Your Comprehensive Source for Central Ohio Real Estate.
The Beckett Team has strong relationships with every Central Ohio lender, including large institutional banks, mortgage brokers and small local banks.
When we work with buyers, we have no preference, and receive no financial gain, based on which financial institution processes their loan. Our prime concern is that the lender will do a good job and close the transaction in a timely manner.
The most-used loans in the marketplace today are:
FHA Loans are easier loans to qualify for because you can obtain them with a lower down payment and credit score. If you have a lower credit score, have gone through a bankruptcy or been foreclosed on previously, you may be able to qualify for an FHA loan. FHA loans are insured by HUD. These loans require a smaller down payment than conventional loans and allow for cash-out refinances up to 85% of appraisal, and rate-term refinances at 97.75% of appraisal.
FHA 203K Loan
FHA’s Streamlined 203(k) program lets you finance up to $35,000 into your mortgage to repair or upgrade your home. You can tap into the cash you need to pay for home repairs or improvements, such as those identified by a home inspector or an FHA appraiser. Home-owners can make property repairs, improvements or prepare their home for sale. Home-buyers can make their new home move-in ready by remodeling the kitchen, painting the interior or purchasing new carpet
VA Loans are for people actively serving in the military, veterans and reservists or members of the National Guard as well as some surviving spouses.If you are eligible for a VA loan, one of your greatest advantages is that you can obtain a mortgage with a much smaller down payment than other loans and even no down payment. The Department of Veterans Affairs backs these loans, which are made by approved lenders. You will need to provide your lender with a certificate of eligibility to show you meet the requirements of obtaining a VA loan. These certificates can be obtained from the Department of Veterans Affairs.
Conventional Loans are loans with a 30 year fixed mortgage rate or an adjuistable rate mortgage also know as an (ARM). They usually require at least a 25% down payment. Conventional loans fall within Fannie Mae and Freddie Mac loan limits and guidelines. Private Mortgage Insurance (PMI) may be required, depending on your down payment.With a conventional loan, you will have a better interest rate than you would have with a non-conventional loan.
Portfolio Loans are conventional loans that don’t meet the underwriting guidelines of conforming and jumbo loans. These loans are held in the bank’s portfolio.
Although most companies offer these loans, not every company specializes in them.
More importantly, the property you are purchasing will often dictate the type of loan that can be used. A Beckett Team agent can recommend the lenders that might best serve your needs.
Additional loan options are available including specialty low income, conventional rehab and professional designation loans. The Beckett Team can discuss these options with you as well.