Available Home Mortgage Loan Programs 

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(click on the icon above to learn more about one of these great Mortgage Programs)

 

Mortgage Calculators

 

Mortgage PITI Caulator   

Mortgage Payment Calculator

DeSoto County Tax Assessor Property Tax Estimator

Mortgage Qualification Calculator


 

Financing Options Available

Fixed Rate Mortgage

The interest rate stays the same throughout the term of the loan - usually 15 or 30 years - so the principal interest portion of your payment remains the same. Payments are stable but initial rates tend to be higher than adjustable rate loans and often cannot be assumed by a subsequent buyer.



VA Loan

The VA does not lend money, it guarantees a portion of the loan so that lenders who originate the loan feel comfortable with their risk. Qualified veterans can obtain loans up to $203,000 with no down payment. VA-guaranteed loans can be combined with second mortgages and are assumable upon qualifying by any future buyer.



FHA Loan

FHA does not lend money or make a loan; rather, it insures loans. The down payment can be as low as 2.25%. Discount points may be paid by either buyer or seller. FHA charges a 2.25% up front Mortgage Insurance Premium (or as little as 2% for a first time home buyer) that can be financed in the mortgage amount or paid in cash (no premium is required for condominiums). The borrower must also pay an annual Mortgage Insurance Premium or .5% which is collected monthly.



MS Home Corp.

Mississippi Home Corp - www.mshomecorp.com

USDA Loan

11 Things You Should Know About the USDA Guaranteed Rural Housing loan

The USDA Guaranteed Rural Housing (GRH) loan program has seen some recent changes which became effective 10/1/2011 – decreasing the Funding Fee back to 2.00% and the implementation of a new Annual Fee (much like monthly mortgage insurance).  Even with these changes, the USDA GRH loan is one of the best mortgage options available to many borrowers. 

  1. NOW FUNDING – USDA has begun issuing “Subject to conditional commitments” and as in the prior years, Fairway Mortgage will continue to CLOSE and FUNDUSDA loans during this period! 
  2. USDA Rural Development have TWO different loans – Rural Development loans are broken down into two different loan types:  USDA Guaranteed Rural Housing (GRH) Loans and USDA Direct Loans (Section 502 Single Family Direct Loan)USDA GRH loans are originated through local Lenders, Banks and Brokers.  The USDA Direct Loanis originated directly through the USDA local offices.  There are distinct benefits of each program.
  3. 100% Financing – NO down payment.  Can go up to 102% with financing the 2.00% USDA Funding Fee.
  1. 4.NEW Annual Fee – Compared to FHA and conventional mortgages, mortgage payments on USDA loans are LESS even with the new AnnualThe .30% annual feeis calculated as follows:
    1. a.Initial fee for the first year will be based upon the loan amount and escrowed into the borrower’s mortgage payment.
    2. b.The fee will be calculated annually based upon the unpaid principle balance.
    3. c.Annual fee will paid for the life of the loan.
  1. Finance Closing Costs– Borrower’s closing costs/pre-paid items can be financed into the loan as long as there is room between the purchase price and the appraised value.  NO other loan program allows for this!
  2. NO Loan Limit – Unlike FHA or Down Payment Assistance programs, GRH loans have no maximum sales price limitation.  The maximum sales price allowed is determined specifically by the borrower’s financial situation (income limits do apply:  family unit 1-4 = $74,050.00 and 5-8 = $97,750.00).
  3. NO First-Time Home Buyer Requirement – You don’t have to be a first-time home buyer to benefit from this program.  Under certain circumstances, you can even own another home!
  4. NO Limit to Seller Contributions – Most lenders/investors stick to the 6% rule.
  5. Appraisal Requirements– The appraisal requirements for RD loans are similar to standard conventional loans. 
  6. In-ground Pools– In-ground pools are allowed “as long as” the pool does not have any contributing value to the appraisal.  Any contributing value must be reduced from the sales price or the difference paid by the borrower.
  7. Prohibited Loan Purposes - Please reference AN 4590.  This Administrative Notice covers:  Outbuildings, Farm land, Eligible/Ineligible facilities, Income- producing land or buildings. Acreage and site value limitations.

 

Questions For Your Lender

Here are some questions that you will want to ask your lender.

  • What is the interest rate?
  • How long can I "lock-in" the financing at the current interest rate?
  • Is a float down lock available in case rates drop after I have locked in?
  • What are the other fees a lender may charge me in conjunction with my loan?
  • Are funds for a second mortgage available?
  • Is there a pre-payment penalty clause? This involves extra charges • for paying off the loan before maturity. About 80% of all loans in the United States are paid off early.
  • What is the "grace" period? How late can a monthly payment be made before a late charge is assessed? What will happen if a payment is missed?
  • Do you have to pay "points" to get your new mortgage? Usually lenders charge points for the cost of giving you a mortgage loan. A "point" is 1% of the loan.
  • Will the lender require mortgage insurance?
  • Is the loan serviced locally or is the servicing sold?
  • Ask for a written "good faith estimate".
Mortgage Checklist

When applying for a mortgage you will need to be prepared. This checklist will help you know what materials you will need when you are ready to apply. 

  • Copy of your Purchase & Sale Agreement.
  • Copy of most recent Paystubs
  • Two year history of employment and verification of all income sources.
  • If self-employed, copies of past two years Federal Income Tax Returns.
  • Information about your checking, savings and credit card accounts.
  • Name, account number and outstanding balance of each of your debts.
  • Application deposits.
  • Information about any assets.
  • Information regarding any other assets that will be used as closing funds.
  • If FHA - Copy of Social Security card and photo ID.
  • If VA - Certificate of Eligibility or DD214.
  • If Employee Relocation Client - include relocation information and copy of offer, promissory note and copy of check on bridge loan.

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