100% financing for USDA loans
No down payment requirements
A low cost on Mortgage Insurance
USDA loans are usually offered to eligible clients at Low interest rates.
A client must first qualify for Income and Home location requirements set by the lender.
WE HAVE LENDERS WITH DIFFERENT MORTGAGE PROPOSALS ALL YOU NEED IS THE BEST.
Prodigy Mortgage Lenders Corpus Christi TX 