People´s Home Mortgage Corporation

Government Loan programs:

Loan programs that provide a government-insured loan, or VA Guarantee with flexible loan options. Even experienced homeowners may need to plan for a long time for a new home purchase. Fortunately, FHA loans may help some buyers get into the home of their dreams with a lower down payment.

At Peoples Home Mortgage, we are committed to providing our customers with all the information they need to understand the loan process and make the right loan program that fits.

We are committed to provide the best service and communication Our highly trained and experienced loan officers provide every customer with a thorough financial review and customized loan options.

From loan application to loan closing, we promise our customers timely communication, superior service, and quick decisions and swift closings.

What is an FHA loan?

FHA loans are mortgages backed by the U.S. Federal Housing Administration. Lenders, such as banks and credit unions, that provide FHA loans provide funding for home purchases while requiring a lower down payment. Buyers may get into a new home with as little as 3.5% down.

Using Government loans, a lower down payment requires the borrower to get private mortgage insurance. This special type of insurance protects the lender just in case the borrower is not able to pay. The cost of PMI is added to the monthly payment until the amount of the loan reaches 20%. FHA loans, on the other hand, do not require PMI because they are backed by the U.S. government. Additional scrutiny is often required during the loan application process using an FHA loan.

What is required for an FHA loan?

Many of the same documents are required for an FHA loan that any potential lender will want to see: employment history, appraisal, debt-to-income ratio. A few additional stipulations are also attached to the FHA loan process. Buyers may have to bring 3.5% of the purchase price as a down payment, more if they have a credit score below 580. FHA loans are only available for the borrower’s primary residence.

Credit requirements may also be lower for FHA loans, given other factors demonstrate that the borrower is able to manage their money responsibly. Each lender looks at individual applications and may ask for additional documentation or explanations. They are often able to work with buyers with a lower credit score or shorter credit history than in other situations.

What is required for an FHA loan?

  • Purchase your home with as little as 3.5% down payment (compared to 20% required on most loans).
  • 30-, 25-, 20- and 15-year terms are all available with fixed rates.
  • 5-year adjustable rate mortgage available.
  • Pay your mortgage off at any time without pre-payment penalties.
  • Have questions? Give us a call! One of our mortgage specialists would be happy to answer all of your questions.

    FHA 203K (Renovation)

    Whether refinancing your home in order to renovate it or buy a fixer-upper and use additional funds to increase value, FHA 203(k) home improvement loans are a solid option.

    An FHA 203(k) Loan is backed by the federal government like all FHA programs and it’s intended for buyers who want to buy a damaged or older house and perform their own repairs using licensed contractors. The lender for this type of home improvement loan gives potential homeowners the money to buy—or refinance—the house, along with money needed for renovation.

     


    A VA loan

    - A VA loan is a mortgage financing option available to veterans, active-duty service members, reservists and National Guard members. It requires minimal closing costs and offers flexible qualifications.

    Guaranteed by the U.S. Department of Veterans Affairs, VA loans were designed with military families in mind. It can be used for a number of purposes, including purchasing or building a new home, refinancing a current mortgage, repairing or improving a borrower’s existing home, or installing home efficiency measures. Single-family and multi-family homes, manufactured homes and condominiums are all acceptable property types.

    VA loans are provided to home buyers via mortgage lenders and hold several significant advantages for those who qualify, which can include surviving spouses can buy even after diseased Veteran.

     

    USDA

    Officially referred to as the “USDA 502 Guaranteed Rural Housing Loan Program,” the USDA Home Loan Program is guaranteed by the U.S. Department of Agriculture and was developed with low-income families and individuals in mind. It’s often considered an ideal mortgage for first-time home buyers who are having trouble getting approved for a conventional loan, but it can also be utilized by borrowers who have owned a home before, but again, are facing difficulties with obtaining other mortgages

     

    Contact

    Location:

    2030 crestview way Woodstock, GA 30188

    Call:

    +1 678-505-7898