Mortgage Lending Group

Our Loan Programs

Conventional Loan

A conforming conventional mortgage is a loan that falls within Fannie Mae and Freddie Mac's Loan limit. Conventional Mortgages are not insured by FHA or guaranteed by VA.

> Max Loan amount on a conventional mortgage is $417,000.00.
>Minimum down payment that may be required depending on approval is 5%of the sales price.
> Loan terms/payments range from 10 years to 40 years depending on the program you choose.
> Monthly mortgage insurance is required on this type of loan if you do not put 20% of the sales price down at closing or have 20% of equity in your home if you are refinancing.

FHA

FHA is a division of the Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans. FHA also sets standards for underwriting mortgages.

FHA is considered a government loan that will allow the borrower to purchase a home with little money down.

> Max based loan amount for FHA depends on the parish or county you are purchasing a home in.
> Minimum down payment that may be required is a 3.50% of the sales price.
> The down payment may be gifted to the borrower by a family member.
> 1% upfront mortgage insurance will be added to the base loan amount. This is based off the loan amount not purchase price.
> Monthly mortgage insurance will also be required on all FHA mortgages.
> Loan terms/payment range from 15 years to 30 years.

VA

VA is a loan made by the Department of Veterans Affairs. The purpose of a VA mortgage is to assist eligible military personnel to purchase a primary residence.

> Max loan amount on a VA mortgage is $417,000.00.
> There is no minimum down payment required.
> Loan terms/payment range from 15 years to 30 years.
> There is a VA upfront funding fee required on all VA loans unless the borrower is disabled.
> No monthly mortgage insurance.

Rural Development (RD)

RD is a loan that is guaranteed by the USDA and is serviced by direct lenders that meet federal guidelines. RD home loans provide up to 100% financing for a home purchase or refinance of an existing RD loan. There are many qualifying factors for a USDA home loan, such as income, loan limit eligibility, and location of property.

> There is no minimum down payment required.
> Loan term is 30 years.
> 2% upfront funding fee financed into the loan, this is based off the loan amount not purchase price.
> Monthly mortgage insurance of .30% is required on all loans.

Refinance and/or Cash-Out Loan

All loan programs offer the borrower the option to refinance their current residence to either lower their interest rate, change their loan terms, or possible take cash-out of their home.

Construction Loan

A construction loan is a short term loan that provides interim financing to pay for the construction of a home or building. This loan is designed to provide periodic draws to the builder as he progresses.

Reverse Mortgage

A Reverse Mortgage is a loan that enables elderly homeowners, who typically are low on cash, to tap into their home's equity without selling their home or moving from it.

Types of Properties

Below is a list of property types The Mortgage Lending Group, Inc. specializes in financing. Not all loan programs are available on all of the property types listed.

> Single Family Residence
> 1-4 units
> Modular Homes
> Manufactured Homes (double wide)
> Investment Properties
> Condominium