![]() Department of Housing and Urban Development. Unlike conventional mortgages, this government-back program has low down payment minimums and flexible credit score requirements. Lenders will heavily scrutinize your credit score, credit history, income, and employment status before moving forward with the origination process. This loan limit tends to vary between states and can range from $453,100 to $679,650 depending on the home’s precise location.ĭue to the high loan amounts, jumbo mortgages typically feature strict eligibility guidelines. This specialty loan helps homebuyers purchase properties that exceed the maximum conforming limits set by the Federal Housing Finance Agency, which currently stands around $484,350. ![]() This mortgage type is great for borrowers who plan to move within five years or who expect a significant income boost. This makes it a solid choice for homebuyers looking to invest in property over the short term. Once the initial term has elapsed, adjustable-rate loans will adjust according to market performance. Borrowers can select a fixed-rate term of five, seven, or 10 years, during which their interest rates and monthly payments will not fluctuate. In contrast to fixed-rate mortgages, this variable lending option features low starting rates that will automatically adjust after an initial rate-locked period. Fixed-rate mortgages will not fluctuate even during large-scale downturns in the housing market. Eligible borrowers can lock in consistent interest rates and monthly payments for the full life of the loan, which can be negotiated as 15 or 30 years.Īlthough fixed-rate loans typically feature higher interest rates than their adjustable-rate counterparts, they provide maximum stability. This mortgage type is heavily geared toward homebuyers who plan to commit to a single property long term. However, BBMC does excel in its commitment to help moderate-to-low income borrowers find affordable financing solutions and competitive interest rates. This lender does not provide any specialty home loans for first-time homeowners, nor does it provide any discount programs. Current BBMC Mortgage RatesīBMC offers a standard selection of conventional fixed and adjustable-rate mortgages, along with several government-backed programs, including FHA, VA, and USDA loans. BBMC is a mortgage banker that helps borrowers find affordable mortgage and refinance rates across all 50 states. In 2018, BBMC reached a merger agreement with Synergy One Lending, an owned subsidiary of Mutual of Omaha Bank, and has begun transitioning its services and assets over the past year.
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