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Prequalify Now! |
| Prequalifying is just a click away on our secure server. Use this site to get the financial information you need then once you've made a decision get prequalified. |
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Loan Programs |
| With so many loan programs and financial scenarios occuring today, spend some time in this section learning the basics before you get started. |
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About Us |
| Owens Premier Mortgage has been built with over 10 years of mortgage success. Here is the information you'll need to find out some background information. |
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En Espanol |
| Find the loan that's right for you. We offer a huge selection of services whether you need loan advice, need some cash from your home equity, or are looking to buy a home. |
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Information |
| Wondering how much house you can afford, whether you should buy or rent or what is a FHA loan? Use our information page to get comfortable with the process of borrowing money. |
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Loan Programs
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FHA Loans
An FHA loan allows you to purchase a house with as little as 3% down, instead of the
higher percentages required to secure many conventional loans. Taking advantage
of the FHA loan program is a great way for first time buyers, or anyone with a
shortage of down payment funds, to buy a home.
The FHA does not make home loans--it insures them. If a home buyer defaults, the lender is paid from the insurance fund. To get an FHA home loan, you'll need to have a some credit history, and sufficient income to qualify for the loan. There are price limits in each state as to how much home you can buy. For complete and updated information on FHA loans and policies go to www.fha.gov . Then just contact us or use our secure online prequalification form to begin. A loan consultant will assess your information and contact you shortly. |
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Conventional and Jumbo Loans
Conventional loans are secured by government sponsored entities or GSEs such as Fannie Mae and Freddie Mac. Conventional loans can be made to purchase or refinance homes with first and second mortgages on single family to four family homes. In general, Fannie Mae and Freddie Mac's single family, first mortgage loan limit is $417,000 in 2006. This limit is reviewed annually and, if needed, changed to reflect changes in the national average price for single family homes. The current loan limit applies to all conventional mortgages delivered after January 1, 2006.
Loans which are larger than the limits set by Fannie Mae and Freddie Mac are called jumbo loans. Because jumbo loans are not funded by these government sponsored entities, they usually carry a higher interest rate and some additional underwriting requirements. A strategy to lower your overall interest payments if your purchase or refinance balance is above $417,000 is to use a combination of both first and second mortgage, referred to as an 80/10/10, 80/15/5 or 80/20. Every situation is different, but it is one more option to consider.
If you are interested in a conventional loan then just contact us or use our secure online prequalification form to begin. A loan consultant will assess your information and contact you shortly.
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Zero down or 100% financing
100% financing is increasingly popular route many borrowers take in today's economy. Large down payments are tough to save and can sometimes be better invested elsewhere. An advantage to zero-down payment mortgages is that most of the time it eliminates the need for mortgage insurance. The interest rates for these types of loan are generally a bit higher than conventional fixed rates. If you are interested in 100% financing then just contact us or use our secure online prequalification form to begin. A loan consultant will assess your information and contact you shortly. |
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