The FHA mortgage designed originally for low to moderate income borrowers is a product that is now being leveraged by many prospective homebuyers and current homeowners.  The FHA will insure loans with credit scores above 500 that meet the credit and collateral underwriting standards determined by the Federal Housing Administration through the publication of industry handbooks.  My Mortgage, Inc has delegated authority to underwrite loans to be insured by the FHA and offers manual underwriting for mortgage loans that are not accepted through the FHA’s automated underwriting system: Total Scorecard.  What’s more, My Mortgage, Inc. mortgage loan originators take applications for FHA Purchase, Refinance (including cash-out), Renovation, Construction to Permanent & Reverse Mortgage. See below for further details.

Product Types:

• Standard (203b) for purchase & refinance including cash-out,
  • Simple refinance (FHA to FHA with appraisal)
    • Refinance to include finance fees 
  • Streamline Refinance without income & appraisal,
    • Noncredit qualifying streamline 
  • Streamline with income & without appraisal
    • Credit Qualifying Streamline
  • 203k (home renovation for Purchase or Refinance), 
  • 251 (energy efficient mortgage for Purchase, Refinance & can be combined with Renovation), 
  • 255 HECM Reverse Mortgage,
    • Designed for borrowers over the age 62 (although Spouse can be younger as a non-borrower)  
    • Line of Credit that does not have to be repaid during occupancy of the home
    • Eliminate current mortgage payments or covert home equity to line of credit that can be accessed for any purpose & is nontaxable. 
    • Purchase or Refinance (including refinance of existing Reverse Mortgage)
      • (MMI offers proprietary Reverse Mortgage for homeowners that are 60 years of age and older)
  • FHA One Time Close
    • Construction to Permanent financing where a borrower can combine lot acquisition (or currently own a lot), construction financing & permanent home mortgage into one settlement. 

The following property types may be financed:

• A one- to four-unit Single Family Structure.
• An individual Condominium Unit, meeting FHA requirements for single unit approval
• A Site Condominium unit.
• Manufactured Housing where the rehabilitation does not affect the structural
• Mixed Use Property with one- to four-residential units, provided:
• 51 percent of the Gross Building Area (GBA) is for residential use; and commercial use will not affect the health and safety of the occupants of the residential Property
• A HUD Real Estate Owned (REO) Property:
• The Property is identified as eligible for 203(k) financing as evidenced in the sales contract or addendum. Investor purchases of HUD REO Properties are not eligible for 203(k) financing

USDA Guaranteed Home Loan (SFHGLP)

• The USDA guaranteed home loan is designed for property sites and improvements located in Rural American towns.  Applicants can contact MMI representatives to determine if a property is in an eligible area. 

• The SFHGLP assists very low- and moderate-income households.  If you are interested in purchasing a USDA eligible home, contact MMI to determine if your household is within the adjusted annual income threshold for the applicable location. The USDA guarantees the following mortgage transactions:
• Home Purchase with No Down Payment  
• Gifts, seller credits and more eligible sources allowed for closing cost/ finance fees)
• Refinance of existing USDA loans (in many cases, no appraisal required)
• USDA Renovation
• USDA One time close- Construction to Permanent Home Loan

My Mortgage underwrites USDA home loans for USDA loan guarantee. Further, MMI offers manual underwriting services for applications that are not approved through the USDA automated underwriting system referred to as GUS.   USDA home loans are designed for borrowers with credit scores above 580 that meet the other income and credit underwriting standards.  

Property Types-

• 1-4 Unit new and existing dwellings (including approved condo projects and new manufactured housing) that are structurally sound, functionally adequate and have safe electrical, heating, plumbing, water, and wastewater disposal systems.  IF, the property does not currently meet those standards- please call MMI as the USDA offers products that can provide renovation/repair financing to meet minimum property standards and requirements upon occupation of the home. 

VA Home Loans

• VA home loans are designed for current and prior members of the armed services with certificate of eligibility (COE) for VA home loan guarantee (call MMI for details if you need guidance for obtaining a COE).   Even if you have a VA loan now, you may still be eligible for a new VA home loan if you intend to occupy the property as your primary residence.  The VA has made recent changes to loan limit policy that has greatly enabled many veterans to purchase the home of their dreams.  VA guidance provides a commonsense approach to standards for the veterans who have fought to protect our quality of life.  In keeping with that commonsense approach, the VA recently announced the removal of county loans limits as a condition of providing the required guarantee for the secondary mortgage market. (VA will provide loan guarantee for any loan amount- although mortgage lenders normally cap at $2,000,000)

Property Types:

• 1-4 Unit single family attached and detached condos in approved projects, manufactured homes and mixed-use properties that are primarily residential in nature. 

Credit

• VA does not have a minimum credit score requirement although lenders do impose their own standard in most cases.  Call MMI for details concerning credit qualification. 

VA Transaction Types

• Home Purchase 
  • WITH NO DOWN PAYMENT 100% LTV
• Refinance/cash out
• Interest Rate Reduction Loan 
  • No appraisal or income qualification- mortgage only credit report
• Renovation
  • Home Improvement loans
• One time close – Construction to Permanent Home Loans.