Credit Issues – FAQ on Qualifying for a Mortgage

in /by

Q. I have had credit issues in the past. Will this affect my ability to obtain a mortgage loan?

A. In evaluating an application for a mortgage loan, an applicant’s credit history will be considered as one element in determining the applicant’s qualification for the requested loan. Negative credit histories or a lack of previous credit experience can adversely affect an applicant’s ability to obtain a requested loan. More recent credit information will be weighed more heavily than older information. Also, some types of credit histories may be given greater weight than others. Generally, the applicant’s previous payment history on a mortgage loan is given the greatest weight, followed by major installment accounts (such as auto loans), followed then by major credit card accounts (such as MasterCard and VISA accounts), and finally followed by minor revolving charge accounts such as departments stores and finance companies.

Q. My credit problems occurred more than three years ago. Will this affect my ability to obtain a mortgage loan?

A. In evaluating a loan application, we will look closely at information occurring in the past two years. Generally, a few late payments occurring on installment loans or credit-card accounts more than two years ago will not affect an applicant’s ability to obtain maximum financing (with minimum equity or downpayment) as long as the late payments were isolated and an adequate statement has been provided explaining why the credit problems occurred.

Credit Issues with Bankruptcy and Late Payments

Q. I recently filed bankruptcy. Will this affect my ability to obtain a mortgage loan?

A. An applicant may be able to qualify for maximum financing with a previous bankruptcy provided that the discharge date is more than two years ago, the applicant has re-established and maintained a positive credit history on at least three accounts since the date of the bankruptcy discharge, and the applicant provides an acceptable explanation for the reason the bankruptcy was filed. Chapter 13 bankruptcy plans (which provide for a restructuring of debt and repayment of all or a portion of the debt over a 3 to 5 year period) must have been fully completed for a two year period to obtain maximum financing at the best available interest rates. However, we offer special loan programs at higher interest rates which allow more recent bankruptcies. These special programs typically require higher downpayments or equity positions than our conventional loans (between 10% to 35%) depending on how recent the bankruptcy.

Q. I have very recent late payments on a prior mortgage. Will this affect my ability to obtain a mortgage loan?

A. As previously stated, mortgage payment histories are given greater weight than other types of credit information. Thus, late payments occurring on a mortgage within the past two years will typically preclude an applicant from obtaining maximum financing at the best interest rates. However, we offer special loan programs at higher interest rates which allow recent late payments on mortgages. These special programs typically require higher downpayments or equity positions than our conventional loans (between 10% to 35%) depending on how recent the late payments occurred. We even have loan programs for applicants which are currently in default on a mortgage loan or which have experienced foreclosures; however, these programs typically require higher equity positions of between 20% and 35% and have interest rates which are much higher than those offered on other loan programs.

Q. How is the amount of the downpayment I will be required to pay determined on these special loan programs allowing derogatory credit?

A. The amount of the downpayment required for an applicant with recent derogatory credit is determined on a case-by-case basis. Generally, the more negative and more recent the derogatory information, the higher the downpayment or equity position that will be required. For example, we offer a program which allows a 5% downpayment which permits late payments on a mortgage occurring more than 12 months prior to the application date, and up to three 30-day late payments on other types of accounts during the preceding 24 months. With 10% down, several late payments on a mortgage occurring within the preceding 12 months and a few 30-day and 60-day late payments on other types of accounts will be permitted on these special programs with higher interest rates. Most of these programs also allow higher debt ratios than those programs at more favorable interest rates.

Click here to Contact Us or Apply Online for a Loan.

Owner Builder Spec Home Loans & Mortgages

Our Glossary of Mortgage Terminology

in /by

Our Mortgage Glossary of Common Terms and definitions listed from A to Z.

A B C D E F G H I J K L M
N O P Q R S T U V W X Y Z

Adjustable Rate Mortgage (ARM)
A mortgage in which the interest rate is adjusted periodically based on an index. Also called a variable rate mortgage.

Adjustment Interval
For an adjustable rate mortgage, the time between changes in the interest rate charged. The most common adjustment intervals are one, three or five years.

