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Purchase Loans

AnnieMac Home Mortgage knows your financial needs are unique and we’re experts at helping you get the money you need to purchase your new home. With many advantages for the smart borrower – including no fees to get the process started – you’ll get the answers quickly so you don’t have to wait long to settle on your new home! Smart Choice… by choosing AnnieMac Home Mortgage you are making a money-smart financial decision! Smart Borrower… just a few simple steps and the keys to your new home could be in your hands in no time! Smart Investment… by purchasing a new home and building equity, you gain the buying power and stability not found in any other purchase! AnnieMac Home Mortgage offers a wide variety of first mortgage loans to meet your specific needs. Thousands of families count on us for the money they need to purchase their first home, a new home, a vacation home or investment property. We are here for you! Apply now to start the pre-approval process and strengthen your negotiating position with the seller!

  • CONVENTIONAL LOANS
  • JUMBO LOANS
  • FHA LOANS
  • 203K LOANS
A conventional loan is most favorable when a homebuyer has excellent credit and is placing a significant down payment on the home.

Conventional loans are any mortgage that is not guaranteed or insured by the federal government. Although a conventional loan is not insured or guaranteed by the government, it still follows the guidelines of government sponsored enterprises, Fannie Mae and Freddie Mac.

Conventional loans may be “conforming” and “non-conforming”. Conforming loans follow the guidelines set by Fannie Mae and Freddie Mac. These guidelines put the maximum purchase amount for a first mortgage at $424,100 (may be higher, subject to county loan limits) for a single-family dwelling. If the purchase is for a property that is either a two-family, three-family, or four-family dwelling, larger values apply before the loan is no longer considered a conventional loan. (To find out the county limit in your area, please click here).

AnnieMac Home Mortgage offers conventional fixed rate loans, adjustable rate loans and interest only loans:

  • With a fixed rate loan, your rate is fixed and your payment remains the same throughout the length of your loan (i.e. 30-years, 25-years, 20-years, 15-years or 10-years) A fixed rate loan is an excellent choice if you plan to live in the home for many more years.
  • With an adjustable rate loan, your rate will adjust and your payments will fluctuate based on changes in the market. However, the rate and payment remains unchanged during the introductory period which could be 3, 5 or 7 years. The initial rate for an adjustable rate mortgage is usually lower than that of a fixed rate loan. After the introductory period expires, the interest rate is subject to adjust at predetermined periods, usually every six months. The rate adjustments are based on market interest rates and the adjustment caps limit how much your interest can adjust in a specified period of time. An adjustable rate mortgage is a great choice if you don’t plan to own the home for a long period of time.
  • With an interest only loan, you only pay the interest on the principal balance of the loan for a set period of time (i.e. 5-years or 10-years) with the principal balance remaining unchanged for that period of time. Once the interest only period is up, the principal balance of the loan is then amortized for the remaining term of the loan (i.e. 20-years or 25-years). An interest only loan is a good choice if you are looking for more flexibility as your initial payments will be less for the first 5 or 10 years.

Loan to value ratios are often overlooked by homebuyers. For most, the interest rate and loan term are the more important items. However, the loan to value ratio is a key factor in your application. Loan to value ratios vary depending on the type of property you are looking to purchase.

This may be the right choice for you if you are a homebuyer whose loan amount is above the conforming loan limit.

Jumbo loans are one example of a conventional loan that does not meet Fannie Mae or Freddie Mac guidelines. A jumbo loan is a loan that exceeds the maximum price of $417,000 for a first mortgage.

The average interest rates on jumbo mortgages are typically higher than those for conforming mortgages as they generally are considered higher risk due to the larger amount of money that is being borrowed.

AnnieMac Home Mortgage offers jumbo fixed rate loans and adjustable rate loans:

  • With a fixed rate loan, your rate is fixed and your payment remains the same throughout the length of your loan (i.e. 30-years, 20-years, 15-years or 10-years) A fixed rate loan is an excellent choice if you plan to live in the home for many more years.
  • With an adjustable rate loan, your rate will adjust and your payments will fluctuate based on changes in the market. However, the rate and payment remains unchanged during the introductory period which could be 5, 7 or 10 years. The initial rate for an adjustable rate mortgage is usually lower than that of a fixed rate loan. After the introductory period expires, the interest rate is subject to adjust at predetermined periods, usually every six months. The rate adjustments are based on market interest rates and the adjustment caps limit how much your interest can adjust in a specified period of time. An adjustable rate mortgage is a great choice if you don’t plan to own the home for a long period of time.

