We can make buying your home fast and easy with our patented HOUR
Power® one hour approval system. With HOUR Power® if you
- One month's pay stubs
- Two year's tax information
- Three month's bank statements
- We can give you a home mortgage loan approval
in one hour - ON THE SPOT!
So don't wait weeks or months, visit MORTGAGEBANK
America today and get your mortgage approved in one hour with HOUR
mortgages generally require a 5% down payment. This means, if you
qualify, you can finance up to 95% of the purchase price or the
appraised value of the home, whichever is less. MORTGAGEBANK America
offers a 3% down payment program. Conventional loans are required
to be insured by a Private Mortgage Insurer if the down payment
is less than 20% of the purchase price or the appraised value, whichever
is less. Private Mortgage Insurance insures the Lender against losses
that it may incur if you default on your mortgage loan. This is
not to be confused with mortgage life insurance which insures you.
- A loan above
$417,000. These limits are set by the Federal National Mortgage
Association and the Federal Home Loan Mortgage Corporation. Because
jumbo loans cannot be funded by these two agencies, they usually
carry a higher interest rate.
market rate home mortgage loans are available to qualifying homebuyers
throughout the Commonwealth under PHFAs Statewide Homeownership
Program. Both new and existing homes are eligible for Agency financing.
- FHA mortgages
are insured by the Federal Housing Administration and require less
of a down payment than conventional mortgage. Generally, the required
down payment is 3.5% of the purchase price. FHA also permits the
financing of a portion of your closing costs, and in some cases
the one-time mortgage insurance premium (MIP).
- In 1944, shortly
before the end of World War II, Congress passed the Serviceman's
Readjustment Act, more commonly known as the GI Bill of Rights.
Title Ill of this Act provided for the VA Mortgage Guarantee Program.
Under the provisions of this law the United States government would
guarantee mortgages made by mortgage lenders.
rates available for first time home buyers through the Delware State
Housing Authority. Available for new and existing homes throughout
the state of Delaware.
A veteran is defined as a person who has served
in the active military, naval or air service and, except for a current
service member on active duty, was discharged or released from active
duty under conditions other than dishonorable. Since November 1992,
National Guard and Reserve Training are now considered for VA entitlement.
- No down payment is required up to a sale
price of $359,650.
- Maximum mortgage on a VA loan is $359,650,
including the financing of the VA Funding Fee.
- The veteran must occupy and take title
to the property.
- Either the buyer or the seller may pay
the discount points in a VA transaction.
- The maximum mortgage rate a Veteran can
pay is no longer set by the Veterans administration. A veteran
may now pick their rate, similarly to an FHA type loan.
- A VA loan can be used to purchase or
construct a dwelling to be owned and occupied by a veteran.
- A VA loan can be used to refinance an
existing mortgage loan or other indebtedness secured by a lien
of record or a dwelling owned and occupied by a veteran. (On cash
out refinances, the maximum is limited to 90% of the appraised
- A VA loan can be used to purchase a one
family, residential unit in a condominium approved by the VA.
- A VA loan can contain a maximum of four
- A VA loan can be used to purchase a manufactured
home as long as it is permanently affixed to its lot.