Amortization
Literally to “kill off” (root: mort) the outstanding balance of a loan by making equal payments on a regular schedule (usually monthly). The payments are structured so that the borrower pays both interest and principal with each equal payment.

Annual Percentage Rate (APR)
The interest rate which reflects the cost of a mortgage as a yearly rate. This rate is usually higher than the stated loan rate for the mortgage, because it takes into account points and other charges.

Application Fee
The fee charged by the lender to the borrower for applying for a loan. Payment of this fee does not guarantee that a loan will be approved. Some lenders may apply the cost of the application fee to certain closing costs.

Appraisal
The determination of property value based on recent sales information of similar properties.

Assumable Loan
These loans may be passed on from a seller of a home to the buyer. The buyer “assumes” all outstanding payments.

Balloon Mortgage
Behaves like a fixed-rate mortgage for a set number of years (usually five or seven) and then must be paid off in full in a single “balloon” payment. Balloon loans are popular with those expecting to sell or refinance their property within a definite period of time.

Broker
An individual in the business of assisting in arranging funding or negotiating contracts for a client but who does not loan the money himself. Brokers usually charge a fee or receive a commission for their services.

Caps
A set percentage amount by which an adjustable rate mortgage may adjust each adjustment period. For adjustable loans, caps are usually quoted as two numbers as in 2/6. The first number indicates how much a loan may adjust at each adjustment period while the second number indicates how much a loan may adjust over its lifetime.

Loans like the 3/1 and 5/1 adjustable which have an initial fixed period are quoted with 3 numbers as in 2/6/3 which would mean that the first adjustment may be as much as 3%, subsequent adjustments are capped at 2% each, and the lifetime cap is 6%.

Two-Step loans are quoted with a single cap, which is the amount by which the loan may adjust at its single adjustment date.

Closing Costs
Fees paid by the borrower when property is purchased or refinanced. These typically include a loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, deed recording fee, and credit report charges.

Commitment
A written letter of agreement detailing the terms and conditions by which the lender will lend and the borrower will borrow funds to finance a home.

Construction Loan
A short term loan for funding the cost of construction. The lender advances funds to the builder as the work progresses.

Conventional Loan
A mortgage neither insured by the FHA nor guaranteed by the VA.

Conversion
The right of a borrower to convert an adjustable or balloon loan into a fixed loan. The Conversion Option column on Microsurf balloon tables indicates the right of a borrower to convert this balloon loan.

Credit Rating
Borrowers are rated by lenders according to the borrower’s credit-worthiness or risk profile. Credit ratings are expressed as letter grades such as A-, B, or C+. These ratings are based on various factors such as a borrower’s payment history, foreclosures, bankruptcies and charge-offs. There is no exact science to rating a borrower’s credit, and different lenders may assign different grades to the same borrower.

Credit Report
A report to a prospective lender on the credit standing of a prospective borrower. Used to help determine creditworthiness. Information regarding late payments, defaults, or bankruptcies will appear here.

Deed
A legal document which affects the transfer of ownership of real estate from the seller to the buyer.

Default
The failure to make payments on a loan.

Down Payment
Money paid by a buyer from his own funds, as opposed to that portion of the purchase price which is financed.

Equity
The difference between the current market value of a property and the principal balance of all outstanding loans.

Finance Charge
The total dollar amount your loan will cost you. It includes all interest payments for the life of the loan, any interest paid at closing, your origination fee and any other charges paid to the lender and/or broker. Appraisal, credit report and title search fees are not included in the finance charge calculation.

Fixed-Rate Mortgage
A mortgage where the interest rate does not change for the life of the loan.

Float
Between the time of application and closing, a borrower may choose to bet on interest rates decreasing by electing to float. Floating is essentially choosing not to lock the interest rate. Since it is the borrower’s responsibility to lock his or her rate before (or at) closing, choosing to float is considered risky and may result in a higher interest rate. Request information from your lender regarding lock procedures.

Foreclosure
A legal procedure in which real estate is sold by the lender to pay a defaulting borrower’s debt .

Good Faith Estimate
An estimate of charges which a borrower is likely to incur in connection with a loan closing.

