Fannie Mae has rolled out a new version of its automated writing system, known as Desktop Underwriter® (DU®) Version 10.0.
The new version has a number of important changes, two involving consumer credit scores.
Firstly, this release will use trended credit data, which I wrote about back when it was initially announced about a year ago.
This basically allow mortgage lenders to see your balance history on revolving accounts for the past two years, not just the minimum payment and credit limit.
There’s a correlation between carrying a balance and becoming delinquent on the mortgage.
Specifically, borrowers who pay off their credit card debt in full every month are 60% less likely to fall behind on the mortgage versus the borrowers who only make the minimum payment.
That being said, I don’t know how mortgage lenders will view those who revolve their balances. Will they just be further scrutinized, or face some sort of pricing hit that leads to a higher mortgage rate?
I suppose time will tell, but we do know it’s a big deal that it’s being included, with Equifax saying consumers will “see significant update to mortgage decisioning process” after the first tri-merge credit report update in 30 years.
They further note that the inclusion of this new data will “more accurately identify and potentially reward responsible credit behavior,” meaning it could help too.
However, per Fannie Mae, so-called “classic credit scores models” don’t actually use trended data, and these scores can continue to be used by lenders, so at the moment it shouldn’t affect the LLPAs passed onto borrowers.
Eventually, trended credit data may lower/raise credit scores and that can affect your mortgage rate.
Either way, the takeaway is to pay all bills in full each month, not only to save on interest, but to avoid any unwanted attention from your mortgage lender. Also stop swiping months before you apply.
Automated Underwriting for Borrowers with No Credit Scores
Now let’s turn to another key change rolling out with DU 10.0. Fannie will now use automated underwriting (DU) for borrowers who lack the traditional credit necessary to generate a credit score.
Previously, borrowers without credit scores had to have their loan applications manually underwritten, and my assumption is that few lenders made such loans due to the complexity and risk involved.
Beginning with this release, lenders will be able to run the numbers through DU, which should provide both peace of mind and more approvals for borrowers who lack traditional credit.
So if you’re that person who eschews credit, this is great news if you still don’t have several hundred thousand dollars available to purchase a home with cash.
Requirements to Get a Mortgage with No Credit Score
[checklist]
Owner-occupied single-unit properties only
10% minimum down payment
Max DTI of 40%
Max loan amount of $417,000
Must provide two lines of nontraditional credit (one must be housing-related)
Purchase and rate/term refi only
[/checklist]
If you don’t have any credit scores, lenders will likely be pretty critical of your borrowing profile. Let’s take a look at what Fannie Mae demands in order to get a mortgage without a credit score.
Fannie is the leader in this space so expect most others to follow suit and/or enact similar guidelines.
Most importantly, you must be able to document a “housing-related source of nontraditional credit,” aka rental payments. That must be one of your two nontraditional credit sources. Another might be a cell phone bill or utility payment.
Additionally, you are restricted in what you can purchase. The property must be an owner-occupied, single-unit house or condo, excluding manufactured housing.
Financing is limited to purchases and rate and term refinance transactions – no credit score, no cash out!
The loan amount must be at or below the conforming loan limit of $417,000 (no high balance permitted).
Borrowers must also be able to muster a minimum down payment of 10%. The max CLTV is also 90%, so no getting around that requirement with a second mortgage.
Lastly, your DTI ratio must not exceed 40%, which is a bit lower than the 43% limit for QM loans and the 45-50% allowed under certain circumstances when strong compensating factors are present.
As you can see, it’s not very easy to get a mortgage without a credit score, though Fannie is opening the door a bit more by letting its robot make the decision.
My take is that you’re better off just establishing a traditional credit history. I understand there are individuals who hate credit, but a mortgage is a form of credit, so if you want one, it’s good to have some prior experience…
The GI Bill offers veterans, military members, and their loved ones many benefits. But one thing it doesn’t cover? That’d be buying a house.
Fortunately, if you’re looking to purchase a new home as a veteran or active-duty service member, you still have options. While there may not be a specific GI Bill home loan out there, there is a mortgage program designed just for military home buyers — and it’s one of the best home loan programs on the market.
Are you interested in using the VA loan program to buy a house? Let this VA home loan info guide the way.
Check your eligibility for a VA home loan here (Apr 30th, 2023)
Mortgage program for military home buyers
Dubbed the VA loan program, these military-only mortgages are some of the best financing options available. They’re backed by the Department of Veterans Affairs and offer low interest rates, come with no loan limits, and require zero down payment at all.
So while there is no official “GI home loan,” military borrowers have access to a VA home loan benefit, a great mortgage program intended to put homeownership into reach for veterans, active-duty service members and their families.
Benefits of a VA loan
VA loans come with countless benefits, but the biggest perk is that they require no down payment.
Unlike other mortgage programs, which ask for anywhere from 3% to 20% down, VA loans require no down payment at all. This can offer significant savings right off the bat. (A low-cost FHA loan requires at least $7,000 down on a $200,000 house, for example, while a VA loan requires $0 down).
