Mortgage Types

Conventional Loans

USDA 100% Financing Program Applynow

Zero down payment
620 minimum credit score
Property must be located in targeted area. Check property eligibility
Income restrictions apply. Check income eligibility
Seller can pay 6% of purchase price toward closing costs

100% Gift Purchase Program Applynow

Conventional Fannie Mae Program
640 minimum credit score
Down payment can be 100% gift from relative or fiance
Fixed rate loan

Fannie Mae MyCommunity Applynow

Conventional low down payment loan
No minimum contribution from borrower’s own funds
640 minimum credit score
Low PMI or mortgage insurance
Community Solutions-Flexible guidelines if you are a teacher, firefighter, police officer, health care worker, or military personnel.

Fannie Mae NO PMI Program Applynow

720 credit score
No PMI or private mortgage insurance
Conventional program

Good Neighbor Next Door Applynow

Get home at 50% discount on home in target areas-Check out homes now!
Law enforcement, police officers, teachers, firefighters, and emergency technicians are eligible for this program
Conventional, FHA, VA loan programs available

Home Possible Neighborhood Solution Mortgage Applynow

640 minimum credit score
Low down payment
You may be eligible if you are a Teacher, Law Enforcement Officer, Fireman or Firefighter, Healthcare Worker, Nurse, Emergency Medical Technician (EMT), Active Military Personnel, or Veteran in Armed Forces.
Lower mortgage insurance
No minimum contribution from borrower’s funds-down payment and closing costs can come from flexible sources such as gift, affordable second mortgage, or unsecured loan from employer.
More flexible income underwriting guidelines
Income restrictions do apply
Single family, condo, townhome, 2 unit, PUD

Family Opportunities Loan Applynow

Parent can purchase home for child as investment property
NO MI or mortgage insurance

Fannie Mae HomePath Renovation Program Applynow

The Fannie Mae HomePath Renovation program allows borrowers to combine the purchase of a home with the costs to renovate or extensively remodel the property.
640 minimum score

THDA and The Housing Fund Down Payment Assistance/Grant Programs ApplynowMost first time home buyers do not have funds for down payment and closing costs and there are many great programs which can assist you with these funds.  For more info Email Wade@mtjulietmortgage.com for grant programs available in your area.

FHA and VA Loans

FHA Applynow

Low Down Payment which can be 100% gift from family member or Grant Program
Seller can pay closing costs-Maximum 6% of purchase price
There is maximum mortgage amount for each county. Check FHA loan limit for your county.
620 Minimum Credit Score
More flexible underwriting guidelines and extenuating credit and income circumstances may be considered by the lender.
Non-occupant co-signers are allowed on this program.
FHA Approved Condos-Single family home-2-4 unit properties, and PUDs are eligible.
Fast automated underwriting approval available. Also, the file can be manually underwritten by a live person to get loan approval if you do not receive approval through automated system.

FHA Foreclosure Program Applynow

Must be HUD Owned property or FHA Foreclosure in HUD Participating Communities
Lower Down Payment than standard FHA program
620 minimum credit score
Single family, 1-4 unit properties, HUD approved condominiums, and PUDS eligible
Find Foreclosures Now!

FHA Back To Work ProgramApplynow

Individuals who had adverse credit due to a 20% reduction in household income for a period of 6 months from loss of employment, loss of income, or combination of both.
Underwriting will look at the extenuating circumstance but you will need to demonstrate full recovery from this event with recent on-time payment history in last 12 months.
620 minimum score

Kiddie Condo Applynow

Parent can co-sign for son or daughter buying their first home and not occupy property. Also, other family members such as brother or uncle can co-sign on loan and even a friend who has long-standing relationship may be eligible.
Qualify for loan using combined credit, income, and assets
Single family-townhome-condo-PUD
Son or daughter does not need their own down payment funds to qualify but must meet certain underwriting qualifying guidelines.

Streamline 203k Renovation Loan Applynow

Repairs which range from $5,000-$30,000+ may be included in loan amount. Great program to fix up foreclosures.
Visit 203K Loan for more details on Streamline 203k program 

VA Applynow

0 down payment
Great fixed reate loan program with 0 Down Payment for veterans or active military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard.
620 credit score
Single family home-VA approved condo-townhome
Loan amounts greater than $417,000 are available

Dream Makers Program Applynow

Grant program which matches your contribution three-to-one up to maximum up $5,000
Military personnel (Active Duty, Reserve, National Guard, Veteran) are eligible for this program
FHA, VA and USDA 30 year fixed zero down loan programs available
There are maximum income limitations
Apply for grant

 

Trying to learn all the ins and outs to all of the different government loans is not a task you want to go alone. You need a trusted advisor to assess your personal situation and direct you to the best option.

