Academy Mortgage is recognized nationwide for commitment to unwavering lending services in today’s rapidly changing economy.
This is achieved through:
- retainment of the industry’s best mortgage professionals
- Delivery of exceptional mortgage services
- Focused in retail mortgage banking 100%
- Provision of market-lending mortgage solutions and tools.
Academy Mortgage Loan types
- Conventional Mortgage: this is any mortgage loan that is not guaranteed or insured by the State or federal government.
- This loan requires a higher down-payment from 5%-20%.
- Conventional loans has higher income and credit score criteria than the government loan.
Types of conventional loans
- Fixed-rate loans: this have 30 or 15 years term But, Academy mortgage offers 10 years, 15 year, 20 year, 25 year and 30 year fixed rate options.
- Adjustable-Rate Mortgage (ARM): Academy offers a 3/1 ARM, 5/1 ARM, 7/1 ARM and 10/1 ARM.
The interest rate stays constant for a period of time then fluctuate based on market conditions.
Categories of Conventional Loans
- Conforming: this is when a loan meets the underwriting criteria set forth by the government-sponsored entities such as Fannie Mae and Freddie Mac.
Generally, the Loan amount and a mortgage loan amount below $417,000 determine whether it’s conforming or not.
- Non-conforming: is when a loan does not meet all the requirements set forth by the government-sponsored entities.
Generally, a mortgage loan amount above $417,000 is considered non-conforming.
Benefits of Conventional Loans
- Lower closing fee and cost
- No government stipulations and prepayment penalties if you refinance or sell your house.
- Buyer has immediate equity in the property
- Repayment terms are more favorable generally.
- No private mortgage insurance is required with a 20% down payment which a great advantage.
- The Loan is quick to possess that is, fewer bureaucratic hurdles.
- FHA Loans: this is designed for the benefit of first-time homebuyers and buyers who do not have a lot of money or perfect credit card to put down.
Benefits of FHA
- No prepayment penalty
- 100% gift funds acceptable for down payment and closing costs.
- Flexible qualification guidance.
- Low down payments (as low as 3.5% of the purchase price)
- Fixed-Rate and Adjustable-Rate mortgages available.
- VA Home Loan: this helps veterans finance the purchase of homes with a favorable loan terms at a lower interest rate compared to other mortgage types.
Benefits of VA Home Loan
- Negotiable interest rate
- Mortgage insurance is not required
- Due to temporary financial difficulty VA assistance to veterans homebuyers is in default
- Down payment is not required
- Ability to finance the VA funding fee
- 5% down payment and exemption for Veterans receiving VA compensation.
- Comparable closing cost with other financing types
- An Assumable mortgage.
- Right to prepay without penalty
- Gifts and seller contributions accepted toward closing costs.
- Buyer informed of property’s reasonable value.
- USDA Home Loan: This loan program provides 102% financing for low-to-moderate-income home buyers that wants to buy home in a rural development area.
Benefits of USDA Home Loans
- Down payment is not required
- No minimum investment or post-closing reserves required.
- 100% financing on a fixed 30-year loan based on the appraised value of the home.
- Competitive interest rate
- Gifts or grants permitted from friends, family and other non-profit agencies
- Upfront guarantee fee may be included in financing
- Depending on the appraised value lenders fees and closing costs may be contributed by the seller or maybe eligible to include in the loan.
- State Housing Agency Loan: this loan is designed to support strong, viable communities and disadvantaged populations.
Benefits of State Housing Agency
- A variety of down payment assistance programs for eligible buyers
- Low interest rates.
- Refinancing your Mortgage: if you want to refinance your mortgage, you pay off your existing mortgage and replace it with a new mortgage that has lower interest rate, monthly payment or term period.
Benefits of refinancing
- Change the mortgage length
- Get a lower interest rate and make lower payment
- Get cash from the equity in your home
- Convert from an Adjustable-Rate Mortgage (ARM) to a Fixed-Rate Mortgage
- Build equity more quickly
To apply, visit their portal here.