Home Loans  •  Mortgage Refinance  
FHA Loans  •  Condo Loans

HOME PURCHASE

Now is a great time to buy a home in Austin, with both home prices and interest rates low. It can be a complicated process, however, and that’s why The Steakley Group’s team of professionals is here to help.

At Steakley, we work long and hard to locate the best home loan product for every client. When buying a home, we understand that clients need clear, understandable information the first time. Our home loan experts have great resources for mortgage loan programs for home purchases, and we pride ourselves in pairing individual client needs with the best possible strategy for purchase.

FHA LOANS
The typical FHA loan requiresa 3.5% downpayment. With stricter guidelines on income, FHA bond loans allow for as little as $0 down payment. FHA terms are 30yr, 20yr and 15yr fixed. Credit scores are allowed down to 640 but even further in unique situations. FHA loans also allows a family member to gift the borrower the 3.5% downpayment and sellers are also allowed to pay for closing costs on an FHA Loan. If you have an existing FHA Loan, it can be refinanced when interest rates drop without a pre-payment penalty.

VA LOANS
VA loans require 0% downpayment and you must currently be serving in the United States military or be an honorably discharged veteran to qualify. Surviving spouses and members of the Reserves or National Guard can also obtain VA Loans. The VA loan limits vary according to the area of the home purchase.

CONVENTIONAL LOANS
Loans not guaranteed or insured by government agencies such as FHA, VA or USDA are known as conventional loans. These loans adhere to Fannie Mae guidelines. Fannie Mae, or Federal National Mortgage Association, is a corporation created by the federal government that buys and sells conventional mortgages. It sets the maximum loan amount and requirements for borrowers. Usually a 30-year fixed rate mortgage, it requires at least a 20% down payment. Conventional loans can have better interest rates than non-conventional loans and can be a great option for those with a 20 percent down payment. However, even if the borrower does not have a 20 percent down payment, it is still possible to get a mortgage. By putting less down and accepting a possibly higher interest rate, the borrower can still get financing through a non-conventional loan by either having PMI (Mortgage insurance) on the loan or using a smaller 2nd lien that piggy backs along with the conventional first lien mortgage. Conventional loan amounts range from $75,000 to a maximum of $417,000 in Texas.

USDA LOANS
A USDA Guaranteed Loan is a government insured 100% purchase loan. These loans are only offered in rural areas and are serviced by direct lenders that meet federal guidelines. The maximum loan amount varies by county. Under this loan program , the Housing and Community Facilities Programs guarantees loans made by private sector lenders. A loan guarantee through HCFP means that, should the individual borrower default on the loan, HCFP will pay the private financier for the loan.

JUMBO LOANS
In the United States, a jumbo mortgage is a mortgage loan in an amount above conventional conforming loan limits. In Texas, this is any mortgage over $417,000. This standard is set by the two government-sponsored enterprises Fannie Mae and Freddie Mac, and sets the limit on the maximum value of any individual mortgage they will purchase from a lender. Fannie Mae (FNMA) and Freddie Mac (FHLMC) are large agencies that purchase the bulk of U.S. residential mortgages from banks and other lenders, allowing them to free up liquidity to lend more mortgages. When FNMA and FHLMC limits don't cover the full loan amount, the loan is referred to as a "jumbo mortgage". The average interest rates on jumbo mortgages are typically higher than for conforming mortgages. Jumbo Mortgages can be originated using 30yr, 20yr and 15yr fixed. Also 3,5,7 and 10yr Adjustable rate mortgages (ARM). In most cases, 25% must be put down on a jumbo loan but certain investors are available to us that allow for as little as 10% down. *Restrictions do apply.