Conventional Loans
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Government Loans
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FIXED Rate Mortgages
Fixed-rate mortgages are the most popular conservative loan choice. They provide predictable payments, and make managing your cash flow simple. With no pre-payment penalties, you are given the flexibility to accelerate the repayment of your loan to save interest cost.
Fixed mortgage loan terms of 10, 15, 25, and 30 years are typical, but at A+ Mortgage, we can also customize a term that works for you. There are no purchase price limits, but the maximum loan is $766,550.
In general, the rates on adjustable-rate mortgage loans are lower. The payment of principle and interest is divided over 30 years although the rate is only guaranteed for a portion of the term.
For example the principle and interest Payment of a 5 year A.R. M. will be the same for 5 years, then it can change based on pre-determined criteria. Buyers who choose this option should be sure they understand how the possible changes in interest rate will affect their payment.
Adjustable Rate Mortgages
JUMBO MORTGAGES
You may not know this, but at one time you always had to have 20% down or more in order to purchase a home. The only exception was with some type of government insured loan like FHA or VA.
Private mortgage insurance was developed in 1957, right here in Wisconsin, to address this issue. The advent of Private Mortgage Insurance, or PMI makes it possible buyers to purchase a home with as little as a 5% down payment, because it reduces the lender’s risk in case of a mortgage default.
Mortgage insurance has sometimes been portrayed in a negative way. The reality is that it serves a purpose for those buyers, who don’t want wait until they have saved up a big down payment.
For example, with rates and home prices being at historic lows at this time, it may make sense to purchase a home right now, instead of waiting, just to have a bigger down payment.
Your A+ Mortgage Loan Officer can assist you to determine if now is a good time to buy a home with PMI versus waiting until you have 20% saved for a down payment.
Also, we can suggest the type of mortgage insurance best suited to your needs – monthly, lend paid or split premium.
Private Mortgage Insurance (PMI)
FHA LOANS
FHA stands for Federal Housing Authority. This is the agency of the US Government that created the program. The loan is not, as you may have heard, a loan from the Government.
The important features of the FHA loan are:
- A very low down payment requirement of 3.5%
- 100% of your down payment can be a gift
FHA loans are insured by the government. A+ Mortgage is fully authorized to originate this type of loan.
We underwrite and approve all FHA loans in our office. This is important because some lenders must send the file to another State or sometimes even to another lender in order to obtain FHA loan approval.
Your FHA home purchase is too important to be passed on to other unknown parties. You need reliable feedback on your FHA loan throughout the process.
Speak to one of our FHA specialists today.
This is a government insured program for to assist buyers, who meet certain income criteria in purchasing rural properties.
Here are the basics of this program:
- No down payment required for eligible buyers.
- There is a funding fee and monthly mortgage insurance.
There are two other criteria which you will need to have one of our A+ Mortgage Loan Officers evaluate.
Since USDA loans are designed for rural properties, we have to check each property you may be considering to purchase with this program, to make sure it qualifies. In general city properties are not included.
The other important criteria is your income. Qualifying income is based on family size and government tables for income by county.
USDA LOANS
VA LOANS
A+ Mortgage is a leading Milwaukee mortgage company of originating and approving VA loans. The VA Loan is a government insured program for the benefit of those individuals who have served our country as active military, or as a Reservist.
Here are the basics of this program:
- No down payment required for eligible Veterans
- There is a 2.15% funding fee for first time buyers using the program, unless you have a service related disability
Military service does not guaranty that you are eligible. Please speak to one of our VA loan specialists and they can make sure the program will work for you.
A+ Mortgage is fully authorized to originate and approve VA loans. We manage the process from the beginning to the closing, so you can have confidence in the process.
Your DD214 is needed for the VA loan process. If you do not have it you may obtain it on line at:
www.VAloancheck.com (correct).