Before you do anything else please call us. We will help you with the questions of affordability. We will also discuss if you need a prequalification letter. Buying a house is not a difficult process. In general your ability to purchase a home is dependent on your income, your money available for a down payment, closing costs and your credit history. The home mortgage market is controlled by the federal government. There are a number of loan programs available to assist you to buy a home.
The most economical loan program to buy a house is usually a conforming fixed rate loan. These loans conform to the Fanny May and Freddy Mac guidelines. They have a top limit of $726,200 and require a 20% down payment or PMI. Amortization is up to 30 years and the interest rates are comparatively low.
If you are limited in the amount money available for a down payment you can add mortgage insurance and go into the mid 90% for the loan amount. You can also get an FHA loan for a higher loan percentage. It comes down to you income situation and your credit. Each program has different fees and interest rates. We will discuss the different programs that are available, the costs involved and the best program for you.
First Charter Financial Corporation does not charge points or origination fees on the loans that we do. We take our costs and profit from the yield spread premium. You can do a loan on line by clicking on any "START YOUR LOAN" button. We are always available to assist you, direct you and to answer all of your questions. Your savings dealing with our company are substantial. We will also give you a free no obligation Mortgage quote, 480 970 0990.