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.

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.

Selecting a Licensed Mortgage Loan Originator

Selecting a licensed mortgage loan originator is an important part of the home buying process.  Since purchasing a home is often the biggest financial decision we make in our lives – it pays to do a little research.

1. You can begin by asking your friends, family and co-workers for recommendations. We trust our friends and family more than any other source – so don’t disregard their input. Perhaps they had a wonderful experience with a lender, maybe they didn’t. Either way, your friends and family will be truthful with you and should be happy to provide their opinion on the matter. Inlanta Mortgage is pleased that 80% of our customers are past customers or were referred by other customers.

2. Another very important consideration when selecting a mortgage loan originator is to make sure they are licensed by the National Mortgage Licensing System (NMLS). As an example, Inlanta Mortgage’s NMLS # is 1016.  You can check to see if a mortgage lender or originator is licensed by visiting www.nmlsconsumeraccess.org.  The NMLS Consumer Access website lists when the mortgage company was formed and what states they are licensed to do business in.

3. What types of loan programs does the lender support? Is the lender a delegated authority to originate USDA, VA, or FHA mortgage loans? Not all mortgage lenders are able to originate USDA, VA or FHA mortgage loans. If you are a veteran seeking to utilize your VA benefits when purchasing a home – a lender without the authority to originate a VA mortgage loan wouldn’t be of much use to you. Review the loan programs offered by Inlanta Mortgage here.

4. Next, you can do a little online research. Social media may be a joke to some, but reputable mortgage lenders maintain transparency not only by having well-functioning websites, but by having business profiles on LinkedIn, a recently updated Facebook account, and maintaining a blog (like this one here). The point is – you want to know who you are really dealing with when you are making such a big decision.  You can find Inlanta Mortgage on Facebook, LinkedIN, Twitter, and Google +.

5. Another good question to ask yourself is what type of mortgage lender fits your needs? Do you want to meet in a physical office or are you just as happy if all forms are completed online? What would you prefer? Now days, most mortgage lenders can accept applications online – including Inlanta – virtually eliminating the need for you to come into a physical office and spend hours filling out forms. However, if you prefer to conduct business in an office – make sure the lender you found online actually has one! Click here to apply online for a loan at Inlanta Mortgage.

6. You may be interested in finding out whether you mortgage lender has
in-house processing, underwriting, or funding services. When a mortgage loan originator and processor work for the same firm – there is inevitably cleaner lines of communication. Improved communications can help to resolve issues that may arise during the processing of your loan. The same idea applies to underwriting and funding – the easier it is for an underwriter or funding manager to get verification or documentation from a mortgage loan applicant – the faster the process goes.

7. Finally, speak directly with a mortgage loan originator about interest rates and loan fees. The interest rate mortgage lenders quote you is largely based upon your financial assets, income, and credit worthiness.  Closing fees differ by lender. Shop around and make sure you are comfortable with the rates you are offered and the fees associated with originating a mortgage loan. Click here to find a mortgage loan originator near you.

So we have recommended that you ask your friends and family for advice, confirm a lender is licensed, determine what loan programs they offer, do some online research, check out their social media profiles, and find out if they have
in-house processing, underwriting, and funding.

Next week, we will discuss the next step in the home buying process:

Get Pre-Approved! Why Do You Need a Pre-Approval Anyway?

Inlanta Mortgage is licensed in fourteen states and offers a variety of mortgage loan programs to suit your needs including: VA, USDA, FHA, FHA 203k, Conventional, Reverse Mortgages, Refinancing, and Jumbo Mortgage Loans. NMLS #1016