Conventional Financing:
Conventional loans are insured by Fannie Mae and Freddie Mac. They have established guidelines for a borrower’s credit, income, and minimum down payments requirements. For example, most conventional loans require between 5% and 20% down. In addition, loan amounts are limited $766,550 in most markets.
FHA Financing:
FHA loans are mortgages insured by the Federal Housing Administration (FHA). Congress established the FHA in 1934 to assist borrowers whose income and/or credit might not otherwise allow them to qualify. Because FHA loans are insured by the government, they have easier credit qualifying guidelines and down payment requirements. Your down payment can be as little as 3.5% of the purchase price. $420,680 is the current maximum loan amount for a single-family residence.
VA Financing:
ACM honors all our Military Veterans and is grateful for the service and sacrifice they have given to our nation. VA loans help our vets qualify to purchase a home with no down payment. They can also refinance their home up to 100% of the appraised value. This is referred to as 100% financing.
The VA Home Loan program is specifically for veterans, active military, and surviving military spouses. Most vets satisfy the service requirements if the they served 181 days on active duty during peacetime, 90 days on active duty during wartime, or served six years in the Reserves or National Guard. Your ACM loan officer can easily confirm with the VA if you qualify for a VA Certificate of Eligibility. The benefit of a VA mortgage is that it is designed to make the purchase or refinance of a home easier, and more accessible, to those who have served our nation.
USDA Financing:
ACM & USDA Rural Development provide 100% financing to individuals and families who buy a home in rural areas. USDA does not require a down payment. Closing costs can be paid by the seller, or from a gift. There are household income limits depending on the state, county, and number of household members.
Eligible homes can be searched with this link – https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp
JUMBO Financing:
Jumbo loans are mortgages that exceed the “conforming limit” set forth by Fannie Mae and Freddie Mac. Currently, the conforming maximum loan limit is $647,200 – depending on the state, county, and local housing market.
Investment Financing:
Investment purchase loans are backed by Fannie Mae and Freddie Mac. They require a minimum down payment of 20% to 25% of the purchase price, and the subject property can have between 1 and 4 units. The interest rates are slightly higher than that of a primary residence purchase. This is only because of the additional risk associated with investment purchase loans.
Bank Statement Financing:
Bank statement loans are design for self-employed home buyers who otherwise may be unable to obtain financing through conventional and government sectors.