3% Down Payment Options Now Available!

3-percent-down-payment
This week, Freddie Mac and Fannie Mae announced new affordable low down payment mortgage loan products to help more people realize their dreams of home ownership. Qualified first time home buyers1 can now purchase a home with as low as three percent down2.

3% Down Payment Option – My Community Mortgage®  Fannie Mae

The 3% percent down payment option is available under Fannie Mae’s My Community Mortgage® product for borrowers if at least one co-borrower is a first-time home buyer. Under the 97% LTV My Community Mortgage® product, borrower income limits may apply, mortgage insurance is required, and home buyer education is required. Find a loan officer near you to learn more about this affordable home financing option!

3% Down Payment – Home Possible® – Freddie Mac

Freddie Mac is making the 3% down payment option available through their Home Possible® mortgage product. Similar to the Fannie Mae option, Home Possible® will be available to qualified first time home buyers1 as of March 23, 2015. 97% LTV Home Possible® mortgages also require mortgage insurance and home buyer education courses.

Begin Your Journey to Home Ownership Today!

Apply online today! Once we receive your application, we will connect you with a licensed Inlanta Mortgage  loan officer near you.

1At least one borrower must be a first time home buyer. Borrowers who have not held interest in a property in the last three years are also considered first time home buyers.

2 3% down payment on $100,000, 4.250%/ 5.166%% APR, 640 FICO, 30 -year fixed rate mortgage. Income limits may apply. 97% LTV programs are available to first time home buyers only. Home buyer education courses are required. Mortgage insurance is required for LTVs greater than 80%. Rates subject to change. Subject to credit approval.

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

Last year, Inlanta Mortgage celebrated its 20th Anniversary. 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 here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin NMLS #1016. Inlanta Mortgage was recently named a Top Mortgage Lender in 2013 as well as 2012 by Scotsman Guide. Inlanta was also recently named a Top Workplace 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 by Mortgage Executive Magazine.

 

Rent or Buy? You May Want to Decide Soon

Rent or Buy

If you are considering a home purchase and don’t have a ton of money for a down payment, now may be the best time to apply. Why now?

Changes to Mortgage Insurance

When buyers, especially first time home buyers, don’t have a lot for a down payment they often opt for an FHA loan. FHA loans are government backed loans that require borrowers to pay mortgage insurance. Mortgage insurance on FHA loans typically drops off once you have enough equity in your home and have a established a good payment history. So what’s the big change? On June 1, 2013 – mortgage insurance will no longer drop off. As of that date, mortgage insurance will be required for the life of the loan.

What does that mean to you? More money out of your pocket.

House Prices on the Rise

Home affordability continues to remain high – but home prices have begun their inevitable rise with high demand and scarce home inventory levels. Home prices rose 9.7 percent in January from a year ago, according to data released today by CoreLogic. This is the biggest annual gain since April 2006.

Why should you care? The obvious answer is that you will pay more for a home. Another reason to care is that once that home is yours – you will appreciate the increasing value of your property in the form of long term wealth accumulation.

Rent or Buy –  Which is Better?

Ultimately, the decision to rent or buy is based upon a number of factors. Maybe you’re ready to be a home owner, maybe your not. However, it never hurts to understand your options. Consult a licensed mortgage loan officer today to discuss your specific home financing needs. Consultations and mortgage loan pre-approvals are free.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

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

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Deadline for FHA Borrowers

FHA Deadlines

Borrowers should be aware of some important FHA deadlines.

Many of us rely on low down payment mortgage options when seeking to become a home owner. FHA mortgages, backed by the Federal Housing Administration, are one low down payment mortgage loan option.

Increasing Monthly Insurance Premiums

While the 3.5% minimum down payment option will continue, monthly payments for borrowers who opt for an FHA mortgage will soon be facing higher monthly payments. Why? The FHA is changing its policies and will increase the monthly insurance premium borrowers pay. To avoid this increase in monthly insurance premiums, borrowers must apply for an FHA mortgage loan no later than March 28th and the lender they apply with must obtain a valid case number by March 29th.

If you are considering a home purchase and think the 3.5% down payment option would be your best option – contact a licensed mortgage loan officer as soon as possible so you are not subject to the premium increase in effect beginning April 1st.

Another FHA Mortgage Insurance Premium Change

Another policy change that may encourage you to begin your loan application sooner (than later) is the FHA’s decision to make mortgage insurance mandatory for either a minimum of 11 years or the life of the mortgage loan based on the Loan-to-Value (LTV) at the time of the loan closing effective for all case numbers assigned on or after June 3rd. Currently, the insurance fee is dropped once the outstanding balance falls to 78 percent of the home’s value or 5 years from the date when the money was borrowed.

We don’t mean to pressure! We just want those in the market for a new home to realize the cost savings that can be realized by getting an application in before March 28th.