Gross Monthly Income
The total amount the borrower earns per month, not counting any taxes or expenses. Often used in calculations to determine whether a borrower qualifies for a particular loan.

Hazard Insurance
A form of insurance in which the insurance company protects the insured from certain losses such as: fire, vandalism, storms and certain other natural causes.

Housing Ratio
The ratio of the monthly housing payment to total gross monthly income. Also called Payment-to-Income Ratio or Front-End Ratio.

Index
A published interest rate not controlled by the lender to which the interest rate on an Adjustable Rate Mortgage (ARM) is tied. The index and the interest rate linked to it may increase or decrease.

Interest Rate
The percentage of an amount of money which is paid for its use for a specified time.

Jumbo Loan
A loan above $322,700. These limits are set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.

Lender
The bank, mortgage company, or mortgage broker offering the loan. Many institutions only “originate” loans and then resell the obligation to third parties.

Life of Loan Cap
The maximum interest rate that can be charged during the life of the loan. Also called Lifetime Cap. This value is often expressed as an increment above the initial loan rate. For example, an adjustable rate loan with an initial rate of 7.25% and a 6% lifetime cap will never adjust above a rate of 13.25% (7.25+6.0).

Loan-To-Value Ratio
The relationship between the amount of the mortgage loan and the appraised value of the property expressed as a percentage. A LTV ratio of 90 means that a borrower is borrowing 90% of the value of the property and paying 10% as a down payment. For purchases, the value of the property is assumed to be the purchase price, for refinances the value is determined by an assessment.

Lock noun
The period, expressed in days, during which a lender will guarantee a rate. Some lenders will lock rates at the time of application while others will allow the borrower to lock the rate after the application is taken. Request information from your lender regarding lock procedures.

Lock verb
The act of committing to a mortgage rate. This action, taken by a borrower some time between the application and the closing dates, is sometimes accompanied by a payment by the borrower to the lender. Opposite of float

Margin
The amount a lender adds to the quoted index rate for an adjustable rate loan to determine the new interest rate.

Minimum Credit
This field on the Microsurf tables refers to the minimum credit rating a borrower must have in order to qualify for the listed loan.

Monthly Housing Expense
Total principal, interest, taxes, and insurance paid by the borrower on a monthly basis. Used with gross income to determine affordability.

Mortgagee
The lender.

Mortgagor
The borrower.

Net Effective Income
Gross income less federal income tax.

Origination Fee
The fee imposed by a lender to cover certain processing expenses in connection with making a loan. Usually 1% of the amount loaned. Please refer to the Points definition.

Points
Prepaid interest paid by the borrower to the lender at closing. A point is equal to 1 percent of the loan amount (e.g. 1.5 points on a $100,000 mortgage would cost the borrower $1,500). Generally, by paying more points at closing, the borrower reduces the interest rate of his loan and thus future monthly payments.

Prepaids
Expenses such as taxes, insurance and assessments which are paid in advance of their due date and which must be paid by the buyer on a prorated basis at closing.

Prepayment
The ability to pay off the remaining balance of a loan.

Prepayment Penalty
Lenders who impose prepayment penalties will charge borrowers a fee if they wish to repay part or all of their loan in advance of the regular schedule.

Principal
The amount of debt, not counting interest, left on a loan.

Private Mortgage Insurance (PMI)
Paid by a borrower to protect the lender in case of default. PMI is typically charged to the borrower when the Loan-to-Value Ratio is greater than 80%.

Qualifying Ratio
The ratio of the borrower’s fixed monthly expenses to his gross monthly income. Ratios are expressed as two numbers like 28/36 where 28 would be the Front-End Ratio and 36 would be the Back-End Ratio.

The Front-End Ratio is the percentage of a borrower’s gross monthly income (before income taxes) that would cover the cost of PITI (Mortgage Principal Payment + Mortgage Interest Payment + Property Taxes + Homeowners Insurance). In the case of a 28% Front-End Ratio a borrower could qualify if the proposed monthly PITI payments were 28% or less than the borrower’s gross monthly income.

