To start the pre-qualification process we’ll ask a few simple questions with basic information (Don’t worry – they’re just questions, not an actual application). Once submitted, we’ll contact you within 48 business hours to discuss your purchasing power based on your answers. If you’d like to move forward with a home purchase, we’ll ask you to complete a full application.
*You should know that by submitting an application you are authorizing McCaffrey Home Mortgage to obtain a credit report.
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After finding the right home, it’s important that you select the home loan that best fits your family needs and financial situation. At McCaffrey Home Mortgage, we have loan programs that fit virtually every buyer’s budget. Here are a few loan programs to discuss with your Loan Consultant as we’re with you every step.
A conventional loan is a private sector loan that is not guaranteed or insured by the U.S. government. It is also called a conforming loan as it conforms to the loan limits set by Fannie Mae (The Federal National Mortgage Association or FNMA) and Freddie Mac (The Federal Home Loan Mortgage Corp. or FHMLC), which currently is set at a maximum loan amount of $417,000. Typically a conventional loan requires a minimum five percent down payment.
A VA mortgage loan is guaranteed by the Department of Veterans Affairs (DVA). VA loans are limited to individuals qualified by military service. The main advantage of using a VA loan is that you can finance the purchase of a property with no money down up to the maximum loan guarantee.
An FHA mortgage loan is insured by the Federal Housing Administration (a division of the Department of Housing and Urban Development). Although mortgage lenders provide the mortgage funds, the FHA sets underwriting standards for approving applicants. FHA underwriting guidelines are generally more lenient than conventional underwriting guidelines, enabling you to qualify for a mortgage loan with a lower down payment and a higher monthly debt allowance than with a conventional loan. However, you are limited to the amount you can borrow using an FHA-insured mortgage, depending on the county in which the property is located.
A jumbo home loan is a purchase or refinance loan that exceeds $417,000 for a single-family home. It is also called a non-conforming loan as it does not conform to the loan limits set by Fannie Mae (The Federal National Mortgage Association or FNMA) or Freddie Mac (The Federal Home Loan Mortgage Corp. or FHMLC). Jumbo financing options include fixed-rate and adjustable-rate mortgages, and usually carry a higher rate than a conforming loan.
A fixed rate home loan offers a set interest rate and payment amount for the full length of the loan, usually for 15 or 30 years. The fixed-rate mortgage loan is the "traditional" choice and is still the most popular because it offers stability and predictable monthly payments. Fixed rate mortgages are available in government, conventional and jumbo loan amounts, and are especially suited for those who expect to remain in their homes for a number of years.
Adjustable-Rate Mortgages (also called ARMs) feature an interest rate that will periodically adjust with changing market rates. ARMs are available in government, conforming and jumbo loan amounts. These loans typically have a low starting rate, thus lowering your monthly payment compared to a fixed rate loan. The interest rate on these loans changes after a predetermined amount of time and the monthly mortgage payment adjusts accordingly (usually semiannually or annually) based on a specified index.
Have some questions about financing your new home? At McCaffrey Home Mortgage, we pride ourselves on partnering with you to make your mortgage and home buying experience as easy and efficient as possible. Here you’ll find some answers to frequently asked questions about financing your dreams.
Begin by asking yourself the following questions:
Your answers to these questions will help your Loan Consultant compare different loan programs and help you determine the best loan available for you.
Mortgage payments are made up of four basic parts: principal, interest, taxes and insurance, also commonly referred to as PITI. Not all loan programs require that taxes and homeowners insurance be included with the monthly mortgage payment. It’s best to review this with your Loan Consultant to see if this option is available for you.
Yes! You may be a candidate for one of the many financing programs that are available. A good place to start is with McCaffrey Home Mortgage. Your Loan Consultant will provide a free evaluation of your financial picture and offer suggestions and options in a relaxed environment. We’re here to help with all your questions and concerns.
Mortgage insurance allows homebuyers to purchase a home with a lower down payment, and is typically required on most loans with a down payment less than 20%. The amount of mortgage insurance and the terms of the insurance will vary based upon the amount of down payment, credit score, etc.
