Conventional Mortgages

A conventional mortgage is a loan that is not guaranteed or insured by any government agency. Conventional mortgages may be fixed-rate or adjustable-rate mortgages.
Most people choose a 30-year fixed rate loan, but loans are also available in 20, 15 and 10 year terms. Conventional mortgages typically require that a buyer have at least a 5 percent down payment. However, if a borrower can put 20% down they can usually get slightly better loan terms and can also avoid paying for private mortgage insurance (PMI). In addition, some programs allow qualified buyers to come up with as little as 3% down. Conventional mortgages have a maximum loan amount in 2019 of $484,350 for most of the state of Indiana.

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Federal Housing Administration (FHA) Mortgage Loans

FHA mortgages are administered by the U.S. Department of Housing and Urban Development (HUD).
They are government-insured loans that offer very low down payments, which may be gifted from relatives or employers. Rates are often lower, and qualifying is easier because credit is not as large a factor. Refinancing is easier, and there are other products and services available. FHA Loans have a cap on how much can be borrowed with a maximum loan amount in 2019 of $343,850 in our area. FHA mortgages are not restricted to first-time borrowers and come in 30 and 15 year loan terms, as well as the FHA 203k rehabilitation program.

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U.S. Department of Veterans Affairs (VA) Mortgages

VA mortgages are government-guaranteed loans available to veterans of the armed services, those currently on active duty or in the reserves, and widows or widowers of veterans.
Similar to FHA loans, VA loans have certain guidelines that allow more people to qualify. In addition, some VA loans require no or little down payment. There are limits on the size of VA loans – $484,350 in our area as of 2019 – but they are usually large enough to cover the purchase of moderately priced homes. VA-guaranteed home loans are made by private lenders like Integrity Mortgage Group. The “guaranty” means that the VA will protect the lender against loss if the veteran or a later owner fails to repay the loan. You must have suitable credit, sufficient income, and a valid Certificate of Eligibility to be eligible for a VA-guaranteed home loan.

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USDA Single Family Housing Guaranteed Loans

USDA guaranteed loans offer affordable financing to rural home buyers, and help many low to moderate income home buyers in rural areas achieve their dream of home ownership.
To qualify for a USDA Mortgage, applicants must purchase a home within the eligible rural areas and have a household income that does not exceed the established limits where the home is located. USDA backed loans offer 100% financing and no down payment is required, however, the loan amount may not exceed 100% of the appraised value. USDA loans are not limited to first time home buyers.

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Home Refinancing

The amount you pay on your mortgage each month is directly related to the interest rate. In short, lower rates usually mean lower payments.
You may be able to get a lower rate because of changes in the market conditions or because your credit score has improved. A lower interest rate may also allow you to build equity in your home faster. Refinancing involves paying off your existing mortgage and creating a new one. You can also combine a primary mortgage and a second mortgage into a single new loan, or tap into your equity for home improvements, debt consolidation, college tuition, or many other reasons.

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Rehab / Renovation

A renovation loan gives you the opportunity to buy or refinance a home in need of repairs or updates and roll those costs into one simple home loan.
The repairs and improvements can be as simple as fixing your roof or replacing carpet, to remodeling your kitchen or adding a master suite. The choices are up to you! Your loan and the value of the property will be based upon the condition and value after your repairs are completed, allowing you the potential to gain instant equity in your home!

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