USDA LOANS

USDA Loans

image The Guaranteed Rural Housing Loan Program is offered through the Rural Housing Service (RHS), an agency of the U.S. Department of Agriculture.

The program offers assistance to low and moderate-income rural residents whose income is equal to or less than 115% of the area median income.

It was designed to assist qualifying rural residents with better access to affordable housing finance options with little or no down payment or out-of-pocket costs.

There are several advantages to using USDA’s Home Loan Program.

  • 100% Financing
  • Low Monthly Mortgage Insurance(MI)
  • Low Mortgage Interest Rates
  • Low Closing Costs
  • Never a Pre-payment Penalty with USDA
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Am I really ready to buy?

Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent. When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your particular situation. Purchasing a home is a very exciting time, and being well prepared will help you make better decisions.

3 Percent Down!

3% Down Programs

3 percent down programs

For many homebuyers, finding their perfect house is the easy part finding the right financing for their circumstances can be harder. 3% down mortgage helps address the financing challenges of multigenerational households, such as parents, adult children, and others sharing a home, and low- and moderate-income households.

Wright Mortgage’s 3% programs allows accessible financing and supports sustainable homeownership. Key features include:

  • Low Down Payment and Flexible Sources of Funds. Allows down payments as low as 3%, with no minimum contribution required from the buyer’s own funds (on 1-unit properties).
  • Conventional home financing with private mortgage insurance (PMI) that, unlike many government-insured loans, may be eligible for cancellation when home equity reaches 20%.
  • Homeownership education helps buyers get ready to buy a home and be prepared for the responsibilities of homeownership. The required training offers an easy-to-use, online course provided by Framework.
  • Underwriting Flexibilities. Through an innovative new feature that supports extended households, income from a non-borrower family member or other adult living in the household may be considered to allow for higher debt-to-income ratios

What are Wright Mortgage’s Portfolio Lending products?

Wright Mortgage offers portfolio lending and welcomes interested consumers looking for options to make their dream of owning a home a reality. These products are another option for someone who could not qualify for a traditional Fannie Mae or Freddie Mac loan. Products offered by Wright Mortgage include:

  • Jumbo Alternative – This lending option offers alternatives for buyers looking for loan amounts up to $2 million with flexible guidelines. A 90%  loan to value (LTV) ratio, debt to income (DTI) ratio up to 50 percent and an interest-only option are offered. Types of acceptable income documentation include restricted stock units, asset depletion and additional solutions for self-employed buyers.
  • Homeowners Access – This solution was designed to assist buyers achieve or re-establish homeownership. Maximum DTI accepted is 60 percent, and there are special considerations for late mortgage payments within the last year or a housing or credit incident greater than 24 months. Buyers may be eligible for financing that was not previously available to them through alternative lending means.
  • Fresh Start – This lending option is for buyers that have not been able to receive financing because of a short sale, bankruptcy, foreclosure or a deed in lieu within the past 24 months.
  • Foreign National – This option helps make buying a second home in the United States easier for qualified non-citizens who visit the country regularly for business or vacation. There are both fixed- and adjustable-rate options available, along with flexible guidelines to help qualified Foreign National buyers obtain home financing.

Refinance Your Mortgage

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Why pay more than you have to? Don’t wait!

Changing the terms of your loan can benefit you and maximize your monthly income. A lower monthly mortgage payment can help free-up money you can save, invest or use for other expenses. When rates are favorable, refinancing to a lower rate or longer-term mortgage can keep more money in your pocket every month.

Use our easy Quick Quote on the right, to help you see if refinancing can save you money.

You can also fill out our short application to see what rate you qualify for and obtain a pre-approval letter. Of course you can always call and speak to one of our loan consultants.

Our refinance calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. This calculator will calculate the monthly payment, net interest savings, and the time it will break even on the closing costs.

Conventional Loans

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30 Year Fixed

A 30 year fixed conventional loan is a loan that has the same mortgage payments for 360 months.

Conventional loans typically are harder to qualify for than FHA loans and require a slightly higher down payment. However, in some cases rates can be lower and have lower closing costs. Also, monthly mortgage insurance is usually less or can be nothing with 20% down payment.

20 Year Fixed

This type of loan is the same as the 30 year fixed rate loan except the life of the loan is 240 months as opposed to 360 months. Since the loan is being paid slightly faster than the 30 year fixed rate loan, monthly payments for this type loan are higher than the 30 year fixed rate loan. Some Lenders allow for a lessor rate.

