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We are purchase specialists! - offering up to 100% financing!
We help conventional and slow credit borrowers.
USDA 100% Rural Development Loans
Reverse Mortgages, Construction and Investor loans.
We can also do 203k purchase/ rehab loans with up to $35,000 to improve the home you are buying!
Let us help you today! |
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| 1. |
How do I know how much house I can afford? Answer |
| 2. |
What is a USDA Rural Development loan? Answer |
| 3. |
How do I know which type of mortgage is best for me? Answer |
| 4. |
What does my mortgage payment include? Answer |
| 5. |
How much cash will I need to purchase a home? Answer |
| 6. |
What is the difference between a fixed-rate loan and an adjustable-rate loan? Answer |
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How do I know how much house I can afford? |
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Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford. |
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What is a USDA Rural Development loan? |
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Rural development loans are sponsored by the United States Dept. of Agriculture with the intention of helping folks get into homes generally in more rural areas. These loans are for 100% of the purchase price, plus up to 2% of the closing costs can be financed into the loan.
Some smaller towns are included in the RD(rural development) program. For example, in Montgomery County, generally anything west of Englewood and Trotwood is eligible. In Miami County, everything is eligible except for the cities of Troy and Piqua. The whole of Tipp City is eligible.
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How do I know which type of mortgage is best for me? |
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There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Midwest American Mortgage can help you evaluate your choices and help you make the most appropriate decision. |
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What does my mortgage payment include? |
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For most homeowners, the monthly mortgage payments include three separate parts: Principal: Repayment on the amount borrowedInterest: Payment to the lender for the amount borrowedTaxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company. |
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How much cash will I need to purchase a home? |
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The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:
Earnest Money: The deposit that is supplied when you make an offer on the house
Down Payment: A percentage of the cost of the home that is due at settlement
Closing Costs: Costs associated with processing paperwork to purchase or refinance a house |
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What is the difference between a fixed-rate loan and an adjustable-rate loan? |
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With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us. |
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