Inlanta Mortgage loan officers can answer your specific questions and help you determine if an FHA mortgage loan is right for you.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

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

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

 

 

FHA Loan Requirements

FHA Mortgage Loans

FHA loans have helped millions achieve their goal of home ownership.

What is an FHA loan?

A Federal Housing Administration (FHA) loan is a government insured loan. Since an FHA home loan is insured by the government, FHA-approved lenders like Inlanta Mortgage can often offer you a better deal including:

  • Low down payments
  • Low closing costs
  • Less restrictive credit qualifications

Are you a first time home buyer?

With an FHA home loan, your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. FHA loans are available on 1-4 unit properties.

What are the FHA loan requirements?

FHA insured loans require mortgage insurance premiums (MIP) to protect lenders against losses that result from defaults on home mortgages.

FHA lending limits vary by housing types and state. Contact a licensed Inlanta Mortgage professional to find out the limits that would apply in your area.

The FHA has established debt-to-income ratios that homebuyers must meet before they can qualify for an FHA home loan. An FHA loan applicant’s past credit performance that demonstrates good credit history and a solid track record of timely payments will likely be eligible for the mortgage. Contact a licensed Inlanta Mortgage professional to find out if you are eligible for an FHA loan.

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

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

FHA 203K Streamline Mortgages – Give a Home Some TLC

FHA 203K Streamline Mortgage Loans

We’ve been bombarded with news about the number of vacant and foreclosed homes on the market. Many of these homes are the in the perfect location and are in the right price range ….but need a little tender loving care.  There is a mortgage loan program that addresses this issue – the FHA 203k Streamline Mortgage Loan.

FHA 203K Streamline Mortgage Loans

The FHA 203K Streamline Mortgage program gives you the ability to refinance or purchase a home in need of repairs by allowing you to include the cost of repairs in the loan. This program is guaranteed by the U.S Department of Housing and Urban Development and permits homebuyers to finance an additional $35,000 into their mortgage to improve or upgrade their home before move-in.

The FHA 203K Streamline mortgage loan program has been instrumental to neighborhood revitalization efforts.

The following repairs are eligible under the FHA 203K Streamline Mortgage loan program:

  • Repair/Replacement of roofs, gutters and downspouts
  • Repair/Replace/Upgrade of existing HVAC systems
  • Repair/Replace/Upgrade of plumbing and electrical systems
  • Repair/Replacement of existing flooring
  • Minor remodeling, such as kitchens and baths
  • Exterior and interior painting
  • Weatherization that includes storm windows and doors, insulation, weather stripping, etc.
  • Non-structural improvements for accessibility for persons with disabilities
  • Discretionary repair items that may not have been included in the appraisal, such as, repair of exterior decks, basement waterproofing, etc.

FHA 203K Frequently Asked Questions

Q: Is the 203k Streamline for purchases only?
A: No, the Streamline 203k may be used for a purchase or a refinance. It may also be used to purchase a REO (Real Estate Owned) property.

Q: Who is responsible for repairs?
A: The homebuyer/owner pays for the repairs from the loan proceeds.

Q: Do repairs have to be completed before the loan closing?
A: No, the repairs may begin after the loan is closed.

Q: Do I have to hire a general contractor?
A: If the repairs require more than one contractor, the mortgagor must utilize the services of a licensed general contractor.

Q: Do I have to hire an FHA Consultant?
A: No, to eliminate the need and cost for an inspection of the completed repairs, the lender may accept receipts from the contractor or proof of completion of the work to the homeowner’s satisfaction.

Q: What repairs are not allowable?
A: Repairs that are considered major rehabilitation or requiring structural modification. For more information on purchasing a home requiring major rehabiliation or structural modification contact a licensed mortgage loan officer near you.

Q: What is the maximum that can be spent on repairs?
A: Rehab costs, plus applicable contingency reserves and fees cannot exceed $35,000.

Q: Who receives payment for the repairs?
A: Up to two payments may be made to the contractor or the homeowner.

Q: How much down payment do I need?
A: As with most FHA mortgage loan programs, the minimum investment is 3.5%.

Q: What about construction fees?
A: Most construction fees (i.e.: loan discount points, title update costs, permit costs) may be financed in the loan.

The FHA 203K Streamline Mortgage Loan program can help you give a fixer upper a little tender loving care. The FHA 203K Streamline Mortgage loan process can be explained in more detail by a licensed mortgage loan officer. Click here to find a mortgage loan officer near you. If you would like to jump right into the application process, click here to begin your Inlanta Mortgage loan application.

Need a little refresher on mortgage loans in general? Check out our blog post Mortgage Loan Basics.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

Inlanta Mortgage is not acting on behalf of or at the direction of HUD/FHA or the Federal government.