Announcing New Doctor Loans Program!

photo of male doctor with Doctor Loans text

New Doctor Loans Program!

We are excited to announce our new Doctor Loans program! It is no secret that doctors take on a lot of student loan debt to pay for medical school. If you are one of these everyday superheroes, you may be experiencing difficulty achieving your dream of homeownership as a result. Have no fear – Inlanta is here to help! We now have two loan options for qualified borrowers through our Doctor Loans program, designed with your unique needs in mind.

What kinds of doctors are eligible?

You must have one of the following designations in order to be eligible for this program:

  • Medical Resident
  • Medical Doctor (MD)
  • Doctor of Dental Science (DDS)
  • Doctor of Dental Medicine or Surgeon (DMD)
  • Doctor of Ophthalmology (MD)
  • Doctor of Optometry (OD)
  • Doctor of Podiatric Medicine (DPM)
  • Doctor of Osteopathic Medicine (DO)

What do these options have in common?

Highlights of both Doctor Loan options:

  • Income-based repayment or other limited payment options may be used in qualification ratios
  • Student loan payments deferred greater than 12 months may be excluded from qualification ratios
  • If employment start date is within 60 days of closing, we may be able to use your new employment contract to qualify

Additional eligibility requirements:

  • Available for primary residences only (condos, PUD’s, or single-family residences)
  • Purchase or no cash-out (rate/term) refinances only
  • Minimum credit score varies by loan option, but typically the minimum credit score range is 680 to 720
  •  Mortgage insurance (MI) is required (consult your loan officer for MI options)

What are the differences between the two options?

Doctor Loan Option 1 Highlights

  • Adjustable Rate Mortgages (ARM’s) only
  • As low as 3% down payment on loans up to $650,0001
  • As low as 10% down payment on loans up to $850,0002
  • Must have 3 months in cash reserves
  • At least 3% of down payment must come from your own funds, but the rest may come from a gift

Option 1 Conditions: Maximum debt-to-income ratio is 43%. 14.649% APR calculated based on $200,000 loan with 3% down adjustable rate mortgage after 5 years, closing fees $1,185 plus 1/2 point. 24.558% APR calculated based on $200,000 loan with 5% down fixed for 30 years, closing fees $1,185.

Doctor Loan Option 2 Highlights

  • Fixed rate or ARM options
  • As low as 5% down payment on loans up to $636,1503
  • Minimum credit score of 680 is required (if excluding student loan deferments from qualification ratios, minimum credit score is 720)
  • Does not require specific amount of cash reserves
  • May allow gift funds to fully fund down payment

Option 2 Conditions: No maximum debt-to-income ratio. 3$636,150 loan amounts only available in certain High-Cost Areas of the country. All other areas have a maximum loan amount of $424,100. 4.666% APR calculated based on $200,000 loan with 5% down fixed for 30 years, closing fees $1,185.

Which option is right for you?

Your Inlanta Mortgage loan officer will be able to answer all of your questions. Every person’s financial situation is different and program terms & conditions are always subject to change. Your loan officer will take a look at your unique situation and best advise you on which program is right for you. Locate an Inlanta Mortgage loan officer nearest you.

FHA and VA Increase Loan Limits for 2017

fha_va

FHA and VA increase loan limits for 2017

 

Last week, we announced the news that the FHFA increased conforming loan limits. As a result, the Federal Housing Administration (FHA) and Department of Veteran Affairs (VA) have also increased the limits for FHA loans and VA loans, respectively.

FHA loan limits have increased from $271,050 to $275,665. These new loan limits apply to FHA-insured loans that have an application date of January 1, 2017 or later.
VA loan limits will follow the new limits set for Fannie Mae and Freddie Mac conforming loans. The VA will use these limits to determine how much of the loan they will guaranty and how much an eligible veteran can borrow without requiring a down payment. Veterans should consult their loan officer for further details. You can also visit the Department of Veteran Affairs website for additional information about VA home loans.

A loan limits will follow the new limits set for Fannie Mae and Freddie Mac conforming loans. The VA will use these limits to determine how much of the loan they will guaranty and how much an eligible veteran can borrow without requiring a down payment. Veterans should consult their loan officer for further details. You can also visit the Department of Veteran Affairs website for additional information about VA home loans.

If you are looking to buy a home in 2017, this is excellent news for you! With rising home prices and the market’s return to pre-recession growth, the loan limit increase signifies a growing market. Many homebuyers will now be able to afford larger homes or homes in more expensive areas with better loan terms. If you need help getting started on your home loan journey, check out our blog for more details on the home buying process, FHA loans, and VA loans.

