FHA LOANS (PURCHASE OR REFINANCE): The Federal Housing Administration, a government agency,
that does not make loans-they insure them. This allows First time home buyers, repeat home buyers,
or those looking to refinance who might not otherwise qualify for a home loan to possibly obtain one
because the risk is removed from the lender and taken on by FHA. FHA loans are great for any
purchase or refinance.
VA LOANS (PURCHASE OR REFINANCE): The Veterans Affairs allows buyers who might not otherwise
qualify for a home loan to obtain one because the risk is removed from the lender and taken on by VA.
Up to 100% financing is available for veterans who qualify for a VA loan. First time home buyers, repeat
home buyers and refinances are all options with VA.
$100 DOWN PROGRAM: Housing and Urban Development offers a unique way to cover your required
down-payment allowing you to only bring $100 to closing when you buy a qualifying home.
STREAMLINE LOANS: The FHA and VA both allow you to refinance your home to a lower rate and
payment-possibly without an appraisal, minimal income verification and minimal credit check in most
cases. A quick call can give you an idea of how much your payment would go down.
NO MONEY DOWN PURCHASES: Even with a few credit dings many individuals can qualify for a new
home with no money down. However, there still may be a few out of pocket expenses such as
homeowners insurance, appraisal and inspections.
BILL CONSOLIDATION LOANS: Use the equity of your home to combine your debts; credit cards, cars,
medical bills, student loans, or simply get cash in hand.
203K: A unique home improvement loan that disperses funds as the projects complete and
considers the value at the time of completion.
HOME EQUITY LINES OF CREDIT: Works like a credit card against your home. Draw from the credit line
for any reason at any time.
REFINANCE FOR A LOWER RATE OR REMOVE PMI: As equity builds in your home and/or credit gets
stronger, individuals will typically qualify for a lower interest rate with one or both of these factors. Also,
even without the standard 20% equity there are a few great ways to remove your monthly PMI. GIve us
a call for an analysis to see how much you could save.
INVESTMENT / RENTAL PROPERTIES: A property where the owner does not occupy the unit(s). These
properties can be refinanced as well as purchased with little or no money down.
FIXED RATES: These loans have a fixed rate and payment over the life of the loan. You are
protected whenever the market rates increase; however, these rates are generally a little higher than
the adjustable rates.
ADJUSTABLE RATE MORTGAGE (ARM): Loans with and adjustable rate will be fixed for a short period
of time and then after this specified period they will begin to change. These are great "band-aid" loans
that allow a temporary fix to have time for fixing credit, doing improvements to increase value etc.
Adjustable rates are almost always lower than fixed rates.
BANKRUPTCIES OK: Keeping up on credit is important through the bankruptcy process; however,even
with a bankruptcy a home can be purchased or refinanced with little or no money down. The better you
handle your credit through the bankruptcy process the more flexible the programs you will qualify for.
The general rule is 2 years beyond the discharge period; however, there is a possibility of exception
and the time can also vary based on other factors.
HOME IMPROVEMENT LOANS: These loans can be in the form of a first mortgage or a second
mortgage and allow for getting cash in hand to do any kind of improvements on a home.
LAND CONTRACTS: Many individuals will opt to purchase a home on contract rather than outright
through the lending process. This is a good way for someone who cannot qualify for financing to get
into a house. The contract can be refinanced into a mortgage after a little time in the home, generally
requires a minimum of 12 months depending on credit and the amount of equity gained. It is crucial to
make these contract payments by a bank check in order to get the best financing possible.
SLOW CREDIT OR NO CREDIT: It is still possible to qualify for a new home or a refinance even with a
few late payments or having no credit at all. We can also help give you the advice you need to get back
on track or establish your credit.
FORECLOSURES: Losing a home can be devastating but it is possible to qualify for a new home even
with a prior foreclosure. The general rule is 3 years beyond the bank's release; however, there is a
possibility of exception and the time can also vary based on other factors.
SELF EMPLOYED / NO INCOME VERIFICATION: If self employed these loans offer flexibility on what is
verified for the household income. Heavy credit and loan to value restrictions.
INTEREST ONLY LOANS: This is a loan where your payments are solely based on interest alone. Your
principal balance will never change with this loan for as long as you are only paying the interest. Your
payments are a little lower than a typical mortgage payment.
COMMERCIAL LOANS: Loans for a property that is used for business purposes.
MEMBER OF BBB: We are long standing members of the Better Business Bureau and we encourage
you to review the records of ourselves as well as that of our competition
10534 Coldwater Rd.
Fort Wayne, IN 46845
a local Fort Wayne
|Your Indiana Mortgage Company
Mainstream Mortgage * 10534 Coldwater Rd. * Fort Wayne, IN 46845
a local Fort Wayne Mortgage Company
|If you have had credit issues in the past don't give up on your desire to purchase a
new home. Nobody is beyond repair-Nobody! It may take time, hard work and
dedication to reach your goals but it's not out of reach. There are some amazing
resources to rebuild your credit to get you on the road to home-ownership you just
have to know about them. Lets face it unfortunate things happen-some beyond our
control-some within our control. The key is to educate yourself on the things you
don't know so you can be the most responsible homeowner possible.
Indiana Mortgage Company:
Mainstream Mortgage - a Fort Wayne Mortgage Company
Homes For Sale