Loan Programs
VA
FHA
VA LOAN SERVICES
Your dream is no different from those of your brothers and sisters of the U.S. military. You return home from honorable service and find the house of your dreams. Finding and qualifying for a mortgage loan should not be another uphill battle. You fought enough in service to your country. It’s our turn at Benchmark Mortgage to fight for you and help you land your VA home loan. With the Benchmark Mortgage commitment to quick closings, you can look forward to winding down in the safety and comfort of your new home.
THE VA LOAN
A VA home loan is a mortgage insured by the Department of Veterans Affairs (“VA”). Those eligible for VA loans include:
- Active-duty military personnel
- U.S. Military Veterans
- Surviving spouses of military service persons who die while on duty or as a result of military service
- Some reservists and National Guardsmen
- 100% LTV is subject to Veterans Full Eligibility
The typical VA loan offers 100% financing, meaning no down payment. Compared with a conventional, the VA loan has other benefits:
- The interest rate on a VA loan is usually lower, keeping more money in your pocket.
- Borrowers who take out VA loans only have to pay certain closing costs called ‘allowables.’ The other costs are paid either by the seller or by the lender making the loan.
Your Benchmark Mortgage Loan Originator will help you find the VA loan that best fits your situation. We want you to pursue your VA loan with confidence; we’ll be there every step of the way.
The Benchmark Mortgage team believes in the Golden Rule: we treat you how we want to be treated—fairly, honestly, equally, and with full transparency. You’ll find, every military Veteran matters to us.
When you’ve found the home of your dreams, turn to Benchmark Mortgage for the VA loan that makes your dream come true. You can expect more from your Benchmark Mortgage borrowing experience. Imagine the peace of mind you’ll feel with our Benchmark Mortgage lending professionals on your side.
WHEN A VA LOAN MAKES SENSE TO YOU
In Texas, U.S. Veterans are also eligible for a home loan under the Veterans Housing Assistance Program enacted by the Texas State Legislature. Under the VLB program, eligible Texas Veterans can obtain up to $484,350. in financing toward the purchase of a new home located anywhere within the State of Texas. Some of the many features include:
- Purchase either a new construction or existing single-family home; primary residence only.
- 15-20-25- or 30-year terms, with as little as $0 down payment.
- A fixed-rate mortgage loan with a lower interest rate.
- Veterans with a 30% or more disability may qualify for additional interest rate reduction.
- Loans are originated in conjunction with FHA, VA, or conventional financing and by a participating lender, such as Benchmark Mortgage.
*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.
FHA
FHA
FHA LOAN SERVICES
It is a fact: FHA loans have been helping borrowers like you become homeowners who achieve the American dream since 1934. Operating under the umbrella of the Housing and Urban Development (HUD), the Federal Housing Administration (FHA) insures the loan, so your lender can offer you a better deal.
FHA LOANS
An FHA loan is a mortgage loan insured by the Federal Housing Administration (FHA). Lenders like Benchmark Mortgage work with FHA to help would-be first-time home-buyers buy a home with an affordable loan with a low down payment.
Would-be homeowners looking to enter the purchase game for the first time in their lives are perfect candidates for the FHA loan. You can buy your first home with a low down payment—as little as 3.5% of the purchase price. Most of your closing costs and fees can be included in the loan.
WHEN A FHA LOAN MAKES SENSE TO YOU
If you have been challenged by economic events that rattled your core and have begun to rebuild your creditworthiness, you may be ready for another shot at home ownership through an FHA loan. This is also possible if they get a conventional loan. You don’t need to be a 1st time home buyer.
- If you are a first-time home buyer looking at financing your first step toward achieving the American dream, home ownership is possible with an FHA loan.
- If buying a ‘fixer-upper’ is just your speed, the FHA has a home loan called the 203K Renovation Loan that allows you to buy your ‘diamond in the rough’, fix it up, and include all the costs in one loan.
- If you own a home in need of remodeling or repair, you can refinance what you owe and build in the repair costs into one neat FHA $420,680 Renovation loan.
- If you are interested in purchasing a manufactured or factory-built home, FHA offers two loan products structured to meet the
land below.
Benchmark Mortgage can explain different types of FHA loans and explain how they work, then help you secure the funding that fit your unique needs. At Benchmark Mortgage, you get one mortgage originator, one lender relationship, because we don’t believe you should have to re-explain your situation with every conversation.
*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.
USDA
USDA LOAN SERVICES
Homesteading is in the DNA of nearly every American. Available rural land space has shrunk since early settler times, yet many home buyers today still seek the country life and associated values that help make this country great and keep it strong.
Benchmark Mortgage has a way to help you reach your dream of country living through the Rural Development Loan from the U.S. Department of Agriculture (USDA).
USDA LOANS
USDA loans are guaranteed by the Federal Government and are only available to individuals and families looking to settle in USDA eligible rural areas. Loan applicants may have an income of up to 115% of the median income for the area in which they wish to settle. Qualifying families must be without adequate housing, but able to afford the mortgage payments, including taxes and insurance.
Loan terms are 30-years, and the lender sets the promissory note interest rate. Repayment feasibility is determined by the lender using ratios of repayment (gross) income to Principal, Interest, Taxes, and Insurance (PITI) and to total family debt.
