Guests - If You want access to member only forums on HSO. You will gain access only when you sign-in or Sign-Up on HotSpotOutdoors.

It's easy - LOOK UPPER right menu.

Sign in to follow this  
Followers 0
fisherdog19

We are an FHA/VA approved Lender

6 posts in this topic

Well, a couple months have gone by since we became a government approved lender but I wanted to get my feet wet before letting you all know. In May, we were approved by the Federal Housing Authority (FHA) and Veterans Affairs (VA) as a direct lender in MN, ND, IA, MT, SD, and WI. I'm sure many of you are asking what this means so I will explain the benefits of each program below.

FHA- These loans are insured by the federal government which makes lenders feel better. Because it is backed/insured by the feds, we are able to offer a lower rate than the conforming (Fannie Mae/Freddie Mac) counterpart. The maximum LTV (loan to value)with FHA loans can be 98.75% depending which state you live in, but can be structured as a 100% deal when using a down payment assistance program.

FHA loans do require a Up Front Mortgage Insurance Premium (UMIP) on all loans greater than 15 years that can be 1.25-2.25% of the loan amount, depending on your credit score and LTV. This UMIP is financed above and beyond the base loan amount so it is not an out of pocket cost. There also is a yearly MI payment of .5%-.55% of the loan amount spread out over 12 months which again depends on the LTV and credit score. In certain cases you can get a refund if you payoff or refinance your mortgage within a certain amount of years.

FHA loans are also much more forgiving on credit scores, and actually do not even use them for credit qualifying. It is possible to get approved with a mid to low 500 credit score if everything concering income, assets, and job history or OK.

Another plus is that FHA does not take into considerateion the fact that your home may be in a declining market, which some conforming loans do, and private mortgage insurance company's definatley do. This means a reduction of the maximum LTV in which you can qualify, but not so with FHA.

VA- VA loans offer 100% financing with no MI and have an upfront funding fee of 2.125%. As a VA member, you would have an awards letter that shows how much VA backing you qualify for. There are some credit score criteria associated with VA loans, but for a Veteran wanting to get into a home, it is a great program.

Both of these programs have maximum loan amounts that are solely dependent on what county you reside in, but offer greater flexibility and financing than conforming loans. Valesco Mortgage is a division of a Federal Savings Bank so be assured that there will be no monkey business and you'll get what you are promised. Remember, as always, I will credit $350 at closing to all Fishing MN members that will help cover some of your fees.

Share this post


Link to post
Share on other sites

Peter, I just wanted to say thanks again for all your help with my refinance. You made things easy on my end and I am now finally locked in onto fixed rate mortgage.......which makes me feel much better these days than being in the ARM I was in!

Maybe one of these days we will get out fishing in DL!

Share this post


Link to post
Share on other sites

Good to hear about getting into a fixed. We were in that situation around 5 yrs ago.

How's the HSR 9000 ???

Share this post


Link to post
Share on other sites

The HSR9000 is great.....I love the setup!!! The hidden hood handle/real seat really makes it nice!!! Now if I could just get more time on the water it would be even better.

Funny thing with this whole mortgage deal was that another FM member met me at my house for the closing (from the title company).

Share this post


Link to post
Share on other sites

Glad to hear you took care of the Mortgage issue, and the HSR 9000 is working well for you. I thought you would like it. I haven't heard any complaints on them form people who have built one.

Share this post


Link to post
Share on other sites

It was great working with you Hemi, glad I could help you out of a tight spot. Hope you get to use that rod of yours smile

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.
Sign in to follow this  
Followers 0



  • Posts

    • Check out the 2017 Obsession Hurcan 366fps and 3.9 lbs!
    •   When someone gets to the personal aspect, whether it's me or someone else, I will challenge them and if they can justify what they have said about an individual --OK -- otherwise show me why, and if it is just their opinion say so. I'll accept that if it's their opinion.   There is nothing generic about an insult, an insult is an insult. What do you consider as a douchebag?
    • Not sure why people get so worked up about being called dummies, poopyheads and sons of bees.  Whatever, its generic insults and this is the internet.   But yeah, there's a line somewhere in the there that separates the real douchebags* from the rest of us.  You know it when you see it.   *Sorry if any douchebags felt personally attacked by being called douchebags.
    • I was addressing it to JigSawJimmy Peatmoss  response : That's an opinion, not anything more , so I let it go.
    • Created/Saved all these jobs, cut gajillions off AF1 costs, etc.  Ok, so how did the that work?  Usually these sort of dealings aren't totally one sided.  At least the carrier deal had a bunch of Pence fingerprints on tax incentives Trump took credit for.   I have doubts that King Cheeto just shows up and blows a bunch of smoke up assses and corporate executives are just like, "Yay!"   Is Trump's Twitter bully pulpit that powerful?  He randomly yells at Boeing and they just fold over for him?  I thought we realized Trump on Twitter is only for the LOLs.
    • Well hope the Trump supporters are having fun, seems those days are numbered. Turns out you can't just yell fake news at real news and make it go away. The Feds are closing in, and at best it seems Trump thinks throwing Manafort to the wolves might get them off his tail. Anywho, lots of news today.   The FBI has information that indicates associates of President Donald Trump communicated with suspected Russian operatives to possibly coordinate the release of information damaging to Hillary Clinton's campaign   McCain: Congress doesn't have 'credibility' to handle Russia probes    Because this happened - House Intelligence chair discloses classified intel in clumsy effort to validate Trump   Also this earlier in the day -  Former campaign manager Paul Manafort secretly worked for a Russian billionaire with a plan to "greatly benefit the Putin Government."     And in completely unrelated news - remember those Carrier jobs you bragged about Trump saving? Yeah, those jobs are gone. Carrier pocketed the tax breaks then screwed the workers anyway. Great negotiation there. http://www.nbcchicago.com/news/local/job-cuts-endure-at-indiana-factories-despite-trump-pressure-416511193.html
    •   Who are you addressing this to? I did not make the statement only re-posted it. I also don't find PEATMOSS's comment very humorous as well.   PEATMOSS said: This is still, by far, the funniest thing I have ever read on these threads in a decade.
    •   Anything you post on here from now on has no merit or credibility as far as I'm  concerned.  I wasn't even going to respond to this, but feel what you posted needed to be. If you wish to call my mother a dam, you will, the same as you called another persons mother that. I don't give a rats butt what your political views are, however when you start getting into personal attacks you had better look in a mirror. You don't probably don't know anyone on here personally, yet you attack someone on a personal bases, call there mother a dam and ridicule them because they had a lower portion of a leg amputated due to something they can control, but had no control whether they have the illness and sometime that illness makes you pay a price. BD2 has that illness he can control to a certain extent where he can lead a normal life, however there will be complications and from what I know of him he will accept that. I don't know DB2 personally, I've never met him, I've debated against some thing on this where he and I have had different views, I respect his opinions even though I disagree on many, BUT I SURE AS H--- DON"T ATTACK HIS ANCESTORY OR  ANY TYPE OF DISABILLITY
    • Yea yea all ya auld pharts would  pass out the minute she popped the first button!!
    • Would he get a free hoodie for his efforts?
  • Our Sponsors