The Federal Housing Administration guarantees loans provided by American Mortgage
to promote home ownership to those with a small down payment and more Liberal underwriting.
(A) 3.5% Down payment required. All or part of this may be a gift.
(B) Flexible income, debt, and credit requirements.
(C) Non-occupying Co-Borrowers may be used to help qualify. *restrictions apply
(D) Seller may pay all or most of the closing costs.
(E) FHA requires an up-front premium which is typically financed and a monthly premium which is paid as part of the monthly house payment.
VA loans are underwritten to comply with guidelines set forth by the Veterans Administration for veterans and eligible surviving spouses of Veterans. VA loans permit eligible buyers to but with no down payment. The VA insures the loan, requiring a funding fee, which, is typically financed except for Veterans with a qualifying VA related disability. Veterans are not limited to a onetime use of this benefit.
Rural Development loans are underwritten to comply with guidelines set forth by the Rural Housing Service under the United States Department of Agriculture (USDA). Available for buyers of primary residence in designates rural areas, these loans require no down payment and have somewhat more lenient credit guidelines than other types of loans. USDA guarantees the loans. Requiring initial guarantee fee which is typically financed and a monthly fee which is paid as a part of the monthly house payment.
Buyers need not be first-time home buyers but household income and property location limitations apply.
To get started, please give an American Mortgage Lenders, Inc a call today.
To get pre-qualified you will need to provide the following basic information:
1. Drivers license, social security card and resident alien card (if applicable)
2. Pay stub(s) covering the most recent 30 day period
3. Bank statements for the previous 2 months (all pages) for all accounts including : checking, savings, 401k, CDs, etc.
4. All borrowers must submit the most recent last 2 years tax return and W2's.
5. Self employed borrowers must submit tax returns for the 2 most recent years along with a current profit and loss statement
6. Current mortgage statement(s) (If applicable)
7. Final divorce, child support and/or spousal support paperwork along with current proof of payment/receipt (If applicable)
8. Complete bankruptcy papers w/discharge (If applicable)
Contact American mortgage
today in Santa Maria, California, for instant approval for a loan!