WHEN A USDA LOAN MAKES SENSE TO YOU
When you are ready for homesteading in the wide-open spaces of the country, turn to Benchmark Mortgage for your USDA loan needs. The USDA offers a wide range of property eligibility classifications and loan programs. The advantages of a USDA loan can’t be beaten, and feature:
- 100% financing
- Lower, fixed-interest rates
With a USDA loan from Benchmark Mortgage, you can afford to wrangle your dream ranch location and get plenty of room for your little casita or modest hacienda of reasonable size, and much more.
Benchmark Mortgage Loan Originator will do the math and help you determine your eligibility, interest, and payment terms. You start searching for the rural property that is perfect for your family’s unique needs. Country living is that simple.
*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.
CONFORMING
CONSTRUCTION FINANCING
CONFORMING LOAN SERVICES
With the range of different loan types available, we understand the process can be a bit overwhelming. Add industry-speak language, such as conforming, non-conforming, super-conforming, jumbo loans, and you may feel your head begin to spin.
It’s easy to feel confused by the different types of loans and get lost in the terminology. That’s why your Benchmark Mortgage lending team will fully explain the range of available loan types, terms, and programs that you qualify for so that you can make an educated decision on what’s financially best for you and your situation. We are here to guide you through this process…efficiently
and professionally.
CONFORMING LOANS
A conforming loan is a type of mortgage loan that conforms to very specific lending terms, conditions, and guidelines established by government-sponsored enterprises:
- Federal National Mortgage Association (Fannie Mae)
- Federal Home Loan Mortgage Corporation (Freddie Mac)
Conforming loan programs have loan limits that are set by the county in each state. Currently, a conforming loan maximum on a single-family home must fall under $548,250 unless the property is in a high-cost County as determined by FNMA and Freddie Mac. In these high-cost counties, the loan amount can be as much as $647,200 for 1 unit properties and still be sold to FNMA or Freddie Mac. Loan limits for 2-4 unit properties can exceed $1M in some counties. Learn more about loan limits here.
Mortgage loans that exceed the county loan limit are considered non-conforming loans or jumbo loans and are not sold to FNMA or Freddie Mac. Typically, this financing is provided directly through banks and other financial institutions. Luckily, Benchmark Mortgage has many lender relationships that provide jumbo financing. We are able to provide financing.
Jumbo loans are not that much different to process than a normal loan. This text makes getting one sound terrible and it’s not accurate. The loans are a manual underwrite but the fees and documentation requirements are the same as a normal loan. Also, you cannot get mortgage insurance on a non-conforming/jumbo loan. Mortgage insurance only applies to conforming loans that are sold to FNMA or Freddie.
WHEN A CONFORMING LOAN MAKES SENSE TO YOU
People get a conventional conforming loan when they have good credit and at least 3% down. Between FHA and a Conventional loan, the mortgage insurance is a lot less expensive on a conventional loan than if they choose FHA. The overall cost of your mortgage loan is generally dictated by the amount of money you put down toward the purchase price of your home and your credit score. Rest assured, your Benchmark Mortgage lending team is knowledgeable about the Fannie Mae and Freddie Mac requirements and how your loan fits in the mix. Your Benchmark Mortgage loan officer will help you find the conforming mortgage loan that best fits your situation and your perfect house. At Benchmark Mortgage, you get one mortgage originator, one lender relationship, because we don’t believe in your having to re-explain your situation on every call. When you’ve found the home of your dreams, turn to Benchmark Mortgage for the loan that makes your dream come true.
*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.
SPECIALITY LOANS
CONSTRUCTION FINANCING
CONSTRUCTION FINANCING
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.
CONSTRUCTION FINANCING
CONSTRUCTION FINANCING
CONSTRUCTION FINANCING
ONE-STOP SHOP! ONE LOAN ORIGINATOR. ONE BORROW. ONE BUILDER. ONE TEAM.
Building the custom home of your dreams means your future holds many wonder-filled possibilities for your family. Securing an interim and permanent construction loan with The Mortgage Nerd Team gives you the peace of mind you desire, so you can focus on the more important aspects of building your DREAM HOME!
OUR CONSTRUCTION LENDING PROCESS IS TRIED AND TRUE
- We offer terms often not available with other lenders, such as lower down payment requirements
- We have construction loan specialists that take the confusion out of construction lending
- Benchmark Mortgage has solutions for many different types of construction loans
- By managing all construction draws, we control the transaction and protect the funds by avoiding unforeseen mishaps with builders/subcontractors
- Whether building on your own lot or simultaneously purchasing a lot and starting your build, we can help you accomplish your goals
- Get pre-approved before you begin the construction of your new home
BENCHMARK MORTGAGE IS THE RIGHT CHOICE
- Benchmark Mortgage seamlessly offers both interim construction financing and permanent financing package that makes the
- most sense
- By processing and underwriting our own loans, we are able to extend terms that other lenders do not offer
- We currently offer construction loans in 10 states and growing all the time
WE HAVE MANY DIFFERENT LOAN OPTIONS TO HELP BUILD YOUR
DREAM HOME
- Conventional Loan: Build with us and move into a conventional loan at build completion
- FHA Loan: Build with us and move into an FHA loan at build completion
- VA Loan: Build with us and move into a VA loan at build completion
- Jumbo Loans: Build with us and move into a JUMBO loan at build completion