4 Types of Home Loans

Conventional Mortgage

* Low rates for borrowers with good credit

* No limits on income, area, or occupancy type

$200,000   Purchase Price

   $10,000   5% Down Payment

     4.625%   Interest Rate

 $190,000   Loan Amount 

          $1,125.70   Estimated Monthly Payment

FHA Mortgage

* Flexible guidelines

* More forgiving on credit than conventional

* Lower interest rate

$200,000   Purchase Price

     $7,000   3.5% Down Payment

         4.5%   Interest Rate

$193,000   Loan Amount 

         $1,131.73   Estimated Monthly Payment

VA Mortgage

* No down payment required

* No private mortgage insurance necessary

* Flexibility with credit

* Must be a veteran

$200,000   Purchase Price

              $0   Down Payment

     $4,300   Funding Fee

     4.625%   Interest Rate

$204,300   Loan Amount

         $1,050.39   Estimated Monthly Payment

USDA Mortgage

*No down payment required

*No private mortgage insurance necessary

* Flexible with credit

* Income restrictions

* Eligible areas only (i.e. outside of Amarillo City limits) 

$200,000   Purchase Price

              $0   Down Payment

                $2,040   Guarantee Fee

          4.5%   Interest Rate

$202,040   Loan Amount

         $1,081.60   Estimated Monthly Payment

I am happy to provide you with a more specific and detailed estimate of cost based on your desired home purchase. Feel free to contact me by phone or email and I will provide this for you. 

These estimates, based upon the above sale price, type of financing have been prepared to assist in estimating costs. Amounts will vary depending upon differences between actual and estimated costs that may occur in the transaction, unpaid loan balances, assessments, liens, charges by lenders, escrow companies, title insurers and other service providers and other items. Neither Broker nor Agent guarantee these figures represent the actual, or only, amounts and charges.

Click Here to instantly apply online