The following is a partial list of programs offered by Matters Mortgage Group, Inc. with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 317-850-5506.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.
Like a FHA loan, VA loans are private loans insured by the federal government. VA loans are only available to qualified military veterans and their families. These loans are only available to these individuals for their own primary residences and cannot exceed a $548,250 loan limit. The standard VA loan limit is $548,250 for most U.S. counties in 2021, an increase from $510,400 in 2020. For more expensive housing markets in the continental U.S., Va loan limits reach all the way up to $822,375 for 2021, up from $765,600 in 2020.
VA loan limits do not represent a cap or max loan amount. Veterans with their full entitlement can get as much as a lender is willing to give them without needing a down payment. However, Veterans with one or more active VA loans or who have defaulted on a previous VA loan will encounter the limits, which will in part determine their zero-down buying power.
For information on qualifying for this loan program please give us a call today.
A jumbo loan, or non-conforming loan, usually means any home loan for amounts higher than $647,200. Jumbo loans feature similar loan programs to fixed rate and adjustable rate programs. There are even FHA jumbo loans. The main difference between jumbo loans and conforming loans is the interest rate. Because jumbo loans are riskier for lenders they usually have higher rates. Learn more about jumbo loans by contacting us today.
FHA loans are private loans insured by the federal government. These loans are popular with borrowers who don’t have enough funds to pay a traditional 20 percent down payment because they only require 3.5 percent down to qualify. Those who choose these loans are required to pay mortgage insurance which slightly increases their monthly payments. Lenders who wish to offer these loans must be approved by the Department of Housing and Urban Development.
On Wednesday, December 2, 2020, the Federal Housing Administration (FHA) announced increases to the FHA Single Family loan limits for 2021. FHA will also increase its floor to $356,362 from $331,760. The maximum loan limits for FHA forward mortgages will rise in 3,108 counties. Please contact us today to find out if a FHA loan is right for you.
A reverse mortgage is a way for homeowners ages 62 and older to leverage the equity in their home. With a reverse mortgage, a homeowner who owns their home outright -- or at least has considerable equity to draw from -- can withdraw a portion of their equity without having to repay it until they leave the home.
You may be wondering why anyone would want to borrow against a home they worked hard to pay off. here's how reverse mortgages work, and what homeowners considering one need to know.
This program pays the homeowner either a one-time large payout or monthly installment. Once the loan term expires the house either becomes the property of the lender or the house can be sold to repay the debt. Reverse mortgage loans are great options for seniors looking to increase their monthly incomes. Contact us for more details.