Sun Mortgage Funding is the number one mortgage lender in Crowley, LA. With over 50 years experience in the mortgage lending business, Sun Mortgage offers many options for home buyers. Some of these options include traditional mortgages, first-time home buyer programs and FHA loans.FHA loans are unique in that these types of loans are insured by the Federal Housing administration. This insurance provides many benefits for the home buyer as well as the lender.
With an FHA loan, the lender is protected from some of the risk associated with mortgage lending. This, in turn, means the lender can relax some of the stringent requirements of a traditional mortgage. For instance, these types of loans allow for a smaller down-payment. A traditional mortgage loan will most often require a 20 percent down-payment, whereas this type of loan can come with a down-payment of as little as 3.5 percent. In addition, a gift is easier to qualify as a down-payment for this type of loan. This helps to make the purchase of a new home more affordable for low- and moderate-income home buyers.
Another benefit of this type of loan is that almost every individual or family will qualify. Potential home buyers with past credit problems, a higher debt-to-income ratio or even cases of bankruptcy or foreclosure can still qualify for these types of loans in many situations. While most often these loans are utilized by lower income brackets, they do not have income limits. Anyone can apply. A fixed interest rate, which is within the industry standard, is another great feature of these loans. Mortgage insurance, rolled into the cost of the loan, also makes home owning easier and more affordable. Finally, some of these loans are assumable. This offers home buyers a unique option when the time comes to sell. Without re-qualifying under different terms, with an assumable loan, the new homeowner can step in and begin making payments letting the seller off the hook.
Sun Mortgage Funding is a local mortgage lender. Leaders in the lending industry, residents of Crowley, LA, or those looking to move to Madison, will find no better lending company than Sun Mortgage. From the number of mortgage products offered to the friendly and professional service, this company is dedicated to making the home buying process painless. Licensed and trusted professionals are available to help complete applications and paperwork, answer questions, and work with home buyers to ensure the home loan meets the needs of the prospective home buyer.