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Ron Moyal
Realtor - Mortgage Broker - Branch Manager - Preapprovals.com© - Spirit Real Estate Group
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Loan Programs
There are several types of loan programs available for homebuyers, each with its own features, benefits, and eligibility requirements. Here are some of the most common loan programs:
Conventional (Fannie Mae & Freddie Mac) Loans
- As Low as 3% Down Payment
- Down Payment Assistance Available (Restrictions Apply)
- 620 Minimum Credit Score
- Loan Terms from 10 to 30 Years
- Down Payment Can be Gifted
- Monthly Mortgage Insurance
- Not Required with 20% or More Down Payment
- Automatically Cancels at 78% LTV (Loan-to-Value)
- $726,200 Maximum Loan Amount
FHA (Federal Housing Administration) Loans
- 3.50% Down Payment
- Down Payment Assistance Available (Restrictions Apply)
- 580 Minimum Credit Score
- Loan Terms from 10 to 30 Years
- Down Payment Can be Gifted
- 1.75% Upfront Mortgage Insurance Premium
- Financed into Loan Amount
- 0.55% Monthly Mortgage Insurance
- Remains for Life of Loan (if Down Payment is < 10%)
- $472,030 Maximum Loan Amount
FHA 203k (Home Renovation) Loans
- 3.50% Down Payment
- Streamline 203k Loan
- Use for Cosmetic and Common Repairs up to $35,000
- Standard 203k Loan
- Use for Extensive Repairs Over $5,000
- 620 Minimum Credit Score
- Down Payment Can be Gifted
- 1.75% Upfront Mortgage Insurance Premium
- Financed into Loan Amount
- 0.55% Monthly Mortgage Insurance
- Remains for Life of Loan (if Down Payment is < 10%)
- $472,030 Maximum Loan Amount
VA (Veterans Affairs) Loans
- Zero Down Payment – 100% Financing
- 580 Minimum Credit Score
- Loan Terms from 10 to 30 Years
- 2.30% Upfront Mortgage Insurance Premium (First-Time Use)
- Financed into Loan Amount
- Will Vary Depending on Down Payment and Subsequent Use
- No Mortgage Insurance
- No Maximum Loan Amount
First-Time Homebuyer Loans
- Down Payment Requirements
- Conventional – 3% (Can be Gifted)
- FHA - 3.50% (Can be Gifted)
- VA - 0% (Zero Down Payment)
- USDA – 0% (Zero Down Payment)
- Down Payment Assistance
- Conventional – Up to 3% (Restrictions Apply)
- FHA – Up to 3.50% (Restrictions Apply)
- Credit Score Requirements
- Conventional – 620+
- FHA – 580+
- VA – 580+
- USDA – 640+
Investment Property Loans
- 20% Down Payment
- 620 Minimum Credit Score
- DSCR (Debt Service Coverage Mortgage)
- Qualify Based on Rental Income
Each loan program has its own unique features and requirements, so it's important for homebuyers to research and compare their options carefully to find the loan that best suits their financial needs and goals.
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See If you qualify for a low down payment option
See how much you qualify for with our quick qualifier! Just enter your zip code to get started. We will tell you how much you qualify and send a pre-qualification letter on completion.
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Get The Right Loan For You!
Whether you are looking to refinance to save on your monthly payments with today's historic low rates, or looking to get pre-qualified to compete with cash offers, we can help!
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Fund Your Loan Today
With today's historically low rates, now is a great time to get financing. Complete our quick secure application, and we will get you a custom quote with different options and review which one best fits your needs!
VA Loan Program with Zero Down!
We are thankful for our veterans service and we would like to help get you into a new home with zero down!
Fill out this quick form and if you are active duty, veteran or spouse of a veteran and were honorably discharged we will do our best to help you get funded with the VA Loan Program.
In addition to zero down, the VA loan limits closing costs and requires no private mortgage insurance (PMI) or early payoff penalties.
Monthly Payment Mortgage Calculator*
Use this calculator to see monthly payments for different loan amounts.
* Please note: this calculator is for illustration payments and actual payments may vary.
LOANS AT REAL ESTATE CENTER OF THE COLONY TEXAS
Welcome to the Loans page at Real Estate Center of The Colony Texas! Whether you're looking to purchase a new home or refinance your current property, we offer a variety of loan options designed to suit your specific needs. Our team is here to help you find the best financing solution, making the homebuying or refinancing process as easy and efficient as possible. Explore the loan types below, including Conventional, FHA, VA, and Jumbo loans, to find the perfect fit for your financial goals.
CONVENTIONAL LOANS: FLEXIBLE AND AFFORDABLE OPTIONS
What Are Conventional Loans?
Conventional loans are traditional home loans that are not insured or guaranteed by the government. These loans are ideal for buyers with strong credit and a stable income who can provide a down payment.
Key Benefits of Conventional Loans:
- Loan Amounts: Up to $726,200 for single-family homes (higher limits in specific areas).
- Down Payment: As low as 3% for first-time homebuyers; 5% or more for repeat buyers.
