MARISSA & MARGO'S
Conventional Lending up to 95% Loan to Value “Conventional Lending" is a type of financing that has been popular for many years. It is the typical loan that most buyers want to obtain.
The conventional market extends financing to home buyers for as little as 5% down! This small down-payment must be the borrowers OWN funds, ‘sourced and seasoned’ in your checking/savings account for at least 60 days (or from the sale or another property, etc). The seller is allowed to pay up to 3% towards ‘seller paid closing costs’ on behalf of the buyer in this type of transaction. Buyers can obtain a 30, 20, 15 or 10 year terms for their loans on this type of product.
This extremely popular product is the way to go if you have 5% or more to put down on your new home. If you have any questions please feel free to give us a call and we can walk you thru the requirements and get you started today!
REDEFINING YOUR FUTURE
Refinancing your home is an important decision for your family and we would be honored to be a part of that. Our refinance products include:
- FHA Financing up to 97% Loan to Value
- Conventional Lending up to 95% Loan to Value
- Investment Property Financing up to 80% Loan to Value
- Rural Development to Rural Development Lending
- VA Loans 100% Financing & VA 100% ‘cash-out’ options
- FHA streamlines
Marissa and Margo feel that the more informed their clients are about their loan options and our loan products, the more comfortable and confident they will be about their home financing decision.
A New Start
Federal Housing Administration (FHA) Loans are insured by the government and designed to help low- to moderate-income families attain home ownership. FHA loans are very popular with first-time homebuyers; however, that is not a determining factor. You can own another home and still qualify.
FHA lending extends financing for as little as 3.5% down! This small down payment can be in the form of a gift from a family member, a gift from an employer, an auto equity loan, or simply your own available funds. The seller is even allowed to pay up to 6% towards ‘seller paid closing costs’ on behalf of the buyer.
Buyers can take advantage of many great FHA loan features like a 30, 20, 15 or 10-year term, lower appraisal costs, and minimum credit score requirements.
Veterans Affairs Loans
With our Veterans Affairs loans, all retired and active military service personnel, including Coast Guard and National Guard are eligible.
We make it easy to apply for VA financial assistance. We communicate, on your behalf, with everyone involved, including the VA. Our goal is to make it simple, stress-free, and affordable for you. You served our country, let Marissa and Margo serve you through this process.
From The Outskirts
Rural Development Loans
Rural Development Loans offer 100% financing to households that do not exceed more than $74,500.00 annual income.
You do not have to be a ‘first time homebuyer’ in order to obtain a RD loan; but, you cannot currently own another home & be eligible to purchase another one with RD financing! There is no time limit after you sell your home to be eligible for a RD loan and the seller is allowed to pay up to 6% towards ‘seller paid closing costs’ on behalf of the buyer.
Rural Development loans can only be acquired in a 30 year mortgage loan. Rural Development loans for properties located in Knox County have to be eligible according to the guidelines and those can be found here.
start your journey
The Tennessee Housing Development Agency or THDA created a Great Choice Home Loan program to make buying a home possible for Tennesseans with middle/moderate incomes looking to buy in qualified counties.
The benefits of the loan program can include a long-term loan to spread out payments, a fixed interest rate, approval with a lower credit score, and down payment assistance.
If this sounds like an option for you, there is more information on THDA's website. They do require a homebuyer education class to assist you in your journey and to help you improve your credit score if needed. Contact our team that is trained and approved for the Great Choice Home Loans.
Create your dreams
We are now offering true one-time close Construction Loans! Build your own home by getting a home construction loan that can close in less than 60 days with us! At closing, lock your loan for 6, 9 or 12 months with a draw schedule of 10/80/10. Build your home and pay the loan back with available loan terms of 30, 25, 20, 15, or 10 years. Qualified constructions can be for a single-family home or a modular and manufactured home as long as it's on a permanent foundation and a double wide or larger. Qualified borrowers would fall within the two types of available construction loans below.
1. Borrower already owns the land & chooses a licensed builder to build the home on their land. Our team can typically use the land as the down payment, pending appraised value and equity amount. We then offer Conventional loans up to 95% loan to value and close this as a Refinance. For FHA and Veterans Affairs loans, we close these as purchases and will lend up to 96.5% of loan to value for FHA and up to 100% loan to value for VA.
2. Borrower does not own the land and needs to purchase it with the transaction. These are called a Land + Home package from us, and your loan would close as a purchase with the following loan to value terms: Conventional loan up to 95%, FHA loan up to 96.5%, or Veterans Affairs loan up to 100%.