Some other benefits of VA loans include:
Competitively low interest rates
No credit score requirements
Limits on closing costs
Loans are assumable, meaning future buyers can take over the loan (and the favorable rate and term it comes with)
No private mortgage insurance (PMI)
No loan limits
Can be used multiple times
VA loan mortgage rates 2023
When compared to other loan types — conventional loans and FHA loans, for example — VA home loans offer consistently lower rates than for the average consumer.
VA
Conventional
FHA
March 2023
6.18%
6.54%
6.44%
February 2023
6.04%
6.26%
6.30%
January 2023
5.96%
6.27%
6.22%
December 2022
6.17%
6.36%
6.36%
November 2022
6.56%
6.81%
6.66%
October 2022
6.62%
6.90%
6.73%
Source: Economic Research Federal Reserve Bank of St. Louis
A lower interest rate translates to a lower monthly mortgage payment and substantial savings over the life of your loan.
Qualify with GI Monthly Housing Allowance (MHA)
One last advantage? If you qualify for GI Bill benefits, you can actually use your GI Monthly Housing Allowance (MHA) to qualify for a VA loan. If you’re considering this option, talk to a VA lender. They can give you an idea of what your MHA qualifies you for.
VA loan eligibility & guidelines
For eligible borrowers, VA loans are usually the best mortgage option available. To qualify, borrowers must meet eligibility requirements set by the U.S. Department of Veterans Affairs and by the individual lender.
VA loan service eligibility requirements
VA loans are only for active-duty military members, veterans, and their families (including surviving spouses), so there are strict service requirements you’ll need to meet to qualify.
The exact standards depend on when you served, but generally speaking, you’ll need to have one of the following:
90 consecutive days of active service during wartime
181 days of active service during peacetime
6 years of service in the National Guard or Reserves
A veteran/service member spouse who died in the line of duty or due to a service-related disability or injury
Qualifying for a VA loan
The VA doesn’t set specific financial standards for its loans, though private mortgage lenders — the companies who actually issue the loans — do. These vary from one lender to the next, but in most cases, borrowers need at least a 620 credit score and a debt-to-income ratio of 41% or less.
If you fall short of these requirements, you still might qualify. Just make sure to shop around for your lender, work on improving your credit, and consider making a down payment. These steps can all help you better qualify for a mortgage loan (VA or not).
VA loan property requirements
The VA home loan program is intended to help veterans and active-duty service members become homeowners. That means, with some rare exceptions, these homes are reserved for single-family homes that the borrower plans to use as a primary residence.
A VA appraisal will ensure the property meets the VA’s Minimum Property Requirements, to ensure the home is livable and worth the value of the loan.
See if you’re eligible for a VA home loan (Apr 30th, 2023)
Types of VA loans
You can use a VA loan to either purchase a property or refinance an existing one. In both cases, there are a few options.
These include:
VA Purchase Loans: These can be used to buy a home (up to four units), an approved condo, or a manufactured home. You can also use VA purchase loans to build a new construction property or purchase a home and renovate it
VA Streamline Refinance: Also known as a VA Interest Rate Reduction Refinance Loan (IRRRL), these streamlined refinance loans allow existing VA loan borrowers to lower their interest rates or get more favorable terms quickly and affordably.
Native American Direct Loans: These are VA loans reserved just for veterans of Native American descent. They can be used to buy, build, or renovate properties on federal trust lands or to refinance.
VA Cash-out Refinance Loans: These are VA loans that let you tap your home equity. They replace your existing VA loan with a larger-balance one and give you a lump-sum payment in return. Cash-out refinancing can be a good choice if you need to make repairs on your property or if you have unexpected or looming expenses to cover.
VA funding fee
The VA funding fee is a one-time fee you’ll pay at closing. It helps subsidize the VA loan program and keeps costs low for future VA borrowers. The exact fee depends on your loan type, the number of times you’ve used your VA loan benefits, and your down payment size.
VA home loan FAQ
How much is a typical GI home loan?
There is no GI Bill home loan, but VA loans have no loan limits. As long as you have your full entitlement, you can borrow as much as you need to purchase a property. Keep in mind, though, lenders have their own criteria for evaluating borrowers. These tend to be stricter on higher loan amounts.
What are the benefits of a VA home loan?
The VA housing loan is one of the most beneficial financing products out there. The VA guarantee means private lenders can afford to pass along valuable benefits to eligible veterans, active-duty service members and their families. These loans come with no mortgage insurance or down payment, they have low interest rates, and there are no credit score requirements or loan limits either.
How much house can I afford as a veteran?
That depends on your budget, the interest rate you qualify for, and the down payment you’re willing to make. You can use this VA home loan calculator to point you in the right direction.
What is a Certificate of Eligibility (COE)?
A Certificate of Eligibility is an official document from the VA that details your military service. Lenders use it to determine whether you meet the VA loan program’s service requirements, which are detailed above. You can retrieve your COE yourself through your eBenefits portal, or you can ask your chosen VA lender to request the document on your behalf.
