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Your loan application process can be difficult to comprehend without the right people helping you figure it out. You might not be sure what type of purchase loan is right for you. How much of a down payment do you need? What are the credit score requirements? Spire Financial (A Division of V.I.P. Mortgage, Inc.) has the team and financial tools to ensure you are confident in whatever decisions you ultimately make. Spire Financial is happy to provide expert loan services on everything from conventional home loans and VA loans to FHA and DPA loans.
At Spire Financial, we provide our clients with a wide variety of purchase loans, including conventional home loans, which are some of the best terms for home buyers available. Conventional purchase loans are any type of home loan not backed by the federal government but can be sold back to Fannie May or Freddie Mac — two government sponsored entities. The benefit of a conventional fixed rate home loan is that if you can put down at least 20 percent, you can avoid mortgage insurance.
Not every purchase loan is right for every buyer, which is why we specialize in 15 and 30-year mortgage terms. Many buyers struggle with the question: is a short term loan best or should I go for the longest one that spreads the loan over 30 years of payments? If you can come up with a significant down payment, then 15-year fixed rates could be right for you, as you’ll pay less over the life of the loan. Not to worry if you can’t come up with a sizeable down payment, as a 30-year fixed term can ensure you get the property you desire. The major benefit to a fixed home loan is your rate is fixed and cannot go up during the whole life of the loan.
Spire Financial believes everyone should be able to own a home, no matter their financial situation. Down payment assistance, or DPA, loan programs are designed to assist homebuyers by reducing the amount they need to save for a down payment and generally come in two forms: grants and low interest loans. DPA loan programs are usually facilitated by local governments, and requirements vary by location. That being said, substantial amounts of down payment funds are available for borrowers who qualify.
The Federal Housing Authority, or the FHA, was created to assist first time home buyers. FHA loans are popular among new homeowners because they don’t require large down payments or perfect credit. There are several big advantages to FHA Loans, including low down payments, low closing costs, easy credit qualifications, reverse mortgage options, and loans for manufactured housing and mobile homes.
At Spire Financial, we are proud to help veterans or active military finance their future home through VA loans. Started in 1944 by President Franklin D Roosevelt and is still going strong seven decades later, VA loans are a government-backed program designed to give an extra boost to those who have faithfully served our country by making a home mortgage easier to get. Our loan experts go above and beyond to make sure our brave men and women get the best rates possible.
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