- Interest Rates: Competitive rates, with both fixed-rate and adjustable-rate options available.
- Credit Score: Requires a minimum credit score of 620 for most buyers.
- Loan Terms: Flexible loan terms, including 15, 20, or 30-year options.
Why Choose a Conventional Loan?
- Best for buyers with solid credit and financial stability.
- Competitive interest rates and flexible loan terms.
- Allows for lower down payments, making homeownership more accessible.
FHA LOANS: IDEAL FOR FIRST-TIME HOME BUYERS
What Are FHA Loans?
FHA loans are government-insured loans designed to help individuals with lower credit scores or limited down payment savings. These loans are a great option for first-time homebuyers or those who may have faced past financial challenges.
Key Benefits of FHA Loans:
- Loan Amounts: Up to $472,030 in most areas (higher limits available in high-cost regions).
- Down Payment: As low as 3.5%.
- Credit Score: Minimum score of 580 for the 3.5% down payment; lower scores may qualify with a larger down payment.
- Mortgage Insurance: Required for the life of the loan if the down payment is less than 20%.
- Lower Interest Rates: Typically lower than conventional loans.
Why Choose an FHA Loan?
- Great option for first-time buyers and those with less-than-perfect credit.
- Requires a smaller down payment, making it easier to purchase a home.
- Offers lower interest rates, saving you money over time.
VA LOANS: EXCLUSIVE BENEFITS FOR VETERANS AND ACTIVE MILITARY
What Are VA Loans?
VA loans are loans backed by the U.S. Department of Veterans Affairs, available to veterans, active-duty military members, and their families. These loans offer exclusive benefits, such as no down payment and competitive interest rates.
Key Benefits of VA Loans:
- No Down Payment: Many VA loans require no down payment, making homeownership more affordable.
- No Mortgage Insurance: Unlike most other loans, VA loans do not require private mortgage insurance (PMI).
- Competitive Interest Rates: Typically lower than conventional loan rates.
- Loan Amounts: Up to $726,200 or higher depending on the county.
- Credit Score: While there is no official minimum, most lenders prefer a credit score of 620 or higher.
Why Choose a VA Loan?
- Perfect for veterans, active military, and their families.
- No down payment and no mortgage insurance make it more affordable.
- Low interest rates and flexible qualification requirements.
JUMBO LOANS: FINANCING FOR LUXURY HOMES
What Are Jumbo Loans?
Jumbo loans are non-conforming loans that exceed the limits set by the Federal Housing Finance Agency (FHFA). These loans are ideal for buyers looking to finance luxury homes or properties in high-cost areas.
Key Benefits of Jumbo Loans:
- Loan Amounts: Typically above $726,200, with no upper limit.
- Down Payment: Usually requires a larger down payment, typically 10% to 20%.
- Interest Rates: May be slightly higher than conventional loans, but still competitive.
- Credit Score: Generally requires a higher credit score (700+) and proof of substantial income.
- Loan Terms: Available in both fixed-rate and adjustable-rate options.
Why Choose a Jumbo Loan?
- Perfect for homebuyers purchasing high-value properties.
- Allows you to secure financing above conventional loan limits.
- Offers flexible loan terms and competitive rates for qualified buyers.
PURCHASE LOANS: SECURING YOUR DREAM HOME
At Real Estate Center of The Colony Texas, we offer various loan options to help you purchase your dream home. Whether you're a first-time homebuyer or an experienced buyer, we have a financing solution for you.
Our Purchase Loan Options Include:
- Conventional Loans: For buyers with strong credit and a stable financial history.
- FHA Loans: Ideal for first-time homebuyers or those with lower credit scores.
- VA Loans: Exclusive financing for veterans, active military, and their families.
- Jumbo Loans: For high-value homes in expensive markets.
REFINANCE LOANS: LOWER YOUR RATE, LOWER YOUR PAYMENT
Refinancing is a great way to reduce your monthly mortgage payment, access your home equity, or change the terms of your current loan. Whether you're refinancing to a lower rate, consolidating debt, or shortening your loan term, we offer a variety of refinance options.
Our Refinance Loan Options Include:
- Rate and Term Refinance: Lower your interest rate or adjust your loan term to reduce monthly payments or pay off your loan faster.
- Cash-Out Refinance: Access your home’s equity to make major purchases, pay off debt, or fund home improvements.
- Streamline Refinancing: Available for FHA and VA loans, simplifying the process with less paperwork.
Why Refinance Your Home?
- Lower Your Interest Rate: Take advantage of lower rates to reduce your monthly mortgage payment.
- Access Home Equity: Use your home equity to pay off high-interest debt or fund home improvements.
- Shorten Your Loan Term: Refinance to a shorter term to save money on interest and pay off your loan faster.
GET STARTED TODAY
At Real Estate Center of The Colony Texas, we are committed to helping you find the right loan for your needs. Whether you’re buying your first home, refinancing, or purchasing a luxury property, we have the right loan solution for you. Our expert team is here to guide you every step of the way.
Contact us today to discuss your options, get pre-approved, and start your homeownership journey in The Colony, Texas!