Sun American Mortgage

USDA Home Mortgage is a zero down payment loan for rural areas and residential home buyers. It is issued through the USDA loan program, famously known as USDA Rural Development Guaranteed Housing Loan Program. This program was implemented by the US Department of Agriculture, and till now it has helped about 130,000 families to buy their own home. The major goal of USDA Rural housing loan Utah is to ‘improve the economy and quality of life in Rural America’. The residence finds this USDA loan Utah accessible because the low-interest rates and no down payments are involved in it. Now the question comes, is the USDA loan is right for you or not? So here is how this program works and who is qualified for it: HOW DOES THE USDA HOME LOAN PROGRAM WORK? There are three major types of USDA home loan programs from which you can choose: Loan Guarantees: Loan Guarantees USDA home mortgage is issued by a participating local leader who allows you to get a loan at a low-interest rate and no...

It’s a difficult task to buy a home for the first time home buyers as they are not aware of so many aspects. But if you do your homework in the right manner, you’ll definitely find the best home for yourself at the affordable prices. The biggest surprise for most of the first time buyers who are applying for housing loan in Utah is that they tend to make some big mistake while not paying attention to the steps. So here is a Ten Step tutorial for them: STEP 1: CHECK YOUR FINANCIAL HEALTH. Before searching for a home and falling in love with it, make sure to audit your financial health. Firstly, check your savings as it will decide whether you can bare living expenses or not. Invest according to your savings. Secondly, decide how much you want to spend on your new home. This will tell you about the Utah housing loan and its amount. To know how and where you can get the Utah home Mortgage, try to research well. STEP 2: FIND THE BENEFITS FOR FIRST-TIME BUYERS. Before you mix a mee...

Are you planning to purchasing a property in St George Utah? Do you want to find the best ST George Mortgage Lenders?  Purchasing a house is one of those most expensive investments in life. Therefore, taking a mortgage can be a quick way out as you are left making repayments. It is important to know that mortgage is a huge debt that you will ever carry. In that regard, it is important you make the right decisions! In this post, we feature seven mistakes that most people make when finding a mortgage lender in St. George. Before you have closed the mortgage and signs the forms, here are mistakes you should avoid.  1. YOU FAIL TO CHECK THE CREDIT SCORE BEFORE BEGINNING THE PROCESS OF MORTGAGE SHOPPING It is unbelievable that many prospective homebuyers fail to check their credit score before starting the mortgage application process. In the end, they are surprised when the mortgage lenders tell them that they cannot qualify for the amount they intend to borrow....

According to recent statistics, the average price of a house in the U.S as at the end of 2018 was $318,600. As crazy as it may sound, this projection may have skyrocketed by about 20% in 2019, making home buying a huge deal as if it isn’t already. I don’t say this to discourage your hopes to buy a home in the slightest. I hope to restore some hope. Sure, homes these days are pretty expensive, but there are so many options to still help families get into homes without killing their financial wellbeing. This is where getting a Mortgage can be a lifesaving option. Many Mortgage companies offer Low Down options, meaning instead of saving the industry standard of 20% to put down, they have as low as 3% down & even ZERO % down options. WHAT IS A DOWN PAYMENT? A down payment refers to the cash you pay before getting into a home. Down payments can crush the hopes of any hopeful homebuyers because most of them tend to be highly-priced. Like I mentioned above, it’s typical to save ...

In a recent news release, the Federal Housing Finance Agency announced an increase in the maximum conforming loan limit by nearly $100,000 since 2016! Starting January 1, 2020, the conventional loan limits for Fannie Mae and Freddie Mac will be more than $510,000, an increase from $484,350 in 2019. This new update applies to one-unit properties only. For the areas where the cost of living is higher, there will be an increase beyond this baseline limit depending on the county. Over the last year, the median home values have increased generally, and particularly in the high-cost areas. Maximum loan limits will increase in many counties. For the high-cost areas, the new ceiling loan limit for a one-unit property will rise to $765,600 or 150% of $510,400. For areas like Alaska, Hawaii, Guam and the US Virgin Islands where a special statutory provision exists, the baseline loan limit will be $765,600 for a one-unit property. The recent announcement by FHFA marks the fourth strai...

When my friend, Tony started to reach his mid 50’s, the old back injuries he’d sustained decades ago, playing college football, started to flare up & get worse. Patrice, his wife, had been in Healthcare for her whole career & just knew as they got older & injuries & age caught up with them that they’d end up forking over quite a bit of money to pay for medical bills. They’d done what most Americans do, & had a good career & funded a 401K for a few decades, but the reality is, it’s just not enough when you factor in health issues & unexpected expenses. They knew they needed extra financing and chose to get a Reverse Mortgage. They planned to find financial backup so that they could be prepared for anything that might come up.   Likewise, if you’re hitting your retirement years and you don’t want to, or can’t touch your lifetime savings yet, a reverse mortgage might be a lifesaving option for you like it was for Tony & Patrice.   Let me ex...

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...