The Back-End Ratio is the percentage of a borrower’s gross monthly income that would cover the cost of PITI plus any other monthly debt payments like car or personal loans and credit card debt.

Please note that qualifying ratios are only a rough guideline in determining a potential borrower’s credit-worthiness. Many factors such as excellent or poor credit history, amount of down payment, and size of loan will influence the decision to approve or disapprove a particular loan.

Settlement Costs
See Closing Costs.

Tax Lien
A claim against real estate for the amount of its unpaid taxes.

Title
A document that gives evidence of an individual’s ownership of property.

Title Insurance
Insurance against loss resulting from defects of title to a specifically described parcel of real estate.

Title Search
An examination of city, town, or county records to determine the legal ownership of real estate.

Total Debt Ratio
Monthly debt and housing payments divided by gross monthly income. Also known as Back-End Ratio.

Variable Rate Mortgage
See Adjustable Rate Mortgage.

Mortgage GlossaryWe offer Colorado Conventional Construction Loans and mortgage lending for new construction, renovation and Pre-built homes.

We earn your trust by taking the stress out of the buying/building process with our vast experience we can intelligently discuss with you the client the various options available and advise our client in the direction they should follow.

Taylor Mortgage Group is a mortgage broker that offers a variety of loan products and rates with some of the largest and best investors. A pre-approval process can be helpful in structuring your final goal. One of the most important steps in purchasing a home is to be pre-qualified or pre-approved. An accurate credit report is a useful tool in assessing your lending options. We are there to advise and assist with any challenges. Verifying correct and up to date credit information helps us provide clients an option for debt consolidation in order to help them qualify for the price range they are interested in for their loan.

Call or email Janie today with your home, land, construction, and HECM lending questions.

USDA Loans Colorado

USDA Loans

in /by

USDA Loans for Colorado. Taylor Mortgage Group wants all potential home buyers to be aware of the opportunity to obtain Colorado mortgage loans from the United States Department of Agriculture or USDA.  Its Rural Development program offers USDA home loans for real estate purchases in small cities and rural areas throughout Colorado and the nation.

USDA loan program offers home buyers financial resources when they purchase Colorado homes or properties.  Using USDA mortgages, borrowers find relief from needing to ask family and friends to pay closing costs and other unexpected fees.

Certain restrictions are important considerations to determine which properties and home buyers may qualify for USDA home loans in Colorado.

 Benefits of the USDA Guaranteed Rural Housing Program:

  • Provides 100% loan-to-value financing for existing homes or new construction based on appraised value.
  • No requirement to be a “first-time” home buyer.
  • Available to low and moderate-income rural households.
  • Less up-front cash-to-close requirements for this program than for conventionally insured or FHA loans.
  • Fully amortized 30-year fixed-rate loans.
  • No penalty for pre-payment.
  • No maximum loan limit. Loan limits are dictated by the applicant’s income with respect to program eligibility and loan repayment ability. Previous ties to FHA loan limits have been eliminated.
  • For depository institutions, USDA GRH loans provide opportunities to meet Community Reinvestment Act (CRA) goals.

Property restrictions

  • The property must be located in a rural area.  For the purposes of the USDA loan, the home may be in an open country area or in a city with a population under 10,000 residents.  On occasion, the local USDA Rural Development field officers are able to make exceptions in cities with populations under 25,000 residents.
  • The home needs to meet state and local home-standard requirements to qualify for the USDA home loan products.  For example, the foundation and framing must be solid.
  • Inspections are required for older homes as well as homes that are less than a year old.
  • For new construction the builder must provide a certificate of occupancy and a one-year guarantee on the home.

Borrower parameters

  • The borrower must be a citizen of the United States, a non-citizen National, or qualified Alien.
  • The borrower may not own a home within commuting distance of the property and must live in the USDA-financed home on a permanent basis.

Financial limitations

  • Each borrower must be unable to qualify for a traditional home loan, for example must not have enough in their account for the required 20-percent down payment.
  • USDA home loans require satisfactory credit history, payment history, and maximum 41 percent debt-to-income ratio.
  • Total amount of loan payment, taxes, and insurance may not exceed 29 percent of gross monthly income of the household.
  • Income restrictions apply in certain geographic locations.  The income strength of the entire household – all persons who will be living in the home – may also be factored in to the qualifications of an applicant.

