Texas
Mortgage |
| HoustonMortgage.com
has built a strong reputation as an
outstanding mortgage brokerage firm
serving the lending needs of real
estate professionals, builders and
individual home buyers throughout
Texas. |
|
|
|
|
80/10/10
Mortgage Loan |
| These
mortgage loans are used to avoid Private
Mortgage Insurance (PMI). You carry
an 80% first mortgage and a 10% second
mortgage with 10% equity. There is
also an 80/15/5 with the same structure. |
|
|
80/15/5
Mortgage Loan |
| These
mortgage loans are used to avoid Private
Mortgage Insurance (PMI). You carry
an 80% first mortgage and a 15% second
mortgage with 5% equity. |
|
|
Interest Only Mortgage |
| An
interest only program is a fixed
rate program designed to help
borrowers purchase a home with as
little as 5% down and minimizing
your payment. |
|
|
Conventional Loans |
| These
are the most common types of first
mortgages for consumers with a 5%-20%
down payment and good credit. These
loans are underwritten through common
guidelines set forth by Fannie Mae
(or the Federal National Mortgage
Association) and Freddie Mac (the
Federal Home Loan Mortgage Corporation.) |
|
|
FHA Loans
(Federal Housing Administration) |
| Started
in 1934, these are loans insured by
the FHA. They help low to moderate
income families get mortgages. They
are generally a little easier to qualify
for than conventional loans and may
require less of a down payment. Used
often by first time home buyers. |
|
|
VA
Loans
(Department of Veterans Affairs) |
| Established
in 1944, these loans are to assist
eligible people on active military
duty or retired status to buy primary
residences. |
|
|
Jumbo
Loans |
| Any
loans over $359,600 are considered
Jumbo Loans. They usually carry a
higher interest rate and 5% down. |
|
|
Adjustable
Rate Mortgages (ARMs) |
| The
interest rate on these mortgages adjusts
every so often, using a common benchmark
rate as means of calculating the change.
They usually carry yearly and lifetime
caps for rate increases and decreases. |
|
|
Home
Equity Loan / Cash-Out Refinance |
| These
are used to take out a relatively
small amount of money ($10,000-$30,000)
for almost any purpose imaginable,
from fixing up your house, funding
an education, to buying a new car.
The interest rate on these is usually
competitive, there are few fees, and
because of the equity position these
loans are usually tax deductible. |
|
|
|
No
Closing Cost Loans |
| A
relatively new type of mortgage, these
loans reduce your closing costs to
little or nothing, but they will carry
a higher interest rate. You either
pay closing costs and receive the
absolute lowest rate or you reduce
your closing costs at the expense
of a higher monthly payment. |
|
|
Credit
Challenges / Bad Credit |
| Let's
face it, bad things can happen to
good people. If you've had the misfortune
of a recent bankruptcy, foreclosure,
repossession or charge off, the odds
are that we can still help you get
into that home you've been dreaming
about. But, first, please tell us
about your situation. We're the best
at helping families re-establish their
credit and enabling you to buy that
home. To get the ball rolling simply
go to our Sub-Prime Credit form and
tell us about your situation. |
|
|
Self-Employed
/ Sole Proprietors |
| Some
borrowers such as self employed sole-proprietors
cannot adequately verify their income
through normal means of verification
such as 1040 tax returns. Houston
Mortgage has a number of programs available
for these borrowers. Many borrowers
do not keep their money in traditional
savings institutions. No income verification
(NIV) loans can also utilized when
a lender cannot verify the source
of down-payment or savings. |
|
|
Relocations |
| If
your company is relocating you and
your family then you might be eligible
for our corporate relocation loans.
You may not realize it, but when your
company pays for your relocation,
it says a lot about you. Your company
is investing a lot of resources in
a valued employee. This indicates
a stable work environment. We can
offer this borrower additional savings
and a lower interest rate. |
|
|
Contract
For Deed |
| If
you currently are purchasing/leasing
a property using a Contract For Deed,
owner financed or leasing with option
to buy, we have mortgage loan programs
that will put the Deed in your name
and provide the security of actual
ownership you deserve. In most cases
there are No Out of Pocket Costs to
you for the mortgage. |
|