 

 

Lower USDA Fees

usdaLower USDA Fees

 

Good news!

 

Both the upfront guarantee fee and annual fee (collectively the “fee schedule”) for purchase and refinance using USDA Rural Development’s home loan program will decrease on October 1, 2016, the first day of fiscal year 2017.

 

The upfront guarantee fee will drop from 2.75% to 1%, and the annual fee from 0.5% to 0.35%.

 

This could possibly mean more buying power! Income limits and credit approval will apply, but this could be a wonderful opportunity for anyone you know considering buying a home in an approved rural area.

 

Want to know more? Click here to find a loan officer in your area!

 

ABOUT INLANTA MORTGAGE

Headquartered in Pewaukee, Wis., Inlanta Mortgage was established in 1993. The company has grown to 35 branches in 16 states and over 240 employees. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac, Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs.

In 2016, Inlanta Mortgage was recently named a Top Workplace for a third consecutive year. Inlanta has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine. Inlanta has also received the Platinum Million Dollar USDA Lender Award.

PARTNERSHIP OPPORTUNITIES

Inlanta Mortgage continues to expand its branch network and encourages ethical lending professionals to learn more about our support platform and discover how an Inlanta branch partnership with Inlanta Mortgage is essential to long-term success.

Locate an Inlanta Mortgage loan officer at www.inlanta.com/locations. For current employment opportunities, visit www.inlanta.com/join-our-team/employment-opportunities. Learn more about Inlanta Mortgage branch partnership opportunities at www.inlantapartners.com, call 262-439-4260, or email partners@inlanta.com.

Inlanta Mortgage, Inc. NMLS #1016.

Is an Adjustable-Rate Mortgage Right for you?

shutterstock_66464719

Is an Adjustable-Rate Mortgage right for you?

 

When you shop for a mortgage, whether it’s for a new home or a refinance, you’ll soon hear about adjustable-rate mortgages (ARMs). For some, an adjustable-rate mortgage is an automatic no. If that is the case, it is usually for one of three reasons:

  • They’re uncomfortable with any risk;
  • They’re unaware of just how an ARM works;
  • They can predict the future with relative certainty.

While ARMs definitely have their advantages, make sure you understand them before getting into one.

 

How ARMs work

All ARMs start out as fixed-rate mortgages for the first 3, 5, 7, or 10 years. An ARM will appear like this, where the first number in the terms “3/1,” “5/1”, or “7/1” denotes the number of years that the rate will be fixed. Usually the lower the number is, the lower the initial rate. During the fixed period, there is no risk and typically a healthy savings. The second number shows how many years before the rates can be adjusted once that fixed period has expired.

After this fixed period, the rate can fluctuate. The rate itself is made up of both fixed- and variable-rate components. The variable component will be based on some index such as Treasury bonds. This is added to the fixed-rate component set by the lender when you determine your starting rate.

Your decision to obtain an ARM should be based on how long you plan to live in this home. Having reasonable expectations for future sale or refinancing is all it can take to make an ARM worth considering. If you believe that you could be living there for a long time, you may want to consider opting for a fixed-rate mortgage. The reason? If you have an ARM and have to refinance at some time in the future when rates are higher, you might find yourself in a fixed-rate mortgage with a much higher rate.

 

Inside Information

Lenders give you a discounted rate up front because they know the rate will float with the market later on. If you sell your home or refinance again prior to that happening, it’s their loss. You have the advantage here because you control the timing of your next step.

 

Managed Risk

One way to prepare for the possibility of a higher rate and payment later is to pay extra principal each month to reduce your balance faster. If the rate ultimately adjusts up, your balance will be lower and the payment change will be less as a result. As well, you would already be accustomed to paying more.

 

The Bottom Line

A fixed-rate loan provides the certainty that it will never change. An ARM provides a guaranteed savings but for a limited period of time. The best way to decide is to balance your expectations for using any particular loan with the peace of mind that can come from being assured of stability, even if your timeframe changes.

 

ABOUT INLANTA MORTGAGE

Headquartered in Pewaukee, Wis., Inlanta Mortgage was established in 1993. The company has grown to 35 branches in 16 states and over 240 employees. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac, Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs.

In 2016, Inlanta Mortgage was recently named a Top Workplace for a third consecutive year. Inlanta has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine. Inlanta has also received the Platinum Million Dollar USDA Lender Award.

