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When the housing bubble burst in 2007, it dropped the average home price across the country. An unfortunate result of the collapse is that many people eded up in foreclosure because their monthly payment was significantly higher, and they owed more on their home than it was worth. The main problem is when you are upside down on your mortgage, it’s impossible to get a traditional refinance so you are trapped paying a high mortgage payment on a home that isn’t worth as much as you owe on your mortgage.
If you are still stuck paying a mortgage that is higher than your home is worth, we have solutions to help you. Two programs available to help are the HARP 2.0 and the DU Refi Plus.These are government loans that were created specifically to help people who are underwater with their mortgage to be able to get out of it. We have helped many people through out Springfield and the surrounding communities like Nixa and Ozark to name a few lower their high mortgage payments.
The HARP 2.0 and DU Refi Plus programs are only for responsible home owners; if you’ve been skipping out on mortgage payments or have been consistently late making them you will not qualify. If you have stayed current on payments, the government would rather help you stay in your home than risk another foreclosure coming on the market.If you’ve tried to refinance and weren’t able to or just thought it was impossible because you are underwater on your mortgage there is a solution.
The HARP 2.0 and DU Refi Plus programs won’t be around for ever, so now is the time to see how much you can save. You can use our Mortgage Assistant to start the process and start your path to lower mortgage payments.
Are you a first time home buyer (FTHB) wanting to buy a home in Missouri? Do you have questions about what the best options are for your first home loan? If you answered yes we are here to help, we are PrimeLending and we are your home loan specialist. We’ve assisted thousands of first time home buyers in the Springfield Missouri area including Nixa, Ozark, and other outlying communities like Willard, Bolivar, Republic just to name a few.We understand that purchasing your first home can be a complicated and confusing time.
The terminology and loan program requirements can often times be frustrating and it can be very difficult to figure out which home loan option is right for you. We strive to guide you through the entire process so that you are able to choose the best loan program for your unique needs. Visit our blog as it has several great articles to help the first time home buyer. Conventional loans have higher financial requirements and don’t always provide you the best opportunity for the lowest rate. This loan program requires a higher credit score and a down payment of at least 5% or more.
If you haven’t had the opportunity to save up that 5%-20% down payment, you do still have the ability to own a home using a government created loan program. These special programs are designed to help first time home buyers by lowering credit requirements and often times requiring a lower down payment and interest rate. FHA loans are one of the most common loan programs amongst first time home buyers. These loans have more relaxed credit requirements and down payments as low as 3.5% that can be gifted from a family member or used in conjunction with a down payment assistance program like MHDC. These loans do, however, have a loan limit of $271,050.
Another loan program popular for current and retired service men and women is the VA loan. This loan program was created by the government in order to aid these former military personnel by providing home loans with zero down payment. These loans do also qualify for great rates and have a loan limit of up to $417,000 in the state of Missouri. At PrimeLending we believe that everyone should have the option to own their dream home, and are certain that we can make this a reality regardless of any special circumstances.
To inquire about your options use our easy online Mortgage Assistant or give us a call today!
If you have found the home of your dreams in your dream location but it is not in the best condition, don’t let the work ahead stop you from realizing your dream! The government has created programs to help people buy homes that need a little TLC without having to pay a lot of money out of pocket to make the repairs.
Here in Springfield, Ozark, Nixa Missouri and the rest of our surrounding communities there are many homes that would be perfect for this type of loan. Rehab loans tie in the costs of repair for that home into the loan into one easy low payment. That way you get a great deal on a home and have the funds to bring that home back to life. Not only can you renovate, but you can build and add on to your own specific ideas. After the housing bubble burst a few years ago, an unfortunate side effect was the amount of foreclosures that happened. As a result of houses being abandoned, the banks neglected to make needed upkeep repairs, and in some cases, former occupants intentionally damaged their homes in retaliation. This resulted in a lot of homes on the market that are in less than perfect condition. With so many of these homes available and people just not interested because of the work required, something had to be done. This is when the government created the FHA 203K or rehab loan to make it easier and less expensive for people to renovate damaged homes. The way the rehab loan works is that you don’t need to use your savings to fix up the damage of that home. Paying a contractor after you’ve put down payment for many people just isn’t possible, and home improvement loans can come with a high interest rate. When you tie in the cost of the home improvement into the loan not only do you get one easy monthly payment, but those rehab costs are at a far lower rate and you don’t have to worry about draining your savings. Most of these homes are already well below the costs of other homes in the neighborhood, so the difference that the improvement ads to the home will be well worth it. First you’ll be able to customize your home in your own way instead of what’s already there, plus the changes will raise the value of your property and make you proud to own your new home.
