Here is an excerpt from my favorite mortgage lender. This is a local mortgage company that is a bank and controls the whole loan process. Their staff has many years of experience in the mortgage industry. Joan is an expert on a variety of home, investment and commercial loan programs.

Cheers,

Betina

100% financing Loans available

I'm sure you are aware of the elimination of seller-funded down payment assistance with FHA-guaranteed loans beginning Oct. 1.  As a result of this policy change, very few options exist in our market place for buyers needing 100% financing.  VA offers the best 100% financing program on the market but only a limited few are eligible. 

Now for the good news, Land Mortgage is one of a select few lenders in Texas approved to offer USDA and Conventional Access (down payment /closing cost) Loans.   These loans will help make up for the gap in mortgage financing due to the elimination of seller-funded down payment assistance.  Please refer to program overviews noted below:

USDA (Guaranteed Rural Housing Loan Program)

• 100% financing, no down payment required
• Guarantee fee is 2% of the loan amount.  The 2% fee may be included in the loan amount in excess of the appraised value up to 102%.
• No first time homebuyer requirements
• Eligible properties: primary residence, single family homes, townhouses and approved condos in eligible rural areas based on 2000 census track.
• Income limits: 115% of the HUD median income limits
• Up to 6% seller contribution
• No monthly mortgage insurance
• Borrowers must be a US citizen, US non-citizen national, or qualified alien

Conventional Access Loan Program

• Provides for the combination of a Conventional Loan and an optional Second Loan to cover down payment and closing costs, up to a maximum of 105% loan-to-value.
• Income limits up to 140% of the HUD median income limits by county
• Little-to-No borrower contribution required
• No first time homebuyer requirement
• Primary residence only excluding manufactured homes 
• Homebuyer education required only for first-time homebuyers.

If you have a client that might benefit from either of these programs, please feel free to give me a call.

The mortgage market seems to be in a constant state of change and all these changes can get confusing.  Please, don't ever hesitate to give me a call or shoot me an email with questions regarding financing.   

Joan Gonzalez

Loan Officer

Land Mortgage

(512) 637-0756 Direct

(512) 554-7520 Cell