What Loan Program is right for you?
At first glance, the several types of mortgage loans may look like a secretive alphabet soup. We see it as our responsibility to help put the cookies where everybody can reach them…moreover we are here to help make sense of it all.
These are the most common type of loans you’ll encounter. As these are not insured or guaranteed by a government agency, they’re generally considered a higher risk for lenders, so credit and income requirements may be stricter.
VA - Veterans Administration
I’m a veteran myself and love serving other vets. A VA loan is any home loan made by private lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). VA loans are a benefit available to veterans and offer a great option because they don’t require a down payment as long as the sales price doesn’t exceed the appraised value or mortgage insurance.
Veterans and active members of the military should check their eligibility before applying for such a loan.
FHA loans, which are federally insured by the Federal Housing Administration, require a down payment as low as 3.5 percent and tend to have looser guidelines.
These loans may be a good option for borrowers with less cash and a lower credit score.
“FHA loans require upfront mortgage insurance and annual mortgage insurance that you generally pay monthly over the course of the term” Iit’s wise to compare your options with a conventional loan to see which serves your needs better.
A jumbo loan is a loan for an amount that exceeds the conforming loan limits for the county where the property is located. Because it doesn’t “conform” to the loan limit, a jumbo loan is by definition nonconforming.
The down payment requirements differ depending on the scenario and qualifications. You may need a higher credit score to be approved for a jumbo loan, due to the higher risk the lender is taking on. You also need to have adequate income to afford the larger payments on a greater loan amount.
Government-insured U.S. Department of Agriculture (USDA) loans do not require a down payment and may have lower mortgage insurance premiums than other options. USDA loans require borrowers to meet certain household income limits for the area where they want to buy a home, says Banfield.
The house must also be located in an eligible rural area, but you might be surprised about what qualifies as “rural.” Areas that are in the outer suburbs may qualify for this program.
SERVING YOU LIKE YOU'RE FAMILY
Brent has been financing homes in Arizona for 20+ years; this expertise makes the difference in finding solutions for borrowers. Brent works at Princeton Mortgage, a lender that has been in business for 35+ years. Brent leverages the flexibility & power of Princeton Mortgage to create a personalized experience for each of his clients, keeping the everybody in the loop throughout the process is his specialty….well that and solving problems. Brent is exceptionally at getting over, under or through obstacles to get a family into their home.
Brent grew up in rural Michigan and moved to Arizona in 1997, where he met his “angel,” his wife Elizabeth, at the swimming pool in their apartment complex in Old Town Scottsdale. Together, they are the proud parents of two teenagers his daughter Jordan and son Noah. Brent is a family man who puts those he loves first, and he makes a point to treat his customers with that same level of focus and integrity.
When not at work, Brent stays busy with youth sports. He coached his son and daughter for a bunch of years but now that they are older, he supports them from the bleachers. Brent loves God and facilitates the Dave Ramsey Financial Peace University Course at his church. During those rare “alone” moments, you will find Brent on at the Golf course, riding his road bike doing some woodworking….all while listening to some good-ole Rock-N-Roll.
Let’s have a conversation about your investment goals and I guarantee that you won't be disappointed.
THE TEAM YOU DESERVE
The reality of real estate is that most of us need to borrow a bit of money to purchase property. Fortunately, this is where we come in. The way we see it, our professional responsibility is to help you manage the debt that comes with purchasing property. Some folks assume that we're in the business of configuring loans, but we don’t see it that way at all. My primary responsibility is to help you INTEGRATE the mortgage loan you select into your overall long and short term investment goals. We're helping you to MAXIMIZE your monthly cash flow and MINIMIZE your long term interest expense.
Brent is very knowledgeable about his mortgage products, in addition he can assist with improving your credit background. Bret's professionalism is very commendable, I recommend Brent!
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*The Princeton Promise is subject to applicable lending rules and regulations and is subject to change.