PARTNERSHIP OPPORTUNITIES

Inlanta Mortgage continues to expand its branch network and encourages ethical lending professionals to learn more about our support platform and discover how an Inlanta branch partnership with Inlanta Mortgage is essential to long-term success.

Locate an Inlanta Mortgage loan officer at www.inlanta.com/locations. For current employment opportunities, visit www.inlanta.com/join-our-team/employment-opportunities. Learn more about Inlanta Mortgage branch partnership opportunities at www.inlantapartners.com, call 262-439-4260, or email partners@inlanta.com.

Inlanta Mortgage, Inc. NMLS #1016.

Jumbo Loans

jumboloansJumbo Loans

Jumbo loans can be an excellent choice for those who qualify, but many people either do not know this type of financing is an option or they believe some common misconceptions. To help give us a clear picture of what exactly a jumbo loan is, we asked our Fort Myers, Florida Branch Manager, Jim Marcinkowski, some common questions.

 

1.) What makes a Jumbo loan different from other loans?

Jumbo loans are for mortgage amounts over $417,000.This fact is surprising to many since a jumbo loan is commonly mistaken for a loan that is equal to or exceeds a million. The truth is, a loan that is under Fannie Mae or Freddie Mac and is over $417,000 is automatically considered a jumbo loan.

 

2.) What would make someone an ideal candidate for this loan? In other words, what are the requirements to qualify?

a. The minimum credit score is 680, but the higher the better. It is always beneficial to have a higher credit score when dealing with home loans.

b. A jumbo loan has a maximum of $3,000,000. This does not mean the value of the home. The value of the home you are buying can exceed $3 million to receive a jumbo loan, but the difference between the loan maximum and the value must be paid in cash.

c. You must have an 85% loan-to-value (LTV) ratio (or the relationship between the amount of the mortgage and property value, shown as a percentage) for a primary residence, 80% LTV for a second home.

d. Interest rates may be a little higher than conforming rates

e. Cash reserves are required. You must have 6 months of reserves for an LTV under 80% on loan amounts of $1 million and under, and18 months of reserves are required for LTVs over 80%. Depending on the LTV, reserves could go as high as 24 months.

 

3.) What are the downfalls of this type of loan?

Debt-to-income ratios can be lower than conventional, meaning the requirements on this loan are stricter when it comes to the amount of debt a person or couple can have. Those who can meet the guidelines may feel the process can be more tedious than receiving, say, a conventional loan. It makes sense that the process for this loan would involve more than most considering the loan amounts are typically higher and the lender needs enough information to prove that the borrower can successfully pay a jumbo mortgage.

 

4.) What are the benefits of this type of loan?

The interest rates for jumbo loans are at near historical lows. Interest rates are constantly fluctuating. The same is true for jumbo loans, but they still tend to linger on the lower end. Refinancing with a jumbo loan can mean better savings than a traditional loan. A jumbo loan allows refinancing at loan amounts between $417,000 and $650,000. Better savings on a refinance can go towards investments, college tuition, or anything else that may need to be paid off. Jumbo loans can also come with better offers from lenders, which may include reduced fees during the process.

 

5.) What are the different loan options within this program?

Like most other mortgages, jumbo loans come in loan terms of 10, 15, 20, 25 and 30-year fixed or adjustable rates.

 

While jumbo loans may not be the best fit for everyone, they offer many great benefits for those who qualify. If you would like to learn more about our jumbo loan program, click here. Ready to get started? Locate one of our experienced loan officers and get pre-qualified for a loan today!

 

ABOUT INLANTA MORTGAGE

Headquartered in Pewaukee, Wis., Inlanta Mortgage was established in 1993. The company has grown to 35 branches in 16 states and over 240 employees. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac, Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs.

In 2016, Inlanta Mortgage was recently named a Top Workplace for a third consecutive year. Inlanta has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine. Inlanta has also received the Platinum Million Dollar USDA Lender Award.

PARTNERSHIP OPPORTUNITIES

Inlanta Mortgage continues to expand its branch network and encourages ethical lending professionals to learn more about our support platform and discover how an Inlanta branch partnership with Inlanta Mortgage is essential to long-term success.

Locate an Inlanta Mortgage loan officer at www.inlanta.com/locations. For current employment opportunities, visit www.inlanta.com/join-our-team/employment-opportunities. Learn more about Inlanta Mortgage branch partnership opportunities at www.inlantapartners.com, call 262-439-4260, or email partners@inlanta.com.

Inlanta Mortgage, Inc. NMLS #1016.

