VA LOAN SERVICES

VA guaranteed loans are made to eligible veterans for the purchase of a home which must be for their own personal occupancy. With a loan approval, VA will guarantee a portion of the loan to the mortgage lender.

This guaranty protects the lender against loss up to the amount guaranteed and allows a veteran to obtain favorable financing terms. A veteran still has to be qualified for their income and credit for the asking price of a purchase. 100% financing is subject to Veteran’s eligibility.

VA Loans offer the following important features:

• Equal opportunity for all qualified veterans to obtain a VA loan
• No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property).
• Buyer informed of reasonable value.
• Negotiable interest rate.
• Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation).
• Closing costs are comparable with other financing types (and may be lower).
• No mortgage insurance premiums.
• An assumable mortgage.
• Right to repay without penalty. VA assistance to veteran borrowers in default due to temporary financial difficulty.

 FHA LOAN SERVICES

There are a lot of reasons to ask for an FHA loan instead of taking a conventional or an expensive and riskier sub-prime mortgage loan. FHA has many advantages and benefits that other loans do not cover.

Easier to Qualify
FHA insures your mortgage and we are more willing to give you a loan with lower qualifying requirements which makes it easier for you as a buyer to qualify.

Costs Less
FHA loans have competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types.

 USDA LOAN SERVICES

The purpose of this program is primarily used to help low-income individuals or households purchase homes in rural areas.

USDA Rural Housing Program offers the following important features:

• 100% financing available
• 6% seller concessions allowed
• No maximum loan limits
• Must be in non-metropolitan areas
• Single family/owner-occupied homes

If appraised value is above the sales price you can use the difference for concessions, repairs, et

The USDA Rural Housing program provides low and moderate-income rural residents with better access to affordable housing financing options with little or no down payment or out-of-pocket costs. Borrowers may obtain a loan to purchase a new or existing home that is located in a designated rural area. Population of 10,000 or less; population of 20,000 or less if located outside a metropolitan statistical area. Eligibility: Borrower must lack sufficient resources to obtain conventional financing.

Occupancy: Primary
Purchase and Rate/Term Refinance. Income and geographic limits apply. Loan amount based on the lesser of the following: current conforming conventional loan limit, excluding the guarantee fee; 102.75% of the appraised value. Includes the guarantee fee.

The appraisal determines the maximum loan amount. (Note – guarantee fee changed from 2.75% to 1.00%, annual fee changed from 0.50% to 0.35% in Oct. 2016).

 CONFORMING LOAN SERVICES

By definition, a conventional loan is any mortgage that is not guaranteed or insured by the federal government. A conventional loan is generally referring to a mortgage loan that follows the guidelines of government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. Conventional loans may be either “conforming” and “non-conforming.” Conforming loans follow the terms and conditions set by Fannie Mae and Freddie Mac. Non-conforming loans don’t meet Fannie Mae or Freddie Mac guidelines, but they are also considered conventional.

Whether you’re buying a home or want or refinance your mortgage, a Conventional Loan might be right for you. If you’re unsure about your credit rating, or have concerns about a down payment, Conventional Mortgages can give you peace of mind with low-closing costs and flexible payment options.

What are the Conventional Loan Requirements?
To decide if you qualify for a Conventional Mortgage Loan, we will look at:

• Your income and your monthly expenses. Standard debt-to-income ratios are 28/36 for Conventional Loans. These ratios may be exceeded with compensating factors.
• Your credit history (this is important, but Conventional’s credit standards are flexible). A FICO score of 620 or above is very helpful in obtaining an approval.
• Your overall pattern rather than individual problems you may have had.

To be eligible for a Conventional mortgage, your monthly housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (28% ratio). Your credit background will be fairly considered. At least a 620 FICO credit score is generally required to obtain a Conventional approval. You must also have enough income to pay your housing costs plus all additional monthly debt (36% ratio). These percentages may be exceeded with compensating factors.

What are the Conventional Down Payment Requirements?
Conventional Loans require the home buyer to invest at least 5% – 20% of the sales price in cash for the down payment and closing costs. If the sales price is $100,000 for example, the home buyer must invest at least $5,000 – $20,000.

*All loans are subject to underwriting or investor approval. Other restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines subject to change.

No Tax Return program

ITIN

Investment Purchase

Self-Employed Program

No Income documentation 

*All loans are subject to underwriting or investor approval. Other restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines subject to change.

Our Construction Loan Services
Building the custom home of your dreams means your future holds many wonder-filled possibilities. Finding the interim construction financing product that best fits your needs should not be one of those wonders.

At Absolute Mortgage & Lending, we always say, “Your Custom Home Deserves Custom Home Financing.”

Securing an interim construction loan with Absolute Mortgage & Lending gives you the peace of mind you desire, so you can focus on the more important aspects of your custom home build.

Why an Absolute Mortgage & Lending loan?
Our borrowers have found that we offer specialized construction loan products with unique terms that are not offered by most lenders. We make it easy for you to obtain a make-sense construction loan, and then transition that construction loan to a permanent mortgage after your custom home is complete.

The Absolute Mortgage & Lending loan advantage for borrowers:

• Minimal down payment options
• Cash lot equity counts as down payment
• Loans up to $1 MIL
• Credit score requirements that are much lower than standard commercial banks
• Owner-occupied and Second Home Financing with a single-family home custom build
• In-house financing for interim and permanent mortgage loan
• Transparent, up-front underwriting on permanent loan
• Simultaneous close for lot purchase and interim construction financing

One loan Originator. One borrower. One team. One-stop shop.
Our focus is on providing outstanding customer care and the best mortgage product available for your unique situation. The Absolute Mortgage & Lending loan originators work one-on-one with you throughout the entire process, from loan application to closing the permanent mortgage. No need to juggle multiple loan originators and loan notes from multiple lenders. Absolute Mortgage & Lending is your one-stop shop for all your mortgage-lending needs.