You can also use this program if you already own a home. You can refinance with an FHA 203K and it will tie the costs of upgrading your home into your current mortgage. The real estate market was hit hard, but this program is helping to get the market back to where it should be. Don’t let these record low home prices and rates pass you by. Even if you’ve seen homes that aren’t in the best shape, know there is a great program like the FHA 203K or rehab loans that can help you build your dream home out of it.
If you are a veteran or active military member and are thinking of purchasing a home, then you need to know about VA loans.
If you are not familiar with VA loans, they were created by the Veteran’s Administration to help more veterans and active duty to be able to purchase homes. Here at Prime Lending we are your Springfield VA loan experts along with the surrounding communities like Ozark, Nixa among others.
VA loans make it as easy as possible for you to be able to move into your own home. The biggest advantage of a VA loan is that you can own a home for no money down; that’s right you can move in a new home without putting any money down. When you compare that to a conventional loan which typically has a down payment of 20% or an FHA loan which still has a 3.5% down payment, a VA loan is the best solution if you qualify. Lack of a down payment is usually the biggest hurdle that keeps people from owning a home, but with a VA loan that isn’t a problem. The other big advantage of a VA loan is that the financial requirements are much looser compared to a conventional loan. In fact, statistics show that a good majority of people who qualify for a VA loan wouldn’t qualify for a conventional loan. There are of course minimal financial standards that are required, but they are not as strict as you find with other loan programs.
VA loan rates are also just as low as you’d find with other loan type, and are at historic low levels. So if you are a veteran or currently serving in the military and you’ve been thinking of purchasing a home, now really is a great time to take advantage of low interest rates and low home prices. There are some limitations to keep in mind. Each applicant has to meet the eligibility standards set by the Veterans Administration. While you don’t need perfect credit, there are still some limits you need to meet as well as income qualifications to keep in mind. There is also a loan limit on the size of the loan. The loan limit changes from state to state and county to county. In Springfield and the rest of Missouri, the loan limit can not exceed $417,000. With the average home price in Springfield being only $115,000 you’ll be able to find many homes that qualify for this great program.
If you’ve already purchased a home with a VA loan but feel that you may be paying too much on your mortgage, we have a solution for you. The VA has a refinance program called the VA streamline refinance and it was created to help those that bought during the housing boom at higher rates. It’s a refinance program that can help you move into a lower rate much quicker and cost less than a traditional refinance. We can easily show you how much you could save with a streamline refinance. Whether you want to purchase a new home or refinance your current VA loan we can help you with all your VA loan needs. Just follow the links below to our interactive tools on our site, tell us about your situation and we’ll get back to you with a quote personalized just for you.
If you are looking to purchase a large home, you may have found that you have trouble qualifying for a conventional loan. Conventional loans have maximum limits that are set by Fannie Mae and Freddie Mac. In the state of Missouri, the lending limit for conventional loans through out the state of Missouri can not exceed $417,000. What does this mean for you? If you are looking to purchase a home over that amount, you will need what is called a jumbo loan. Prime Lending specializes in helping clients find the best jumbo loan for each of our clients. We help clients from Springfield and the surrounding communities like Ozark, Nixa and can help finance a jumbo loan through out all of Missouri.
Jumbo loans are also sometimes known as non-conforming loans, because they don’t conform to the standards set by Fannie Mae and Freddie Mac. Because jumbo loans are not backed by either of the two government corporations, many lenders may be more weary about writing loans for these amounts. A result of this insecurity, many lenders have stricter guidelines and qualifications to make sure they are lending to those that will be able to afford the loan. This makes it very important to work with an experienced jumbo loans lender like Prime Lending.
The advantage is that we work with multiple different jumbo loan lenders, so we can shop around to find you the best rates. Each lender values something differently, and we will be able to take your unique financial situation and find the loan that will fit you best. Because the loan amount is so high, we can end up saving you thousands of dollars each year in interest rates. Think of it this way if you were to purchase a home that is $450,000 at the current jumbo loan rates as of October 2012 which can be as low as 4%, that means your monthly mortgage payment would be around $2,100. Then lets say you get a rate just a little higher of 4.3% the monthly payment goes up a hundred a month $2,200, and if you look at that over a year that’s $1,200 more you’d be spending on that home. We will help ensure you aren’t paying more than you need to be on your mortgage.
If you are looking to purchase a higher end home, then talk to us to see if we can find a jumbo loan program that is right for you. Let us take a look at your situation and we’ll give you a free rate quote. In most cases we’ll be able to get you a better rate because of our experience in lending jumbo loans. You can start by using our Mortgage Assistant tool. Whether you live in Srpingfield, Ozark or Nixa, we look forward to hearing from you and helping you with your jumbo loan lending needs.