 

VA Loans

VA Funding Fee Chart

Purchase – First Time Use

Down Payment

Active Duty/Retired

Guard/Reserve

$0 Down

2.15%

2.40%

5-10% Down

1.50%

1.75%

10% or More

1.25%

1.50%

 

Purchase – Additional Use

Down Payment

Active Duty/Retired

Guard/Reserve

$0 Down

3.30%

3.30%

5-10% Down

1.50%

1.75%

10% or More

1.25%

1.50%

 

Cashout Refinance

VA Usage

Active Duty/Retired

Guard/Reserve

1st Time Use

2.15%

2.40%

Additional Use

3.30%

3.30%

 

IRRL (Interest Rate Reduction Loan)

VA Usage

Active Duty/Retired

Guard/Reserve

1st Time Use

0.5%

0.5%

Additional Use

0.5%

0.5%

 

FHA Loans

Effective April 1, 2013 and June 3, 2013 The charts below illustrate the 10 basis points (bps) increase in the Annual Mortgage Insurance Premiums, new duration of annual MIP and new MIP rates for loans under 78% that are amortized for 15 years or less. Upfront premiums will not change with this update.

The annual MIP on all forward mortgages increases, except single family forward streamline refinance transactions that are refinancing existing FHA loans that were endorsed on or before May 31, 2009; the rate for those streamline transactions remains at the current
level. Details here.

The following are effective for all mortgages with FHA case numbers assigned on or after June 3, 2013:

  • Revision to the period for assessing the annual MIP;
  • Removal of the exemption from the annual MIP for loans with terms of 15 years or less and LTVs of less than or equal to 78 percent at origination;
  • Increase in the annual MIP for mortgages with terms less than or equal to 15 years and LTV ratios less than or equal to 78 percent at origination.

The table below shows the previous and the new duration of annual MIP by amortization term and LTV ratio at origination:

TERM LTV (%) PREVIOUS NEW
≤ 15 yrs ≤ 78 No annual MIP 11 years
≤ 15 yrs > 78 – 90.00 Cancelled at 78% LTV 11 years
≤ 15 yrs > 90.00 Cancelled at 78% LTV Loan term
> 15 yrs ≤ 78 5 years 11 years
> 15 yrs > 78 – 90.00 Cancelled at 78% LTV & 5 yrs 11 years
> 15 yrs > 90.00 Cancelled at 78% LTV & 5 yrs Loan term

Upfront Premiums:
Upfront premiums (UFMIP) will stay the same.

Annual Premiums:

New annual MIP rates by amortization term and LTV ratio. All MIPs in this table are effective for case numbers assigned on or after April 1, 2013 for loan amounts under $625,000 (15 year and 78% or less LTV MIP changes are effective June 3, 2013): For loan amounts larger than $625,000, view the full mortgagee letter below.

LTV Ratio Annual Premium for over 15 Years and up to 30 Years LTV Ratio Annual Premium for Loans 15 Years and Under
95.00% and Under .80% 78% and under 0.45%
95.01% and Over .85% 90.00% to 78.01% 0.45%
90.01% and Over 0.70%

Read the full FHA Mortgagee Letter (pdf)

——————————————————————————————————————————————————————————————————-

Effective April 9, 2012 The charts below illustrate the 10 basis points (bps) increase in the Annual Mortgage Insurance Premiums (loan amounts under $625,000) and a 75 basis points (bps) increase to the Upfront Mortgage Insurance Premium (UFMIP). It is anticipated that these marginal increases are affordable for nearly all homebuyers who would qualify for a new mortgage loan and will significantly strengthen the capital position of the MMIF.

Upfront Premiums:
Upfront premiums (UFMIP) will increase by 0.75 percent.

Read the full FHA Mortgagee Letter (pdf)Additional FHA informationFHA Mortgage Insurance Case Number Assignment Date Chart (pdf)Search FHA Maximum County Mortgage Limits by State

Read the full FHA Mortgagee Letter (pdf)Additional FHA informationFHA Mortgage Insurance Case Number Assignment Date Chart (pdf)Search FHA Maximum County Mortgage Limits by State

Annual Premiums:
FHA will increase its annual mortgage insurance premium (MIP) by 0.10 percent for loans under $625,500 and by 0.35 percent for loans above $625,000.

For FHA traditional purchase and refinance products, the annual premium, shown in percentage below, is to be remitted on a monthly basis, and will be charged based on the initial loan-to-value ratio and length of the mortgage according to the following schedule for loan amounts under $625,000: For loan amounts larger than $625,000, view the full mortgagee letter below.

LTV Ratio Annual Premium for over 15 Years and up to 30 Years LTV Ratio Annual Premium for Loans 15 Years and Under
95.00% and Under 1.20% 78% and under 0.00%
95.01% and Over 1.25% 90.00% to 78.01% 0.35%
90.01% and Over 0.60%

How long will I have monthly FHA mortgage insurance? Years will be determined when the loan balance equals 78% of the initial sale price or appraised value, which ever is lower, provided the mortgagor has paid the annual mortgageinsurance premium for at least 5 years.

Read the full FHA Mortgagee Letter (pdf)

Search FHA Maximum County Mortgage Limits by State

HARP

  • Income
  • Credit
  • Equity

 

HARP2

  • Income
  • Credit
  • Equity

 

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We are a full service Mortgage Broker serving Mount Juliet and Middle TN with Conventional, FHA, VA and USDA home loans for home buying, 100% financing, purchasing or refinancing Single Family Homes and Condos