FHA & VA Loan Programs

fha_vaFHA & VA Loan Programs

With mortgage rates still low, now is a great time to buy! There are many different loan options out there today that make buying a home achievable, and it is important to understand your options throughout the home buying process. Continuing our discussion on government loans from last week, we want to take some time to discuss your options with FHA & VA loan programs.

 

FHA Mortgage Loans

The FHA, or Federal Housing Administration, offers a low down payment option that can help low income or first time homebuyers purchase a home. Since the Federal Housing Administration insures your mortgage, individual lenders may be more willing to give you loan terms that make it easier for you to qualify. To qualify, you must have proof of steady employment and clear CAIVRS, which is the government’s Credit Alert Interactive Verification Reporting system, to qualify. CAIVRS is a database of those who have defaulted on government loans, owe back taxes, or have other federal debt. If you are on this list, you will not be able to receive the loan unless you can get your report cleared.

Compared to other loan programs, FHA has lower credit score requirements. It does, however, require a minimum score of 580 to qualify for a low down payment. If you are concerned about your credit score, consult your loan officer to find out if you might still qualify. These loans can also have a lower down payment requirement than a conventional loan. Conventional guidelines call for two months of asset reserves at closing, meaning two months of mortgage payments, including taxes and property insurance. FHA has no reserve requirements which means less money spent at the closing table.

Not only can closing costs be paid for by the seller, but the down payment of an FHA loan can also be gifted to the homebuyer. This has become a trend for buyers who are getting married and prefer that their gifts go towards a down payment on a home rather than a wedding registry. If you are getting a gift for your down payment, make sure you document it by getting a gift letter from the person you receive the gift from and be able to document any large deposits to your bank account. This will be required when your application is looked at by an underwriter.

It is important to note that FHA loans can only be used towards the purchase of a primary residence, so if you are looking to purchase a second home or vacation home, you will need to look at other programs. In addition to FHA purchase loans, other FHA options include streamlined and cash-out refinancing, as well as FHA 203k rehabilitation loans, which allow you to combine renovations and the purchase of your home into one loan.

 

VA Loans

If you have served our country, you may qualify for a VA loan. These loans are available for active, non-active, and retired Army, Air Force, Marine, Navy, National Guard, and Coast Guard vets who meet the established service requirements. To qualify, the veteran must have served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum or 181 continuous days during peacetime. There is a two-year requirement if the veteran enlisted and began service after September 7, 1980 or was an officer and began service after October 16, 1981. There is six-year requirement for National Guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses.

VA loans offer many great benefits to veterans that are worth looking into eligibility for. These benefits include:

  • No Down Payment
  • No monthly mortgage insurance (PMI)
  • Gift Funds are acceptable for closing costs
  • No Cash reserves requirement
  • A variety of terms or loan types available
  • Available for purchase and refinance
  • Reduced costs for disabled veterans
  • Seller can pay closing costs
  • Seller pays for any required repairs
  • No pre-payment penalty

Both of these programs can offer many great benefits to qualified borrowers. If you think one of these programs would be a good match for you, contact one of your local Inlanta Mortgage loan officers to get pre-approved today!

 

OUR MISSION STATEMENT

Our mission is to be the home financing partner that you trust to serve your family, friends, and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty, and ethics is the foundation of all of our relationships.

ABOUT INLANTA MORTGAGE

Headquartered in Brookfield, Wis., Inlanta Mortgage was established in 1993. The company has grown to 35 branches in 16 states and over 240 employees. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac, Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2016. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

PARTNERSHIP OPPORTUNITIES

Inlanta Mortgage continues to expand its branch network and encourages ethical lending professionals to learn more about our support platform and discover how an Inlanta branch partnership with Inlanta Mortgage is essential to long-term success.

Locate an Inlanta Mortgage loan officer at www.inlanta.com/locations. For current employment opportunities, visit www.inlanta.com/join-our-team/employment-opportunities. Learn more about Inlanta Mortgage branch partnership opportunities at www.inlantapartners.com, call 262-439-4260, or email partners@inlanta.com.

Inlanta Mortgage, Inc. NMLS #1016.

USDA Rural Development

usda

USDA Rural Development

 

Achieving the dream of home-ownership could be more attainable than you have anticipated. If you are concerned about the affordability of purchasing a home, it is important to know you have options when it comes to loan programs. One popular government loan is USDA Rural Development.

