IMG Mortgage Greensboro | Home Mortgage Types

Darrell Boan: 336.209.8819 NMLS #86127

Kerrie Currie: 336.601.2201 NMLS #70427

Brandy Barnes: 336.508.8877 NMLS #105988

With dozens of loan types and hundreds of external factors, choosing the right mortgage for your personal needs can be a daunting task. That's why we're here. At IMG Mortgage Greensboro, we understand the complexities of the many types of mortgages available and can quickly determine which would be best for you. For instance, did you know that some loans require zero down? And that others allow you to pay for fees as part of your loan program? Between varying interest rates and different forms of repayment, IMG Mortgage Greensboro has the expertise and experience to suggest the perfect mortgage plan for you and your family.

Federal Housing Administration (FHA) Mortgage Loans* FHA mortgages are administered by the U.S. Department of Housing and Urban Development (HUD). These are government-insured loans that offer very low down payments, which may be gifted from relatives or employers. Rates are often lower, and qualifying is easier because credit is not as large a factor. These loans are often assumable, meaning you can take them over from the previous owners or allow a buyer to take it over from you. Refinancing is easier, and there are other products and services available. FHA Loans have a cap on how much can be borrowed, processing may take longer and appraisal guidelines may be slightly more strict. The house must be worth the selling price. FHA mortgages are not restricted to first-time borrowers. FHA loans include 30 and 15 year loans, 203K and 203K Streamline Loans and $100 Down Programs.	Conventional Mortgages* A conventional mortgage is a loan that is not guaranteed or insured by any government agency. Conventional mortgages may be fixed-rate or adjustable-rate mortgages. Most choose a 30-year fixed rate loan, but loans are also available in 20, 15 and 10 year terms. Conventional mortgages typically require that a buyer have at least a 5 percent down payment. However, if a borrower can put 20% down they can usually get slightly better loan terms and can also avoid in some cases paying for private mortgage insurance (PMI). In addition, some programs allow qualified buyers to come up with as little as 3% down. Call IMG-Greensboro today at (336) 218-6422 for further details. We will be happy to point you in the right direction for your particular situation and come up with a program that best suits your needs.
FHA "Manufactured" Home Loans* A manufactured home loan can be hard to come by in today's market, as most lenders will not finance them. FHA defines a manufactured home as "a structure that is transportable in one or more sections." These homes are regulated by rules known as Federal Manufactured Construction and Safety Standards. Manufactured home floor space can not be smaller than 400 square feet and must also be classified as real estate. The only manufactured homes that may be classified as real estate or "real property" are those which have a permanent foundation built to FHA standards. A manufactured home must be considered a "permanent dwelling" or the home is considered personal property for tax purposes and is ineligible for an 30-year FHA mortgage.	USDA Single Family Housing Guaranteed Loans* USDA guaranteed loans offer affordable financing to rural home buyers, and help many low to moderate income home buyers in rural areas achieve their dream of home ownership. To qualify for a USDA Mortgage, applicants must purchase a home within eligible rural areas and have a household income that does not exceed the established limits where the home is located. USDA backed loans offer 100% financing, and no down payment is required; however, the loan amount may not exceed 100% of the appraised value. USDA loans can be used for existing homes, homes that are under construction, modular homes, Planned Unit Developments (PUD’s), and some condominiums. Not limited to first time home buyers, USDA loans also let the buyer include many, if not all of the fees associated with buying a home into the life of the mortgage.
U.S. Department of Veterans Affairs (VA) Mortgages* VA mortgages are government-guaranteed loans available to veterans of the armed services, those currently on active duty or in the reserves, and widows or widowers of veterans. Similar to FHA loans, VA loans have certain guidelines that allow more people to qualify. In addition, some VA loans require no or little down payment. While there are limits on the size of VA loans, they are usually large enough to cover the purchase of moderately priced homes. VA-guaranteed home loans are made by private lenders. The "guaranty" means that VA will protect the lender against loss if the veteran or a later owner fails to repay the loan. You must have suitable credit, sufficient income, and a valid Certificate of Eligibility, or COE, to be eligible for a VA-guaranteed home loan. VA Loans can also be used for certain energy and efficiency enhancements.	Reverse Mortgages* If you’re age 62 or older – and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses – you may be a candidate for a reverse mortgage. A reverse mortgage allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. Simply stated, in a regular mortgage, you make monthly payments to the lender. In a reverse mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer considered your primary residence. The proceeds of a reverse mortgage generally are also tax-free, and many reverse mortgages have no income restrictions.
NC Home Advantage™ Mortgage* If your income or the need for down payment assistance has kept you out of the housing market, this loan program can help! The N.C. Home Advantage Mortgage™ program offers competitive interest rates along with down payment assistance up to 5% of the mortgage loan amount –which can then be fully forgiven after 15 years! Available with 30-year, fixed rate FHA, VA, USDA and conventional mortgages, the N.C. Home Advantage Mortgage™ is a perfect match for buyers looking for safe, affordable financing. These mortgages offer competitive interest rates, and can be used for new and previously owned single family homes, townhouses, condominiums, and qualified manufactured homes.	Home Refinancing* The amount you pay on your mortgage each month is directly related to its interest rate. In short, lower rates usually mean lower payments. You may be able to get a lower rate because of changes in market conditions, or because your credit score has improved. A lower interest rate may also allow you to build equity in your home faster. Refinancing involves paying off your existing mortgage and creating a new one. You can also combine a primary mortgage and a second mortgage into a single new loan. Ask us for details.

* All loans are subject to credit and property approvals. Rates and fees are subject to change. Equal Housing Lender. Wolfe Financial Inc., DBA Integrity Mortgage Group Greensboro is registered in the National Mortgage Licensing System, NMLS #69371. Not all customers will qualify. Information, programs and rates are subject
to change without notice. Other restrictions and limitations apply. Contact us for complete details.

Be Prepared! To save yourself time, have these things ready before applying for a mortgage loan..

• Address to your current place of residence for the past two years • Social Security numbers (and your spouse’s, if applying together) • Names and location of your employers for the past two years • Pertinent information for all checking and savings accounts • Current loan information, including auto, home equity, credit cards	• Complete information on any other real estate you own • Gross monthly salary at your current job(s) • Certificate of Eligibility and DD-214 (veterans only) • Current check stubs and your W-2 forms for the past two years • Tax returns for the past two years and current income statement

Contact us today to get started! Call 336-218-6422 or email us at info@IMG-Greensboro.com

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