|
Easy. Simple. Yes. These are the words
you will hear as we listen to your financing needs.
Our Welcome to Yes approach makes this simple.
 Using our preferred lender, First Community Mortgage, Inc. for your new home financing,
automatically covers your basic closing costs.
This can save you between $2,000 - $2,500 in fees
charged other mortgage and title/closing company.
In addition, by using our First Community Mortgage, you
receive competitive interest rates, seamless customer
service and access to multiple loan programs.
Sometimes finding the type of mortgage loan that
is best suited to your financial situation seems
harder than finding the place to call home. Today,
FHA, VA and Conventional, are the most used financing
sources.
FHA
Loan (Federal Housing Administration government
loan)
- 3.5% down payment based on sales price
- Down payment can be gift from relatives (no
expectation of repayment)
- Upfront & monthly mortgage insurance
- Easiest loan for buyers to obtain (not as
credit-sensitive as other loans)
- Allows for higher debt-to-income ratios
THDA
Great Start Loan
If you are a first-time home buyer, or have not
owned a home in the previous three years, you
may be eligible for the THDA Great Start loan,
where the State of Tennessee will pay your required
down payment in the form of a grant. Income restrictions
apply.
Contact our Mortgage specialists:
- David Prince - 615.351.7908
- Chris Meagher - 615.504.5976
- Or contact sales@olesouth.com for more information
VA
Loan (Veterans Administration government loan)
Must be active or retired military
- No down payment required - 100% financing
- No upfront or monthly mortgage insurance
- VA funding fee - may be financed into loan
or paid at closing
- Less than 10% of veterans have VA loans (U.S.
Dept. of Veterans Affairs, 2009)
- Must be married to count both buyers' incomes
(not the case with FHA & conventional loans)
Conventional
Loan (non-government loan)
- 5% down payment
- No upfront mortgage insurance
- No monthly mortgage insurance with 20% down
payment
|