The program was originally created to boost the development of land in more rural areas of
the country. Back when it was created, the USDA program’s sole purpose was to make rural living more achievable so that people who live in major cities could live within their means in the country, and ultimately help boost the economy in these areas as well. The program has grown significantly and is now able to help lower income families or individuals purchase homes in rural areas. We asked our very own Laura Leonhard, who is the #3 USDA lender in the nation, some common questions about this program. Here is what she had to say about USDA financing:

 

Q: What makes USDA different from other loan programs?

LL: USDA offers 100% financing. They also add in closing costs and any prepaid items. Another great bonus is that home repairs can be added to the loan as long as the appraised value comes in high enough.

 

Q: What are the benefits of going with USDA Loans?

LL: Many of the features that make USDA different are benefits of this loan program. Also, no money down, which is huge for some people. There is also reduced mortgage insurance premiums.

 

Q: What are the downfalls?

LL: The guarantee fee is a downfall to the USDA loan program, but that will be reduced this coming September!

 

Q: Is this program a good choice for first-time home buyers?

LL: Absolutely. With the no money down and many other great benefits, this would be perfect for first-time home buyers who may not have a lot of combined household income.

 

Q: What documentation is required when applying for USDA loans?

LL: The documentation requirements are the same as any other loan, unless there is a tougher credit situation. Then, there might be additional documentation required that will be disclosed by your loan officer.

 

Q: How do I know if I am eligible for USDA?

LL: A pre-approval will tell you if you are eligible for a USDA loan. You, as well as the location of the home you plan to buy, must be USDA eligible to qualify for this loan.  This loan program does have income limits for the county the home is located in as well as the number of people in the household.

 

Q: Do USDA loans exclusively go towards the purchase of a home?

LL: No, it can also go towards refinancing. However, you can only refinance with a USDA loan if your original home loan was also USDA.

 

Now that you know a little more about the USDA program, contact a loan officer near you to see if you, your family, and the house you want to purchase qualify. Let us help you make your dream of homeownership a reality!

 

 

OUR MISSION STATEMENT

Our mission is to be the home financing partner that you trust to serve your family, friends, and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty, and ethics is the foundation of all of our relationships.

ABOUT INLANTA MORTGAGE

Headquartered in Brookfield, Wis., Inlanta Mortgage was established in 1993. The company has grown to 35 branches in 16 states and over 240 employees. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac, Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2016. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

PARTNERSHIP OPPORTUNITIES

Inlanta Mortgage continues to expand its branch network and encourages ethical lending professionals to learn more about our support platform and discover how an Inlanta branch partnership with Inlanta Mortgage is essential to long-term success.

Locate an Inlanta Mortgage loan officer at www.inlanta.com/locations. For current employment opportunities, visit www.inlanta.com/join-our-team/employment-opportunities. Learn more about Inlanta Mortgage branch partnership opportunities at www.inlantapartners.com, call 262-439-4260, or email partners@inlanta.com.

Inlanta Mortgage, Inc. NMLS #1016.

Cash-Out Refinance

cash-outCash-out Refinance

This week, we continue our theme of “spruce up your curb appeal” with another loan option that could help you with your summer renovation projects – Cash-out refinance.  With a cash-out refinance, the homeowner’s current mortgage is replaced with a new loan that has a higher loan amount. The difference in what is currently owed and the new loan amount is then given to the homeowner in cash. This can be a great option when deciding to update your home, but unlike the renovation loans we wrote about last week, you are not limited in what you can use your extra cash on. This option is more versatile so you are able to use your funds where and when you need them.

 

How a cash-out refinance works

As stated above, a cash-out refinance allows you to refinance your mortgage for more than you currently owe, then pocket the difference. This results in an entirely new first mortgage. For example, if you still owe $75,000 on a $200,000 loan and you want to do $25,000 in renovations, you can refinance your loan for $100,000. Ideally, this will result in a better rate for your initial $75,000 loan and $25,000 in your pocket to complete your renovations. Since this is an entirely new mortgage, there would be closing costs involved as well.

The benefits

Getting additional funds to complete a renovation project is not the only reason to get a cash-out refinance. If you can refinance at a lower interest rate, you can use the cash you get back to pay off high interest debt (like credit cards and student loans). You’ll still owe the original debt amount, but you’re now making payments at the lower interest rate, which can save you thousands of dollars in the long term. Mortgage interest payments are also tax deductible, so rather than using credit to complete your home improvement projects, you could get more money back on your tax returns. Some other ways you can use your extra cash include paying college tuition, purchasing a second property or making an investment, or creating an emergency fund.

