Loan Programs with The MortgagePRO Edge!
MortgagePro offer more loan Programs than other Lenders. We also DO NOT add CREDIT OVERLAYS which are additional Underwriting and Credit requirements like the Banks and Retail Lenders DO!
Many Home buyers are actually Denied for the home loan they deserve by these banks and lenders due to their more stringent guidelines. They routinely deny loans to clients that actually qualifies for the loan under the actual guidelines by FHA, Fannie Mae etc..
Why do banks and Lenders added these additionl requirements its sinple because they make more money when they resell your loan on the secondary market.
MortgagePro Underwrites to the REAL GUIDELINES OF EACH PROGRAM! Minimum Credit score for VA, FHA, USDA Home purchase programs start at 580. Conventional Purchase loans require minimum scores of 620.
Banks and Retail Lenders will require a minimum of 640 to 680 scores along with Automated Underwriting System results of Accept or Approve/Eligible and Deny the client for a loan if they don't meet those guidelines. Its not illegal for these institutions to turn clients down based on these added requirements. BUT we at MortgagePro think it is totally unfair!
FHA Home Loan Programs
Regular FHA Purchase 3.5% Down Payment (Down Payment Gifts OK) Min Score 580 Eligible property types. Existing Site Built, Modular Homes, Condo, Townhomes, Manufactured homes.
FHA 203K Renovation Loans Purchase and Refinance. Allows the purchase and renovation of a home all in one loan. 3.5% down Minimum score 580
FHA Construction Loan (One Time Close) Loan allows for the Purchase of Land and constructions costs of a home all in one loan. There is no requalifying after the the home is completed your 30 year fixed rate loan is locked in at your original closing before construction even begins. Minimum credit score 620, 3.5% down Payment, Eligible construction types Site built homes, Modular Himes and Manufactured homes on permanent foundations.
VA Home Loan Programs (we offer bonus VA eligibility call for details.)
Regular VA Purchase Loans Minimum credit score 580 100% financing includes funding fee.
VA IRRL Streamline refinance existing VA loan to a lower fixed rate.
VA Renovation Loans Purchase or refinance From Minor repairs to complete renovations.
VA Jumbo Loans Purchase Loan amounts up to 1.5 Million. Minimum score 620
VA Construction Loans Purchase Land or build on your own land. A (One Time Close Construction Loan) which means your 30 year fixed rate loan is locked before construction even begins! Min score 620 Eligible property types include regular Site built, Modular or Manufacture on a permanent foundation.
USDA Home Loan Programs Rural Development home loans available in qualified area's
USDA Purchase loan 100% financing, Minimum credit score 580. Eligible property types, Regular site built, modular, Townhomes, PUD and Condo
USDA Manufactured Pilot Program 100% Financing Existing Manufactured Homes Model year 2006 of newer on Permanent foundations.
USDA Purchase with Repair Escrow. 100% allows for the purchase and repairs uo to 10% of total loan amount.
USDA Construction Loans. Purchase Land or build on your own land. 100% Financing A (One Time Close Costruction Loan) which means your 30 year fixed rate loan is locked before construction even begins! Minimum Credit Score 620 Eligible property types Regular site bulit, Modular and Manufactured homes.
Conventional Loan Programs
Home Ready and Home Possible Offer a Low down payments starting at 3% down. The program has Income limits base on property location so call for Preapproval. The program becomes a good option for clients with a 680 credit score and is superior to FHA programs with the higher credit scores
Conventional Loans Conforming to Fannie Mae and Freddie Mac Underwriting Guidelines. Min 620 Credit score Property Types Primary, Seconday and Investment Residential property including SFR 1, 2-4unit, Townhomes , Condos, PUDS, Modular and Manufactured homes. Down payment requirements vary call for a preapproval.
Conventional Construction Loans Purchase land or build on your own land. As Little as 3% Down Payment. Primary or Second homes. Eligible Property Types Single family Site Built homes as well as Modular and Manufactured homes.
Say NO to Jumbo with Nationwide HIGH Balance Loans (Loan amounts from $1 above the max conforming limit to max loan amount $726,525. this is avaiable in all Counties)
Minimum Credit score 680, Up to 90% loan to Value, Purchase, Rate and Term and Cash Out refinace, Primary and Second homes only.
Better rates than Jumbo Loans with easier qualifying guideleines call for Information
These are just some of the Programs offer by MortgagePro. If the above programs don't exactly to fit your needs lets talk! Thank you very much for taking the time to visit my website. Jerry
Serving all counties in Tennessee. Davidson County Nashville, Murfreesboro Rutherford Co, Brentwood Franklin Spring Hill Williamson Co, Mt Juliet Lebanon Wilson Co, Clarksville Montgomery Co, Hendersonville Portland Gallatin Sumner Co