When it comes to home loans, there can be a lot of confusion with different options and fees. Often times you might get quoted a rate thinking you got a great deal, then all of sudden here come the hidden fees that you never anticipated. It’s an unfortunate strategy some mortgage companies employ to draw potential clients in with a loan that seems great, only to sneak in all kinds of fees after you speak with them.
At PrimeLending, we make the whole home loan process very transparent with our Customize Your Mortgage program. We are a Springfield lender servicing the entire state of Missouri. We offer a wide array of home loan products like conventional loans, FHA loans, VA loans, jumbo loans and USDA loans just to name a few. Just like every person is different, each loan program is different and one might be better for one client than another one. With our Customize Your Mortgage program, we put more power in your hands by letting you pick a rate and payment. Then once you’ve got your rate we won’t surprise with all sorts of fees.
We offer no closing cost, no appraisal, and no PMI (mortgage insurance). This way you’ll know the rate you qualify for is what you’ll be paying, and you won’t be hit by any surprise fees right before closing. To see how much you can qualify you can use our free Mortgage Assistant tool. From there we can start creating the perfect loan program for you. We look forward to hearing for you.
The FHA Streamline refinance has always been a great loan option, but it just got even better. The FHA Streamline has been one of the more easy to qualify for refinance programs.
Like the name implies it streamlines the refinance process. When you compare it to conventional refinance options there are some advantages. You often times don’t need an appraisal, no income verification, employee verification, or underwriting fees. Almost no out of pocket costs and very little paperwork, even though with all those helping factors there were unfortunately people who were left out. The hurdles were the upfront mortgage insurance premium or the FHA PMI premium and the monthly mortgage insurance payments. Things changed on June 11th 2012 when the FHA Streamline lowered their mortgage insurance requirements. In fact the PMI went down all the way to .01%, which opened the door for more people to be able to refinance their FHA loan with a Streamline refinance. With PrimeLending of Springfield Missouri we are your FHA Streamline specialists. Our office is located in Springfield however we serve Nixa, Ozark and the rest of the state of Missouri. To qualify the only requirements are that it only works on existing FHA loans that closed before 6-1-2009, a credit score of at least 620, you must be employed and have a good history of making your mortgage payments. These makes loose requirements make it easier to qualify and benefit from a FHA Streamline Refinance. Here are some of the advantages of a FHA Streamline with the new changes from June 11th
- Lower rate, so lower monthly payments
- No appraisal fees
- No income requirements
We look forward to helping you with your FHA Streamline refinance needs. Please use the Mortgage Assistant on our website to let us know about you. From there we can start the process to move you into a lower rate and save you money each month on your mortgage payments.
With a fixed rate mortgage, the interest rate does not change for the term of the loan; the monthly payment is always the same. Typically, the shorter the loan period, the more attractive the interest rate will be. Payments on fixed-rate fully amortizing loans are calculated so that the loan is paid in full at the end of the term. In the early amortization period of the mortgage, a large percentage of the monthly payment pays the interest on the loan. As the mortgage is paid down, more of the monthly payment is applied toward the principal. A 30 year fixed rate mortgage is the most popular type of loan when borrowers are able to lock into a low rate.
- Lower monthly payments than a 15 year fixed rate mortgage
- Interest rate does not go up
- Payment does not go up, it stays the same for 30 years
- Higher interest rate than a 15 year fixed rate mortgage
- Interest rate stays the same even if interest rates go down
A 15 year fixed rate mortgage allows you to pay off your loan quicker and lock into an attractive lower interest rate.
- Lower interest rate
- Build equity faster
- If interest rates go up, yours is fixed
- Higher monthly payment stays the same if interest rates go down
- Interest rate stays the same even if interest rates go down
Conforming loans are conventional loans that meet bank-funding criteria set by Fannie Mae and Freddie Mac. Both of these stock-holding companies buy mortgage loans from lending institutions and secure them for resale to the investment community. Every year, form October to October, Fannie Mae and Freddie Mac establish limits on what constitutes a conforming loan in a mean home price. Buying back mortgage loans allow these agencies to provide a continuous flow of affordable funding to banks that reinvest their money back into more mortgage loans. Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market – effectively decreasing the demand for non-conforming loans. Conforming Loan Limits:
Number of Units:
Maximum original principal balance:
Alaska, Guam, Hawaii, and U.S. Virgin Islands only:
NOTE: The conforming loan limit in Alaska, Hawaii, Guam and the Virgin Islands is 50% higher.
These summaries are based on a $200,000 loan amount, on a loan term of 360 months, with an interest rate of 4.25% and an annual percentage rate of 4.458%.