The risks

Keep in mind, a cash-out refinance does not come without risks. If housing values drop, taking out equity could result in you owing more on your home than it is worth. You are also at a higher risk of defaulting on your mortgage, which would ultimately lead to foreclosure on your home. Make sure that whatever you intend to use your cash for is a solid financial investment and will bring you more value in the long run. Consult your loan officer if you have questions or would like to know more about the benefits and risks of a cash-out refinance.

 

OUR MISSION STATEMENT

Our mission is to be the home financing partner that you trust to serve your family, friends, and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty, and ethics is the foundation of all of our relationships.

ABOUT INLANTA MORTGAGE

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016. HomeStyle® Renovation is a registered trademark of Fannie Mae

Renovation Loans

renovationRenovation Loans

June is the perfect time to spruce up your home’s curb appeal. The improved weather enables you to work outside, and there is still plenty of time left in the summer to enjoy your outdoor space once your project is complete. Whether you are undertaking a home renovation project or purchasing a house that needs a bit of TLC, there are loan program options available to you.

 

FHA 203k

A remodeling project may involve many choices, but you have only five basic ways to pay for it: cash, credit cards, personal loans, home equity loans, or cash-out refinancing. Many loan options fall into the last category of cash-out refinancing, but most require the value of your home to far exceed the amount of the loan. If you simply don’t have the equity the FHA 203k may be the solution.

The 203k program has been the primary tool of the Federal Housing Administration (FHA) for providing insured mortgages for the purchase or refinance of single family properties (one to four units) in need of minor rehabilitations. With the 203k program, you obtain one loan for the purchase (or refinance of an existing debt) and the amount necessary to complete the required repairs. There are two types of FHA 203k loans: Streamline (for non-structural repairs/renovations) and regular (for structural repairs/renovations). A 203k loan could potentially provide the funding you need to repair or purchase new appliances, exterior deck or patio, new siding, basement or attic finishing, new or existing plumbing, new roofing or flooring, kitchen and bathroom remodeling, and disability access additions.

 

Homestyle® Renovation

Homestyle® Renovation loans combine home purchase or refinancing with home improvement financing into one loan, which results in one loan closing. Renovations under Homestyle® must add value to the property and be permanently attached to the home. This can include renovations, repairs, or improvements totaling up to 50% of the as-completed value of property with your first mortgage. The loan amount for Homestyle® is based on the value after repairs, rather than the present value. There is no minimum renovation amount, and there are fixed and adjustable rate options available. The types of properties eligible for Homestyle® include 1-4 unit owner occupied, second homes, investment properties, and log homes. For those who consider themselves DIYers, this program could allow you to do renovations yourself based on the property type and other stipulations. Note that it does include extra fees and inspection requirements specified by a lender.

 

Looking for other financing options? Take a look at our loan programs to find the right fit for your needs. If you have any questions or are ready to start the loan process, contact your local Inlanta Mortgage loan officer today!

 

OUR MISSION STATEMENT

Our mission is to be the home financing partner that you trust to serve your family, friends, and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty, and ethics is the foundation of all of our relationships.

ABOUT INLANTA MORTGAGE

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016. HomeStyle® Renovation is a registered trademark of Fannie Mae

Home Loans 101

Home Loans 101

Are you ready to become a home owner? There are three major types of loans to consider. Watch a quick video on on adjustable rate mortgages, 15-year fixed rate mortgages, 30-year fixed rate mortgages to learn more!

Inlanta Loan Programs

In addition to the fixed or adjustable rate mortgage options, a licensed Inlanta Mortgage loan officer can help you determine which specific loan program is best for your situation. Inlanta offers a number of loan programs including no down payment USDA financing, VA financing, conventional loans, and FHA loans. In addition, Inlanta offers renovation/rehabilitation loan options and the new low down payment options available from Freddie Mac and Fannie Mae (Home Possible® & MyCommunityMortgage®). Use our branch locator to find an Inlanta Mortgage loan officer near you, or simply apply online and we will find one for you.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was named a Top Mortgage Lender in 2013 as well as 2012 by Scotsman Guide and a Top Workplace by the Milwaukee Journal Sentinel in 2014 as well as in 2012. Inlanta has also been named one of the “Top 100 Mortgage Companies in America” in 2011, 2012 and 2013 and one of the 50 Best Companies to Work For according to Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016, MyCommunityMortgage® is a registered trademark of Fannie Mae, HomePossible® is a registered trademark of Freddie Mac.