 

Are you Looking for a USDA Loan in Colorado?

Taylor Mortgage Group is a mortgage broker that offers a variety of loan products and rates with some of the largest and best investors. A pre-qualification process can be helpful in structuring your final goal. One of the most important steps in purchasing a real estate is to be pre-qualified. An accurate credit report is a useful tool in assessing your lending options. Call: Taylor Mortgage Group at 303-339-5950 or Janie Taylor directly at (303) 884-9393.

 

Apply Online Now

Went through many lenders, until we found Taylor Mortgage

in /by

We went through many lenders, none were helpful until we found Taylor Mortgage…

I am happy to provide this letter of recommendation for Taylor Mortgage. Taylor helped us secure a new construction loan when our old lender, Mutual of Omaha was acquired by another bank and we lost our local bank. We had begun construction on our house and because of cost needed to increase the construction loan, which the bank that acquired Mutual of Omaha would not do. Taylor stepped in found a new construction loan and we are close to completing the home. The home’s appraised value is significantly more than the cost to construct so everything has worked out.

Without Taylor we would have been stuck with a project that we could not finish, but now have an asset. We went through many lenders, but found no help until we found Taylor.

I can recommend them as a company that did what they said they would do. We look forward to completing our mortgage taking out the construction loan with Taylor.

D. Hartman
Colorado

Taylor Mortgage Group is a mortgage broker that offers a variety of loan products and rates with some of the largest and best investors. A pre-approval process can be helpful in structuring your final goal. One of the most important steps in purchasing a home is to be pre-qualified or pre-approved. An accurate credit report is a useful tool in assessing your lending options. We are there to advise and assist with any challenges. Verifying correct and up to date credit information helps us provide clients an option for debt consolidation in order to help them qualify for the price range they are interested in for their loan.

Call or email Janie today with your Colorado home loan or CO mortgage lending questions.

Colorado Home Loan Programs

Colorado Loan Programs

in , /by

Taylor Mortgage Group lends statewide in Colorado and here is a list of some of our loan program options:

  1. Fixed Rate Mortgages
  2. Adjustable Rate Mortgages
  3. Conventional Loans
  4. First Time Home buyers
  5. FHA
  6. VA
  7. USDA
  8. Land Loans
  9. Construction Loans
  10. One-Time Close Construction Loan
  11. Construction to Permanent Loan
  12. Consolidation Loans
  13. Investment And Second Home Loans
  14. Jumbo Loans
  15. Sub Prime Loans
  16. DSCR Loans
  17. Self-Employed
  18. Horse Properties And Farm Loans
  19. Modular Home Loans
  20. 2nd Mortgages
  21. Refinances
  22. Owner Builder Loans
  23. Renovation Loans
  24. Reverse Mortgages
  25. Agricultural Zoning Loan
  26. Small business loans
  27. Home Equity Loans
  28. Stand Alone HELOC (Home Equity Line Of Credit)
  29. Commercial Loans
  30. Hard Money Loans

One of the most important steps in getting the loan process started is getting pre-qualified. This step can eliminate wasted time in the purchase transaction. A prequalification process can also be helpful in structuring your final goal. You may find something showing up on your credit report that is incorrect, or may need to do some debt consolidation in order to qualify for the price range you were interested in. We are there to assist and advise with any challenges that may come up.

A pre-qualification can be handled by telephone. This is followed up by an email with a link to our loan application, and a secure link to upload the documents to. A letter with a list of items that will be needed to complete the transaction ” Needs List” once you are under contract. More complicated packages may require a few days. In any event, we strive meet our deadlines and commitments without any undue stress for anyone involved.

For additional information on your financing needs please feel free to call Taylor Mortgage Group at 303-339-5950 or Janie Taylor directly at (303) 884-9393!

Apply Online Now
Reverse Mortgages for Seniors

10 Questions & Answers about Reverse Mortgages

in , /by

Do you have Questions about Reverse Mortgages? Seniors 62 and older are now joining others who have already taken advantage of the Reverse Mortgages available as one of today’s Colorado home loan options. Senior interest is growing and many are considering applying for Reverse Mortgage home loans.

