| Trinity MI | |
| 1551 West Dupont Rd. | |
| Fort Wayne, IN 46825 | |
| Phone: | (260) 485-3660 |
| Toll Free: | 1-800-818-2037 |
| Fax: | (260) 485-2038 |
| E-Mail: | info@trinitymi.com |
Loan Types
| Conforming A traditional type of loan where the customer qualifies for all underwriting requirements including income, job stability, credit history, funds available, and the property itself must qualify. If all of these criteria are met this type of loan offers the best rates and costs to the customer. |
Non-Conforming Alternate type of loan for the borrower who does not meet one or more of the underwriting guidelines required for approval on the conforming type of loans. Rates and costs are typically a little higher, but can still be a great alternative for the person trying to buy the house they want now, or the buyer refinancing to lower thier payment, or to consolidate debt. The Non-Conforming loan can also be beneficial as a temporary loan until the borrower qualifies for the better rates available on the conforming programs. |
Conventional: The most common type of loan applied for and approved by mortgage companies and banks. This loan usually offers the best rates and costs available to the borrower as compared to other loan types. The borrower can choose a fixed rate or adjustable type rate depending on the exact program best suited for thier particular situation. Contact a Trinity Mortgage Loan Officer to see which loan type fits you best.
FHA: This is a loan that is very similar to the conventional loan but has some unique rules that make it an attractive option for first time homebuyers, although you do not need to be a first time homebuyer to apply and receive an FHA loan. The overall approval guidelines are a little less strict for a FHA loan compared to the conventional loan. Also, a lower down payment is usually required on FHA loans, as low as 3% of the purchase price. Another nice feature of the FHA loan is that all money needed for down payment and loan costs can be gifted to the borrower from a friend or relative! Contact Trinity today to see if you could qualify for an FHA loan.
VA: This type of loan is for service veterans and is designed to help them become homeowners with as little up front money as possible. There is no downpayment required on this type of loan and some costs can be built right into the loan or paid by the selller. This feature allows some borrowers to be able to purchase a home with little or no money out of thier pocket.
|
|
|
|
|||||||||||||||||||
|
|
|
|
|||||||||||||||||||
|
|
|||||||||||||||||||||