Austin mortgage financing

Terri Wood is Your One Stop Resource for all your financing needs! She's got the experience and resources to get you into the right program for your situation.

Austin Mortgages:

Conventional Conforming Loans: Private, mortgage money available primarily from Fannie Mae and Freddie Mac.

A broad array of mortgage programs are offered under the conventional umbrella. The are available for purchase or refinancing of primary residence, second / vacation home and investment properties. Financing for single family residences up to four-unit properties.

Fixed Rate Loans: For the stability of a fixed principal and interest payment for the life of the loan. Loan term can be 10, 15, 20, 30 and even 40 years.

Adjustable Rate Mortgages (ARMs): Provide a lower start rate resulting in a lower monthly principal and interest payment for an initial period. This start period can be 6-month, 1, 3, 5, 7 or 10 years. The shorter the start period the lower that rate would be.

Government Loans: The Federal Housing Administration (FHA) and the U.S. Department of Veteran Affairs (VA) offer government-insured loans. These loans have features that make them easier for first-time home buyers to obtain. These features include low down payments and flexible lending guidelines.

FHA loan features (1) low down payment (usually 3% of the FHA appraised value or the purchase price (whichever is lower, (2) no maximum income or earnings limitations, (3) fixed and ARM loans available, (4) insurance from the federal government replaces private mortgage insurance, (5) maximum loan amounts vary by county.

VA Loan feature (1) no down payment loans up to $240,000 for qualified veteran, (2) loans up to $417,000 available with down payment, (3) fixed rate, (4) more flexible qualification guidelines than FHA or conventional.

Jumbo Loans: Loans called "jumbo" or "non-conforming" loans exceed Fannie Mae and Freddie Mac loan limits. Jumbo loans typically have a higher interest rate and different down payment guidelines.

Zero Down programs: For buyers with limited cash resources who want to buy a home.

Lender paid Mortgage Insurance (M.I.): For purchases with less than 20% down payment and with the desire for no monthly mortgage insurance payment.

80/20: Two mortgages closed similtanteously. Another way to avoid paying monthly mortgage insurance.

Stated Income Loans: Facilitates loans based on assets and credit history

No Income/No Asset Verification Loans: Available to those buyers with higher credit scores

interest Only Loans: For buyers who need maximum cash flow and lower monthly payments in the short term. Helps qualify for a larger loan amount.

Confused?

There are many options, each with special conditions and qualifications and rates. That's why you'll want to depend on the experience of Terri Wood to arrange for your Austin mortgage financing - she'll match your circumstances with the best deal to bring you the best financial fit.

Self-Employed Borrowers: Loan programs are available that do not rely on tax returns or paystubs

First-Time Homebuyers: A great opportunity for the first-time homebuyer with limited cash. Down payment assistance is a great help.

Lot Loans: Buy land before you're ready to build!

Extended Lock Programs: Lock in interest rates for up to 15-months while under construction. Rate float down available if rates fall during that time.

Construction-to-Permanent: 1x close saves money, time, aggrevation.

Investment Property: One-to-four units