Sun American Mortgage

Saving enough money to afford a high down payment for a home purchase can take a long time. Luckily there is an option of mortgage loans with a low down payment, to no down payment. The typical required 20% down payment is outdated. New homebuyers have been taking the low down payment loans and the experience has been not just enjoyable, but a huge financial relief. In this post, we share what we learned after analyzing the home loan options available at Sun American mortgage. 1. FHA PROGRAMS FHA home loans are designed to favor the low to moderate-income earners, which allows new homebuyers to take advantage of the lenient credit score requirements. An FHA loan only requires a 3.5% down payment & has more flexible qualification guidelines. If you can’t qualify for the traditional mortgage loan types, FHA is a good alternative, thanks to the FHA guarantee. At Sun American Mortgage, you can get approved for an FHA loan if you have a decent credit score with at least 600s a

Whether you’re looking to build a new home or refinance your existing one, you’re going to come across lots of different loan types in the process. The one I’d like to recommend is a conventional loan. You can even get a Conventional Loan right here in St. George, at Sun American Mortgage! You’re probably wondering how getting a Conventional loan will benefit you, right? Well In this post, we feature many of the benefits a conventional can give you, as well as how you can get one! WHAT IS A CONVENTIONAL LOAN? A conventional loan refers to a loan type that is not backed by government agencies. The conventional home mortgage conforms to standards set by Fannie Mae and Freddie Mac, the largest buyers of mortgage loans here in the US.  Conventional loans fall under two subcategories. These are conforming and non-conforming loans. Conforming loans follow the guidelines that are set by Fannie Mae and Freddie Mac. There are several kinds of non-conforming loans, the most common bein