The Reverse Mortgage

The Reverse Mortgage can fund anything from healthcare to home modifications to travel plans.Seniors are employing the  Reverse Mortgage home loan product as a tool to create financial independence. Because they chose a fitting Reverse Mortgage for their circumstances, quite a large number of homeowners have opted to remain in their Colorado homes free of mortgage payments.  These seniors employed Reverse Mortgage home loan products as tools to create financial independence.

Common questions asked by seniors (age 62+) to determine if the Reverse Mortgage is a good choice for their lifestyle.

  1. May I obtain a Reverse Mortgage if I still owe my lender?  You can qualify for a Reverse Mortgage if you have a low loan amount or a trust.
  2. Do I seem desperate if I opt for the Reverse Mortgage?  No.  Large numbers of homeowners use the Reverse Mortgage as a financial planning tool to fund investments and any number of objectives such as in-home healthcare.
  3. Will the bank take my home if I opt for a Reverse Mortgage?  No.  The title remains in the homeowner’s name.
  4. Does the credit line pay interest?  The increasing credit line grows over time and does not pay interest.
  5. Does the Reverse Mortgage only work for a principal residence?  On a private Reverse Mortgage, some second homes also qualify.  If the Reverse Mortgage is FHA-insured, only the primary home qualifies.
  6. Are all Reverse Mortgages FHA?  Private lenders such as Lehman Brothers and Seattle carried private Reverse Mortgages.
  7. Are the closing costs high?  Closing costs are included in the credit line and are paid when the loan is mature, sometimes after the home owner’s lifetime.  Although the appraisal fees are required up front during closing, some Reverse Mortgage loans can include appraisal fees in the credit line.
  8. Does the Reverse Mortgage tie up all the home equity?  Brief verse mortgages do not allow 100 percent lending against the value of the property.  The applicant is only charged for what is taken out.
  9. If I have a year of bookable trust, can I still do a Reverse Mortgage?  For the Reverse Mortgage, the irrevocable trust can be used with the private jumbo program.
  10. Do I have to be a United States citizen?  There are Reverse Mortgage programs for resident aliens and people with working visas.
Need information about home loans and reverse mortgages? Taylor Mortgage Group is a mortgage broker that offers a variety of loan products and rates with some of the largest and best investors. A pre-approval process can be helpful in structuring your final goal. One of the most important steps in purchasing a real estate is to be pre-qualified or pre-approved. An accurate credit report is a useful tool in assessing your lending options. Call: Taylor Mortgage Group LLC at 303-339-5950 or Janie Taylor directly at (303) 884-9393.

 

Apply Online Now
USDA Rural Land Loans
USDA Rural Land Loans
USDA Rural Land Loans
Colorado Pikes Peak Fall Colors
Colorado Pikes Peak Fall Colors
Garden of the Gods Colorado Springs
Garden of the Gods Colorado Springs
Aspen Colorado Maroon Bells
Aspen Colorado Maroon Bells
Colorado Home Loan Programs
Colorado Home Loan Programs
Commercial Loans and Mortgages Denver Colorado
Commercial Loans and Mortgages Denver Colorado
Colorado Mountain Winter Scene
Colorado Mountain Winter Scene
Moose on Lake Isabelle
Moose on Lake Isabelle
Lake Dillon in Summit County Colorado
Lake Dillon in Summit County Colorado
USDA Loans Hay Farm in Western Colorado
USDA Loans Hay Farm in Western Colorado
Beautiful Colorado Winter
Beautiful Colorado Winter
Strand o fAspen Trees - Autumn in Colorado
Strand o fAspen Trees - Autumn in Colorado
Pikes Peak Garden of the Gods
Pikes Peak Garden of the Gods
Colorado Springs Balloon Launch
Colorado Springs Balloon Launch

Colorado Photo Gallery

in /by

Our Front Range Colorado Photo Gallery. Please enjoy the beauty of Colorado right here on out website with a virtual photo tour of the state.

