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LICENSING

Originator NMLS #: 148927

Company NMLS #: 145319

AZ Broker License : 0908019

CONTACT

True Mortgage
6883 W Laredo St
Chandler, AZ. 85226 
(602) 689-1202 
ahorne@truemortgageloans.com

SERVICE LINKS

Loan Programs

Below is a detailed explanation of the loans for your convenience 

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203k Loans

Conventional Loans

FHA Loans

Home Possible Loans

HomeReady Loans

HomeStyle Renovation

Investment Loans

Jumbo Loans

USDA Loans

VA Loans

The FHA 203k is a renovation loan program that provides funds for both the purchase and renovation of a home. There are two types of an FHA 203K loan.

 

The first is a normal 203k, which is given for properties that need structural repairs such as a new roof or a room addition. The second is the streamlined 203k, which is given for non-structural repairs such as painting and new appliances. The base Loan amount is $5000.

203K Loans

Conventional loans are mortgage loans offered by non-government sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate.

Generally, these are a good option for homebuyers with higher credit scores and stable employment histories. While many may think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options as low as 3%

Conventional Loans

FHA loans are an attractive option, especially for first-time homeowners because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. Typically, the borrower can be approved with 3.5% down vs 20% that is required on other loan programs. FHA loans are good started loans for borrowers with lower credit scores and higher Debt to income ratios.

FHA Loans

Home Possible® is a Freddie Mac loan program designed to bring home ownership within reach to more borrowers. Home Possible is a specialty mortgage program for first-time homebuyers which allows for down payments of as low as 3%-5% and features reduced private mortgage insurance (PMI), which can be canceled once your home equity reaches 20%. Home Possible has unique guidelines and requirements that you need to meet before you can take advantage of the benefits.

Home Possible®

HomeReady™ is a Fannie Mae loan program that is designed to extend the privileges of home ownership to buyers with limited household incomes. Fannie Mae created HomeReady® mortgage, after much research and feedback from both homebuyers and lenders, as an enhanced affordable loan designed to meet the diverse financial and familial needs of responsible, creditworthy buyers.

HomeReady mortgage addresses common financial challenges and offers expanded eligibility guidelines, such as:

  • 3% down payment option: First-time and repeat homebuyers can purchase a home with a down payment as low as 3% with a HomeReady Mortgage.

  • Co-borrower flexibility: All borrowers do not have to reside in the property. Parents, for example, who won’t be living in their child's home, can still be co-borrowers on the loan to help qualify for a mortgage. Income limits may apply.

  • Alternative income sources: Rental payments may be considered as another allowable income source to help qualify a buyer with a HomeReady™ Mortgage.

HomeReady

A HomeStyle Renovation Mortgage allows renovation funding equal or up to 50% of your property's post-renovation value and is available for new and existing homes – even new construction 

"HomeStyle Renovation can make the difference between a house and a dream home, or a house that’s desperately in need of repairs and a home that’s habitable." - fanniemae.com

HomeStyle Renovation loans are:

  • Easy – With standard pricing and execution, loans are often delivered before the project even starts (subject to lender approval).

  • Flexible – Updating a kitchen? Adding a bathroom? Replacing a fixture? A HomeStyle renovation can be used on any renovation project and can help save deals that have repair contingencies, up to 97% LTV or 105% CLTV with eligible Community SecondsTM financing.

  • Affordable – Renovation costs may be approved for the cost of renovation (as completed appraised value) and up to 75% of the purchase price as-completed appraised value, and competitive rates that may be lower than a home equity line of credit (HELOC), personal loans, or credit cards (from fanniemae.com) 

HomeStyle Renovation

An Investment  Property is a great way to make money! An Investment Loan is for buyers who are looking to rent or sell the property they intend to purchase. There is an added risk to investment loans and therefore borrowers are expected to have the following:

  1. Low depot-to-income ratio

  2. Better than average credit

  3. A larger down payment

Investment Loans

Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes. Typically, Jumbo Loans require a higher down payment than traditional loans.

Jumbo Loans

Designed for homebuyers in rural locations who do not qualify for a conventional loan. They feature low to no down payments and relaxed qualifying guidelines.

Properties must be in a rural area designated by the US Department of Agriculture.

The USDA program assists in qualifying households the opportunity to own 'adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas' (From USDA website). Eligible applicants may build, rehabilitate, improve or relocate a dwelling in an eligible rural area. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers.

USDA Loans

A VA Loan is Designed to offer long-term financing to veterans. VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans. Apply for a VA Loan with a VA Qualified Lender.

VA Streamline Refinance (IRRRL)

Also for veterans is a A VA Streamline Refinance, or IRRRL. An IRRRL provides you with a faster way to lower or lock in your interest rate with limited costs.

VA Loans