Mortgage Information


If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing.


There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price.


I would be happy to refer you to some very good mortgage contacts I have in Celina, or to help you in any other way I can to secure the best possible rate for your home purchase.


Use the mortgage calculators below to assist you in making some decisions around financing your new home.




Mortgage Payment Calculator & Amortization Table


This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.


Mortgage Calculator


 


FHA FINANCING


Dynamic Federal Credit Union now offers the FHA mortgage.  The Federal Housing Administration (FHA) was established in 1934 to improve housing standards and conditions and to provide an adequate home financing system through insurance of mortgages. 


The FHA loan program is a mortgage product designed to assist every qualified and eligible American with having the opportunity to own a home. The borrower’s mortgage amount is required to be within FHA established loan limits for the county where the property is located.


Attractive Features of the FHA mortgage



  • Minimum 600 credit score with at least 3 trade lines analyzed

  • Minimum 3.5% of the appraised value or purchase price, whichever is less, down payment – This amount may be gifted to the borrower.

  • Sellers can pay up to 6% towards closing costs, discount, and/or pre-paid expenses.

  • Owner Occupied Primary Residence Only - Borrower must occupy the property within sixty (60) days of closing and continue to occupy the property for at least one year

  • Non-occupant co-signor is allowed for FHA but they do not hold an interest in the property

  • No prepayment penalty

  • No asset reserve requirements

    This product can also assist those with prior credit problems.



  • If the borrower filed bankruptcy, the borrower can apply after 24 months from discharge date

  • If the borrower had a foreclosure, the borrower can apply 36 months from the date of title transfer

    Breakdown of FHA’s Mortgage Insurance Premium



  • The FHA mortgage not only requires a 3.5% down payment but it also requires a 1.75% Up Front Mortgage Insurance Premium (UFMIP) on all loans regardless of loan to value.

  • There is also an annual mortgage insurance premium that is collected monthly per the following schedule (the annual amount shown is divided by 12 and included with the monthly PITI):


    30 Year Term                                       15 Year Term




           >95% LTV – .85%                                 > 90% LTV - .70%


           ≤ 95% LTV – .80%                                ≤ 90% LTV - .45% 



  • Loan to values at 90% or less will have mortgage insurance for 11 years and loan to values at 90% or more will have mortgage insurance for the life of the loan.


          Info Provided by Jayme Moorman