Loan to value ratios are often overlooked by home buyers. For most, the interest rate and loan term are the more important items. However, the loan to value ratio is a key factor in your application. Loan to value ratios vary depending on the type of property you are looking to purchase.

AnnieMac Home Mortgage lends on single-family primary, secondary, vacation homes and investment properties for jumbo mortgage loans.

The FHA loan program was established to encourage homeownership so whether you are a first-time homebuyer or simply a homebuyer looking to purchase a primary residence, a FHA loan may be the best option for you!

AnnieMac Home Mortgage knows that everyone’s financial situation is different and many are turning to FHA loans to refinance their existing home or purchase a new home.

FHA loans, which are insured through the Federal Housing Administration, offer many benefits to borrowers even if you have had credit problems in the past or have limited funds available for a down payment or closing costs.

Benefits for a FHA purchase or refinance:

  • Low competitive interest rates
  • Lower mortgage insurance premiums
  • Gift funds can be used for down payment or closing costs
  • Loans are assumable
  • Non-occupant co-borrower can be added to application

As a fully licensed FHA Direct Endorsement Lender, we offer a wide variety of FHA loan products to meet your specific needs. Whether you are looking to purchase a home, refinance your current home or rehabilitate and repair your home, we have a product that is right for you!

AnnieMac Home Mortgage has helped thousands of families in need of affordable financing alternatives. We can help you too!

Apply now to take advantage of the many benefits FHA loans have to offer!

  • Purchase Loans: The FHA loan program was established to encourage homeownership so whether you are a first-time homebuyer or simply a homebuyer looking to purchase a primary residence, a FHA loan may be the best option for you!
  • Refinance Loans: A FHA refinance loan is a great mortgage option for homeowners who want to tap into the equity of their home and use the funds for personal needs. Due to tighter lending standards on conventional loans, FHA loans are becoming increasingly popular.
  • Streamline Loans: A streamline refinance is a great option if you are looking to lower your monthly payment and are not in need of any additional cash-out.
  • Reverse Mortgage: A reverse mortgage gives you immediate access to additional money so you can live a more comfortable, financially rewarding lifestyle.

If you are a homebuyer looking to purchase a home that is in need of repairs or upgrades, this is great loan option!

The 203K loan program enables you to finance both the purchase and rehabilitation of a one-to four-family property through a single mortgage. The 203K loan can be used to repair or upgrade an existing dwelling that you purchase in one of two ways:

  • Purchase a home and the land on which the home is located and rehabilitate it
  • Purchase a home on another site, move it onto a new foundation and rehabilitate it (loan proceeds for the moving of the house cannot be made available until it is attached to the new foundation.

The cost of rehabilitation must be at least $5,000 and your 203K loan amount will be based on the projected value of the property once the work has been completed and taking into account the cost of the repairs being done.

AnnieMac Home Mortgage offers 203K fixed rate loans and adjustable rate loans:

  • With a fixed rate loan, your rate is fixed and your payment remains the same throughout the length of your loan (i.e. 30-years, 25-years, 20-years and 15-years). A fixed rate loan is an excellent choice if you plan to live in the home for many more years.
  • With an adjustable rate loan, your rate will adjust and your payments will fluctuate based on changes in the market. However, the rate and payment remains unchanged during the introductory period which would be 3 or 5 years. The initial rate for an adjustable rate mortgage is usually lower than that of a fixed rate loan. After the introductory period expires, the interest rate is subject to adjust at predetermined periods, usually every six months. The rate adjustments are based on market interest rates and the adjustment caps limit how much your interest can adjust in a specified period of time. An adjustable rate mortgage is a great choice if you don’t plan to own the home for a long period of time.

The following types of properties are eligible:

  • Owner-occupied properties at least one year old
  • Attached and detached single family residences
  • One- to four-family property
  • Townhouses (PUD’s)
  • FHA-approved condos

FHA loan limits vary based on a variety of housing types and the state and county in which the property is located. Please call an AnnieMac Home Mortgage Licensed Mortgage Originator to discuss loan limits in your area.

FHA allows you to assume an existing FHA-insured loan. Or, if you are selling your home FHA allows a buyer to assume your FHA-insured loan. Assuming a loan can be very beneficial since the process is streamlined and less expensive compared to a new loan. Also, assuming a loan can result in a lower interest rate.