15 Year Fixed

This type of loan is the same as the 30 year fixed rate loan except the life of the loan is 180 months as opposed to 360 months. Since the loan is being paid faster than either the 30 year fixed rate loan or the 20 year fixed rate loan, monthly payments for this type loan are higher than the other two loans. Generally, the longer a lender agrees to keep the interest rate “fixed”, the greater the risk to the lender, therefore, in most instances, interest rates on 15 year fixed rate loans are slightly lower than on 20 or 30 year fixed rate loans.

  • 5% down payment required on purchase
  • Minimum credit score – usually 620
  • Post- bankruptcy: can qualify after 4 years
  • Post-foreclosure: can qualify after 7 years
  • Post-shortsale: Can Qualify after 2 years (LTV restrictions may apply

Sugar Land Mortgage Home Loan

 

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Why choose Wright Mortgage for your client’s mortgage needs?
Wright Mortgage have access to multiple mortgage programs and we can close on time. We receive wholesale rates from the lenders, so our interest rates are always superior than the retail interest rates from the big banks. We support first-time Homebuyer with a variety of resources, as we provide them with one-on-one service, the ability to walk in the office and talk to somebody in person not a online person that is located in New York. The difference between Wright Mortgage and a big bank is we are more experienced and educated. As a mortgage broker, we take continue educational mortgage classes every year and have over 15 years of experience in the mortgage industry to help your client to find the best mortgage program, the best interest rates, help with closing cost and closing the mortgage loan on time.

We will not charge your client a broker fee or a loan origination fee to their closing cost to the mortgage loan. Also, we provide lender credit to help pay for some of the closing cost for your clients. It does not matter if it’s a Conventional or Government Loans(FHA, VA,USDA) we will always have the best interest rates in the country. ….guaranteed. With over 15 years of experience in the mortgage industry we usually can close loans while other loan officers say no. I have access to multiple underwriter across the country who I speak to on a daily basis concerning loan scenarios

Key Features About Our Company

• Conventional, FHA, VA, USDA and Jumbo Programs
• 580 Minimum FICO for Government Loans
• Non occupant co-borrower allowed
• Borrowers with One Score OK
• W-2’s only program (no tax returns needed for wage earners)
• The HomeReady program (3% down on Conventional Loans)
• FHA Manual Underwriting
• TBD Approvals (Lender Approval without the Contract)
• 1 year tax returns allowed on self-employed borrower

2016: THE YEAR TO BUY!

Is buying a home or financially preparing yourself to buy a home on your radar for 2016? If so, the best way to ensure that you reach that goal is to be proactive and start working towards your goals as soon as you can.

Mortgage interest rates are currently still low and experts don’t believe that they will rise sharply anytime soon, so if you’re interested in buying a new home 2016 is likely to be a great year to do that! With rental markets around the country heating up, 2016 looks to also be a great year for those with homes to list on the market. Whether you’re just looking to get yourself ready to be in the position to buy sometime in the future, or looking to actually buy a home in 2016, there are a few key things you can do in order to set yourself up to qualify for the best rates, terms and mortgage programs available on the market today:

  1.        Familiarize yourself with the mortgage loan products and programs available. ARMs, conventional mortgages, FHA loans, USDA loans, VA loans – what is best for you and your family? Although a mortgage broker should be able to help you determine what mortgage product is best for you, it’s always a good idea to familiarize yourself a bit with your options. What is your long term and short term financial situation? Are you a veteran or the surviving spouse of a veteran? Are you looking at rural property, whether a farm or a home in the country? Once you’re able to map out some of the factors about yourself that may impact the mortgage loan programs you may qualify for, a lender can help you navigate the details of each program.
  2.        Down payments. Do you already have one? Will you have one? Will you even need one? Traditionally, buyers were expected to put down at least 20% of the purchase price of a home in cash. And for most buyers with conventional mortgages, that is still the case if they want to avoid private mortgage insurance (PMI). However, some lenders are becoming more flexible with their down payment terms today in order to attract more buyers and more business and are relaxing their down payment rules. Additionally, there are federally-backed loan programs like FHA and VA loans which can require down payments significantly less than 20% – in some cases these programs won’t require any down payment at all!

What’s your credit score? If you don’t know what’s on your credit report, or what your credit score is – check it out today! You can request your credit report for free once per year from each of the three major credit bureaus. This report won’t contain your score, but that can either be purchased or obtained from a prospective lender. It’s important to check your credit report on a regular basis for inaccurate information which might negatively impact your credit score. Generally, the higher your score, the better your rates and terms, so if your score could use some improvement get started on it today!