Unless you are seeking a USDA or VA mortgage loan – the minimum down payment would be 3.5% for an FHA mortgage loan. Qualifying borrowers may be able to put down as little as 3% dependent on credit score.

Also, as of August 2023, we do have a Down Payment Assistance Program for consideration. Please see the separate FAQ question specific to this program.

As of August 2023, we do now offer a Down Payment Assistance Program (in all states other than Washington and New York).

Before this program was developed, the minimum down payment needed for a new home purchase was 3.5%. However, this new program will allow you to now put 0% down on your new home. You will still need to pay traditional closing costs, like you would on any loan, but you will not need any money towards a down payment.

Here are other key details about the program:

• Is this only for first time homebuyers? No. This is not limited to 1st time home buyers.
• Will United Faith Mortgage still offer the $1,000 lender credit with this program? Yes. We happily will.
• Can this program be used for investment properties or 2nd homes? No. It cannot.
• What does my credit score have to be to qualify? It must be 640 or higher.
• Does this program include self-employed borrowers? Yes, it does.
• I have a bankrupcy in the past. Can I take advantage of this program? Yes, you potentially can.
• Will I have to pay closing costs out-of-pocket? Yes. Closing costs are still in play, like they would be in a normal setting.
• Will I have to pay for an appraisal. You will not have to pay for an appraisal upfront, but like normal, it will be a part of out-of-pocket closing costs.
• I qualified for a state grant. Can I still take advantage of this program? You can unfortunately not utilize multiple programs.
• Is there an application fee? No. There is not.
• Is there an income minimum or maximum for this program? There is a maximum, but it will depend on the county in which you are purchasing in.

Unfortunately, not at this time.

Unfortunately, not at this time.

We believe our smaller team size, transparency, communication, and commitment to doing the right thing every time no matter the situation sets us apart on service. Our clients come from Christian radio stations we partner with and we truly understand the weightiness that comes with respecting that partnership and their listeners.

At the same time, our direct lender advantage often allows us to move faster and get our customers a better rate, a reality that can save monthly and lifelong money.

Yes. And we also boast the three government agency approvals as well:  Fannie Mae, Ginnie Mae & Freddie Mac.

Yes, we have several programs that fit the self-employed borrower. And as of August 2023, we have a new program that should significantly benefit those who are self-employed, as it allows us to qualify you based on your bank statements, NOT based on your tax returns or end income.

Rates are dependent on term, loan to value and credit score. And they can often change daily or even multiple times a day. One rate doesn’t “fit all”, and we wouldn’t want to mislead a borrower in any way.

We would like to see a mid-score of 620 in most cases and 640 for our Down Payment Assistance Program. However, each situation is unique and lower scores sometimes can qualify.

Post discharge, there is a mandatory waiting period of 4-years for a conventional loan and 2-years for a FHA or VA loan.

Unfortunately, not at this time.

Unfortunately, not at this time.

Yes

Unfortunately, not at this time.

You can normally cash out up to 80% of your home’s appraised value. On a VA Loan, up to 90%. Some states such as TX do not allow cash out refinancing for VA or FHA mortgage loans.

Not at this time, however, cash out refinancing may be a better option depending on your situation.

We do not.

We’d like to see a 620 credit score or above, debt to income ratio of 45% or less, 3.5% down payment or more and closing costs in reserve.

Yes, we do. Underwriting is the process of verifying all information provided to make sure one qualifies for the loan or program he or she is seeking.

Our parent company does service a number of loans in-house. However, a portion of loans will get sold and we cannot guarantee that we will keep your loan in-house for the duration of the loan. However, the terms of your loan are forever protected and guaranteed.

We believe this is one of our best values to our clients because every situation truly is different. Your Loan Officer will review all of your information and goals, present all potential options, and then transparently discuss what loan type seems to be the best fit for your situation. A core value of ours is to never pressure any one on any decision.

Loan terms can span 10 to 30 years, dependent on qualifications.

We would need you to start obtaining credit to generate a credit score. This typically takes 6-months.

We are happy to calculate this amount for you by reviewing your debts to gross income.

PMI stands for Private Mortgage Insurance. This occurs if you put down less than 20% on your home. On an FHA loan, something similar called MIP (Mortgage Insurance Premium) is applied regardless of the amount one puts down.

Yes, you can. There is a loan minimum for that and we’d be happy to lay out your potential options if you’d like to discuss.

We are licensed in every state other than:  Alaska, Hawaii, Missouri, North Dakota, South Dakota and Utah.