Skip to main content

Which type of mortgage is right for you?

Photo Credit: https://www.moneyunder30.com/mortgage-calculator

The best loan program for you depends on your unique home financing needs, based on your goals and circumstances.

Your Academy Loan Officer will help you examine your financial situation—credit score, debt-to-income ratio, etc.—and provide you with examples and comparisons of loan solutions to help determine which program best fits your needs. To give you an idea of what solutions might work best for you:
Please read the 10 statements below to see which ones best describe you, and click on the highlighted loan link if you’d like to learn more. Then talk to your Academy Loan Officer for more specific information about the best solution for your goals and circumstances.

  1. I'm a first-time homebuyer.

    • FHA Loan If you're a first-time or repeat homebuyer; or you have a lower credit score; or you want a low down payment.

  2. I want a low down payment.

    • FHA Loan If you're a first-time or repeat homebuyer; or you have a lower credit score; or you want a low down payment.
    • USDA Rural Development Loan If you want a 0% down payment; and you’re interested in buying or building in an eligible rural area; and you’re a low- to moderate-income buyer.
    • State Housing Loan and Down Payment Assistance Programs If you’re a first-time or repeat homebuyer; and you have low- to moderate-income, are an underserved minority, are disabled or elderly, or work in certain professions (like teaching or the military, depending on the state); and you want a low-interest mortgage rate and/or down payment assistance.

  3. I have a high credit score and want a steady interest rate.

    • Conventional Mortgage If you’re a first-time or repeat homebuyer; or you have a good credit score and money to put down; or you want a low down payment.
    • Fixed-Rate Loans These include FHA, Conventional, VA, USDA, Jumbo, Refinance, Renovation, and State Housing Loans.

  4. I'm in the military or a veteran.

    • VA Loan If you’re a first-time or repeat homebuyer; and you’re an eligible Veteran or military; and you want a low down payment.

  5. I'm making repairs and renovations to my current or new home.

    • Renovation Loan If you’re a first-time or repeat homebuyer; or you want to buy a “fixer-upper” home in a great location and get extra money to renovate it, all with just one application, one loan, and one payment each month; or you want to refinance and renovate your current home, with just one loan!

  6. I want the lowest interest rate possible.

    • FHA Loan If you’re a first-time or repeat homebuyer; or you have a lower credit score; or you want a low down payment.
    • Conventional Mortgage If you’re a first-time or repeat homebuyer; or you have a good credit score and money to put down; or you want a low down payment.
    • Fixed-Rate Loans These include FHA, Conventional, VA, USDA, Jumbo, Refinance, Renovation, and State Housing Loans.
    • ARM (Adjustable-Rate Mortgage) Loans The rate and mortgage payment stay the same for the initial fixed period (such as 5 years), after which the rate and payment may periodically adjust up or down.

  7. I need a large loan amount for a more expensive home.

    • Jumbo Loans If you can afford a more expensive primary or second home and higher monthly payments; and you want a 15-year or 30-year fixed rate.

  8. I want to lower my current interest rate and reduce my monthly payments.

    • Refinance Loan If you want a lower interest rate; or you want a different loan term (number of years); or you want a lower monthly payment; or you want cash from the equity in your home.

  9. I want to live outside the city.

    • USDA Rural Development Loan If you want a 0% down payment; and you’re interested in buying or building in an eligible rural area; and you’re a low- to moderate-income buyer.

  10. I'm retired or will retire soon.

    • Reverse Mortgage

Labels:

Comments

Post a Comment

Popular posts from this blog

Check out this RV transformation!

I absolutely love seeing before and after pictures of home renovations! This particular home just happens to be on wheels. But the before and after photos are just spectacular!! It really shows what you can do with a small space and even a small budget (they did this one with just $500).  Check out all the before & after pics and full article here:  https://www.apartmenttherapy.com/before-after-retro-rv-renovation-36653606?utm_source=twitter&utm_medium=social&utm_campaign=managed See the full blog that tracks all of their camper and rv renos here:  https://www.allthingswithpurpose.com/
Post a Comment
Read more

Tricks for Those Hard to Paint Areas in Your Home

While some DIY projects seem like they should be left for the pros, painting doesn’t have to be one of them. Basic painting seems easy enough, but sometimes we run into those hard-to-paint areas and regret not hiring a professional. Instead of hanging up the towel, try out these tricks for those spots and see if you can finish your project all on your own (and save some money in the process!) Painting Window Trim Painting the wood diving panes and sashes on windows can seem daunting at first. Most people think that lining your windows with painters tape will help, but that is usually just a waste of time. Instead, just paint away! This is the one time it is okay to get a little paint outside of your target area. When paint gets on the glass, just allow it to dry and as soon as it does, scrape it off with a razor blade. Try not to let the paint set for longer than a day. Painting Behind Toilets Sometimes, the hardest places to paint are the tight spaces where we can’t real...
Post a Comment
Read more

10 Best of KC BBQ

Does this list hit the mark for best BBQ in KC? 435 Kansas City's Magazine ate at 50+ bbq spots to narrow it down to the 10 best. Here's how they measured up:  10. Porky's Blazin' in Grain Valley, MO 9. Joe's Kansas City Barbecue, multiple locations 8. Scott's Kitchen in KCMO 7. Gates BBQ, multiple locations 6. Big T's in KCMO 5. Arthur Bryant's, multiple locations 4. Q39, multiple locations 3. Jones Bar-B-Q, KCK 2. Fiorella's Jack Stack, multiple locations 1. Harp Barbecue, Raytown, MO  Personally, I'd add Slap's BBQ in KCK as well, but all in all, this is a pretty good list! Here are the other spots they tested out:  Angry River BBQ, Bate’s City (Shawnee), BB’s Lawnside, Blind Box, Brobecks, Burnt End BBQ, Char Bar, Crazy Good Eats, Danny Edwards Blvd BBQ, El Pollo Rey, Fiorella’s (Plaza), Fireside BBQ, GG’s Barbacoa, Hawaiian Bros., Hawg Jaw Que & Brew, The Hickory Log BBQ, Jazzy B’s, Joe’s BBQ (Leawood), Johnny’s BBQ (...
Post a Comment
Read more