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FHA

A Federal Housing Administration (FHA) loan is a mortgage insured by the FHA and issued by an FHA-approved lender, like A&D Mortgage. FHA loans require a lower minimum down payment and lower credit scores than many conventional loans and are principally designed for low-to-moderate income borrowers. Because of their many benefits, FHA loans are popular with first-time homebuyers.

If you are looking to minimize your down payment or if your credit score is less than average, and you’re looking to purchase a home, A&D Mortgage will guide you through the entire loan process.

Program highlights:

  • Financing up to 96.5%
  • DTI up to 55%
  • No appraisal is needed to apply for the streamline refinance FHA program
  • Up to 6% of closing costs can be contributed by the seller

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Other Programs

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High Balance Conventional Loan

- Loan amounts up to $970,800 in high-cost areas for a single unit
- Eligible for primary and secondary homes
- More competitive rates and easier guidelines
- Faster turn times

FHA Streamline

- No appraisal and no income documentation are required
- You must have made at least six payments on your FHA mortgage
- To qualify, you’re required to be current on your monthly loan payments

Freddie Mac Refi Possible

- Designed for lower-income families
- Limited to owner-occupied, 1-unit primary residence financed through Fannie Mae or Freddie Mac
- Lowers interest rate by 0.5% and monthly payment by at least $50
- FICO 620
- Up to 97% LTV
- Income at or below 80% of the area median income (AMI)
- Maximum DTI 65%
- Borrower will receive $500 credit at closing if they have an existing appraisal
- Roll up to $5,000 in closing costs for those with limited cash to close. Cash-out limited to $250
- Reduced documentation requirements

Fannie Mae Refi Now

- Designed for lower-income families
- Limited to owner-occupied, 1-unit primary residence financed through Fannie Mae or Freddie Mac
- Lowers interest rate by 0.5% and monthly payment by at least $50
- FICO 620
- Up to 97% LTV
- Income at or below 80% of the area median income (AMI)
- Maximum DTI 65%
- Borrower will receive $500 credit at closing if they have an existing appraisal
- Roll up to $5000 in closing costs for those with limited cash to close. Cash-out limited to $250
- Reduced documentation requirements