LOAN PROGRAMS

1ST Community Mortgage Group offers a variety of loan programs to meet your needs. The following is a partial list of programs offered by 1ST Community Mortgage Group with a brief description of the key elements. Call to see what program best fit your need contact us at (281) 812-7756.            

· CONVENTIONAL   · FHA MORTGAGES · VA MORTGAGES · 80/15/5 · JUMBO LOANS

· HIGH DEBT RATIO LOANS · 2ND MORTGAGE LOANS · INVESTOR LOANS · FLEX 97 LOANS · AND MANY MORE

CONVENTIONAL - Conventional loans, also known as "conforming loans,” are insured by Fannie Mae and Freddie Mac, and have varying loan amount limits based on the property’s location.  In Texas, for example, the conforming loan limit is $417,000. Documentation and credit score 660 are necessary. These loans typically require PMI (private mortgage insurance) if the loan to value exceeds 80%, however, you may be able to obtain a conventional loan without PMI with less than 20% down if a subordinate lien is obtained.  You may have heard this type of structure referred to as an 80-10-10.  80% loan with a 10% second lien and 10% down from the buyer.  Give our office a call to discuss your Loan options.

FHA MORTGAGE -  FHA Loans (Federal Housing Administration) are government-backed loans that allow the borrower to have a minimum amount of money to put down on a home. Some people believe that FHA is only for first time homebuyers, or for people who have had credit problems in the past.  Actually, FHA is a great loan for everyone. Even if you’ve owned a home previously, and have perfect credit, FHA may still be the best loan for you.                                          

There is a low minimum down payment (currently 2.25%, but will increase to 3.5%effective January 1, 2009). The seller can contribute up to 6% of the purchase price toward the buyer’s closing costs and prepaid expenses, which can significantly reduce your out of pocket expense. Streamline refinances are available for FHA customers who have acceptable mortgage pay history for the most recent 12 months.  With a streamline refinance, there are no employment or income requirements, and no appraisal is required. It’s a great option to ensure your ability to take advantage of lower rates down the road without having to prequalify.

VA MORTGAGES –VA loans are government-backed loans for qualifying veterans who have served or who are serving in the United States military, and for qualified reservists. A VA loan is a great product, and we believe that the men and women who serve our country deserve the best financing available.  

There are several advantages to a VA loan. The program does not require a down payment, the seller may pay the buyer’s closing costs and/or prepaid expenses up to 4% of the loan amount.  In addition, the loan limits are significantly higher than the FHA limits, and there are many closing costs that VA does not allow the Veteran to pay, which reduces your out of pocket expense due to seller can contribute up to 4%.  The Veteran can move into a home for as little as $1.00.