Sun Mortgage Funding offers FHA loans in Lincoln LA. These loans have less restrictive guidelines for borrower qualifications. A more attainable credit score is needed, a 640 or higher. A smaller down payment is required, as little as 3.5%. A higher debt to income ratio is allowed, 31% and a larger monthly payment is allowed for the mortgage, up to 41% of income.
Homes that are eligible for FHA financing are single family homes with negotiated prices of $271,050 or less; duplexes with final prices of $347,000 or less; tri-plexes of $419,425 or less; and four-plexes of $521,250 or less. Speak to one of our helpful mortgage consultants to find the best mortgage term for your circumstances. We offer 30 year fixed mortgages, 15 year fixed and a whole host of ARM's.
In order to start the mortgage application, the borrower should be prepared to produce several documents: tax returns, bank statement, income verification and documents detailing the origin of your down payment money. An important fact that all borrowers should be aware of is the fact that down payment funds cannot be from a loan. They must be from savings or a gift.
Today's mortgage lender verifies your financial information before signing the mortgage note. This precaution protects all concerned: the lender, the borrower and the Federal Housing Administration. If you, the borrower are overextended, you are more likely to default on your mortgage. This is why down payments cannot be from a loan.
We at Sun Mortgage Funding start our relationship with potential home owners by helping them map out the best mortgage conditions for their unique needs. Our consultants examine your financial circumstances, short and long term location goals, family components and your specific requests to determine which type of mortgage is best suited for you. The options available include the traditional fixed mortgage and a wide range of adjustable rate mortgages (ARM's).
Upon being approved for the mortgage on your property of choice, your mortgage lender will begin the closing process. The negotiated contract between you and the seller is honored during the closing, with the assignment of costs to the appropriate party, either the buyer or the seller. Money will exchange hands to cover closing costs and the mortgage loan, as well as broker fees.
Upon becoming a new home owner, you will embark on your road to living the American dream. Sun Mortgage gives that opportunity to new families daily and we look forward to making that your experience also. From start to finish the process could take from 1 to 3 months to complete. Borrowers can strive for the shorter period by having their documentation ready and knowing their credit rating before applying for the mortgage. Start with some preparation and we look forward to putting your family in your dream home.
Mortgagees, take the steps to home ownership, from document preparation to the closing.