Looking to buy a home, refinance, or get a mortgage for land? Taylor Mortgage Group can assist you with home purchases, refinances, land loans, constructions, etc. across the state of Colorado.

Looking for a land and construction loan? Our reputation in the industry is based on our ability to complete the entire lending process efficiently and quickly. This process includes new Colorado construction loans for both custom and factory built homes. Our specialty is securing loans that will ultimately save the borrower time and money from the land purchase through construction to permanent financing.

Our staff is at your disposal for all your lending needs. We can provide you with loan approval within a matter of hours. Any questions you may have about financing can be sent directly to: [email protected]

Call or email us today with your Colorado home loan or mortgage lending questions.

Factory Built housing Loans

Manufactured & Modular Home Loans

in /by

Modular / Factory Built Housing Loans?

Included in the mainstream lenders are:

  • FHA (Federal Housing Administration)
  • Fannie Mae (The Federal National Mortgage Association)
  • Freddie Mac (The Federal Home Loan Mortgage Corporation)
  • HUD (US Department of Housing and Urban Development)

Factory Built home lending has changed as well changed and so have their buyers! Factory Built home lending has changed as well. Previously factory built homes were financed almost entirely on a non-real estate loan basis. Today these same homes are being financed with traditional mortgage loans enabling Taylor Mortgage Group to offer the lowest financing available.

Factory Built housing is becoming the wave of the future. Studies indicate that sales of manufactured housing will exceed the sales of site built housing within the next decade.

 

Pre-qualifying

Eliminate wasted time in the purchase transaction A  pre-qualification process can be helpful in structuring your final goal. An accurate credit report is a useful tool in assessing your lending options. Verifying correct and up to date credit information helps us provide clients an option for debt consolidation in order to help them qualify for the price range they are interested in for their loan.  We are there to advise and assist with any challenges.

A pre-qualification can be handled by telephone. Taylor Mortgage Group will follow up the verbal pre-qualification with a secure email including a link to our loan application and credit report authorization form to be completed, signed, and returned securely. Upon receipt of your application and credit report authorization, Taylor Mortgage Group will provide an official pre-qualification letter as well as a list of items that you will need to provide to Taylor Mortgage Group to submit to the investor. Taylor Mortgage Group is diligent in meeting our deadlines and commitments.

Please call us today or use our online pre-qualification form to get pre-qualified for your home.

Are you buying a new factory built home home, need information about Factory Built Housing Loans? Taylor Mortgage Group is a mortgage broker that offers a variety of loan products and rates with some of the largest and best investors. A pre-approval process can be helpful in structuring your final goal. One of the most important steps in purchasing a real estate is to be pre-qualified or pre-approved. An accurate credit report is a useful tool in assessing your lending options. Call: Taylor Mortgage Group at 303-339-5950 or Janie Taylor directly at (303) 884-9393.

 

Apply Online Now
Jumbo Construction Loan a One Time Close Construction Loan

Jumbo Construction Loan a One Time Close Construction Loan

in , /by

This Jumbo Construction Loan is a One Time Close Construction Loan.  It allows you to get into your home for as little as 10% down.  This One Time Close Jumbo Construction Loan eliminates the need for you to requalify when the home is complete.  The One Time Close Jumbo Construction loan is only one loan, it reduces the borrowers closing costs.  This loan product is only offered to primary and 2nd home construction.  The property types that are allowed for the One Time Close Jumbo Loan are: traditional stick built homes, Modular and Manufactured Homes.  Call for more details on this loan product. Owner builder’s are not allowed for this loan type.

Taylor Mortgage Group

Taylor Mortgage Group is a mortgage broker that offers a variety of loan products and rates with some of the largest and best investors. A pre-approval process can be helpful in structuring your final goal. One of the most important steps in purchasing a home is to be pre-qualified or pre-approved. An accurate credit report is a useful tool in assessing your lending options. We are there to advise and assist with any challenges. Verifying correct and up to date credit information helps us provide clients an option for debt consolidation in order to help them qualify for the price range they are interested in for their loan.

Please contact us for owner builder loans that are not our One Time Close product.

Apply Online Now