Bailey & Wood Financial Group has many different loan options for our clients and can work with many different situations to assist you with your mortgage needs. A few options are listed below:
FHA 203b
FHA loans are easily the most popular loan in the market right now. FHA has flexible underwriting for all levels of credit history with requiring only a small 3.5% investment from the buyer. Funds can be gifted from family or sourced from other avenues as well, please check with one of our representatives for more info on this. FHA offers great low fixed rates and unbelievably low adjustable rates. Loans carry no pre payment penalties of any kind and have the ability to be assumed or streamlined without any penalties as well. Same day Pre-Approvals, quick underwriting times and loans can close in less than 2 weeks. Call us today to learn more about FHA financing options or click link below to learn more.
FHA 203k
Section 203(k) fills a unique and important need for homebuyers in another way as well. When buying a house that is need of repair or modernization, homebuyers usually have to follow a complicated and costly process, first obtaining financing to purchase the property, then getting additional financing for the rehabilitation work, and finally finding a permanent mortgage after rehabilitation is completed to pay off the interim loans. The interim acquisition and improvement loans often have relatively high interest rates and short repayment terms. However, Section 203(k) offers a solution that helps both borrowers and lenders, insuring a single, long – term, fixed – or adjustable – rate loan that covers both the acquisition and rehabilitation of a property. Section 203(k) insured loans save borrowers time and money, and also protect lenders by allowing them to have the loan insured even before the condition and value of the property may offer adequate security.
USDA
For eligible properties this program has excellent benefits. USDA allows buyers to purchase a home with no money out of pocket for down payment or closing costs. Very flexible underwriting guidelines allowing those with some negative credit history to still have options. Allows buyers to finance up to 102% of appraised value of home instead of purchase price of home giving the buyer flexibility while offering to purchase a home. Great low fixed rates that are very comparable to FHA or Conventional rates. Get Pre-Approved in one day! Loans on this program can close in less than 2 weeks. To find out more info on this great product or to see if a home is eligible for this type of financing please click the link below or call one of our representatives today.
VA
Home mortgage loan granted by a lending institution to qualified veterans of the U.S. Armed forces or to their surviving spouses and guaranteed by the VA. The guarantee reduces risk to the lender for all or part of the purchase price on conventional homes, mobile homes, and condominiums. Because of this federal guarantee, banks and thrift institutions can afford to provide 30-year VA mortgages on favorable terms with a relatively low down payment even during periods of tight money. Interest rates on VA mortgages, formerly fixed by the Department of Housing and Urban Development together with those on Federal Housing Administration (FHA) mortgages, are now set by the VA.
CONVENTIONAL
For those buyers whom have the equity in their property currently or at least 10% down of the purchase price Conventional loans still offer great fixed and adjustable products. There are many different types of Conventional loans and products out there and rates are still low. If you have more questions about if this loan is right for you please call one of representatives today.