Can I get a COE as the spouse of a Veteran?
You can get a Certificate of Eligibility as the spouse of a veteran in some cases, but not all. To qualify for a COE, your spouse will either need to be missing in action, a prisoner of war or have died while in service from a service-connected disability. There are some other nuances, too — especially if you’ve remarried, so be sure to check out the VA’s detailed rules here.
Can I get a Certificate of Eligibility (COE) for a VA direct or VA-backed home loan?
Certificates of Eligibility are required for all VA mortgages, including Native American Direct and VA-backed purchase and refinance loans.
How much is the VA funding fee?
Your VA funding fee will depend on a few factors, including the type of loan you’re using, whether you’re a first-time home buyer, and whether you’re making a down payment. Fees range anywhere from 0.5% to 3.6% of the total loan amount and is typically well-worth the VA loan savings it allows you to access. This money allows the U.S. Department of Veterans Affairs to continue to offer this valuable VA home loan benefit to qualified veterans, active-duty service members and their families.
GI home loans: The bottom line
While there is technically no such thing as a GI home loan, veterans and active-duty service members do have access to excellent VA mortgage program, which offers significant benefits including:
Zero down payment
Competitively low interest rates
No credit score requirements
Limits on closing costs
Loans are assumable, meaning future buyers can take over the loan (and the favorable rate and term it comes with)
No private mortgage insurance (PMI)
No loan limits
Can be used multiple times
If you’re ready to buy a home (or refinance one), a VA loan might be your best option.
Ready to buy a home with a VA loan? Start here (Apr 30th, 2023)
Choosing the right VA lender is incredibly important. Not only does it impact your VA home loan experience but it also influences your costs.
Are you trying to decide between VA home loan lenders? Here’s how to choose the best one.
Get matched with a mortgage lender. Start here (Apr 29th, 2023)
How to find the best VA mortgage lender
Who is the best VA home loan lender? There’s no clear-cut answer to that one. All lenders offer different rates, fees, and levels of service, and their qualifying standards can vary, too. To find the best one for your unique scenario, you’ll need to:
#1. Prepare for your mortgage application
Before you can begin applying for VA loans, you need to set the stage first. This means saving up for your down payment (if any), getting your credit and budget in order, and avoiding big financial changes in the months before applying for a mortgage (jobs, income, new credit cards, etc.).
You should also begin gathering up all the documentation you’ll need for your loan. This includes your Certificate of Eligibility (COE), your bank statements, and your tax returns.
#2. Set your budget
Your next step is to prep your budget. Before you can begin the loan process, you need to have a good idea of what you can spend each month on your mortgage payment. Keep in mind your mortgage will also include things like homeowners insurance, property taxes, and HOA dues, if necessary.
You can use our VA loan calculator to get a good idea of what you might be able to comfortably spend on a house.
#3. Familiarize yourself with your mortgage options
You already know you want a VA loan, but there are actually several types of VA mortgages to choose from. It’s helpful to know what type of mortgage you want before you start shopping.
For example, if you’re a Native American veteran and are buying on certain federal lands, you’d use the VA’s NADL program. If you’re refinancing, you could opt for a VA cash-out refinance or VA Streamline Refinance (also sometimes known as an Interest Rate Reduction Refinance Loan (IRRRL)).
The VA has a full breakdown of these loan options on its website.
Determining which VA mortgage program you want to use will help narrow down your choice of VA lenders since not all companies offer the full suite of VA loans.
#4. Compare rates and terms from at least 3-5 lenders
Next, it’s time to get quotes from at least three VA home mortgage lenders. This requires providing a little basic information — your income, credit score, and other details — but they usually take only a day or two to receive.
Once you have estimates from each lender, compare them line by line. How do the closing costs and fees measure up? What about the interest rate? You should also factor in the level of service and responsiveness you’ve received thus far.
#5. Get pre-approved
When you’ve chosen the best VA home loan lender for you, it’s time to get pre-approved for your loan. This essentially means the lender has evaluated your financial details and thinks you’re a good candidate for a loan.
To get your pre-approval, you’ll fill out a short application with the lender. Once they’ve gone over it, you’ll get a pre-approval letter stating how much you can borrow and at what interest rate. You’ll include this in any offers you make to show you’re serious about the home.
#6. Read the fine print
Finally, make sure you understand your loan’s fine print. You should have a good grasp on all your loan’s terms before you sign, including:
What is your closing date?
Does your rate lock extend through the expected closing date?
How much money do you need to bring to closing?
What will your monthly payment be and how will you pay it?
If you have any questions or are unsure about something, ask your loan officer before heading to the closing table.
Get a personalized mortgage quote. Start here (Apr 29th, 2023)
Why you should shop around for a mortgage lender
Shopping around for your veteran mortgage lender is incredibly important, especially if you want to minimize your costs as a buyer. According to Freddie Mac, getting quotes from just five lenders can save you as much as $3,000 over the life of the loan.
Some of these savings come from fees and other closing costs. Much of it comes from interest rate discrepancies.
Here’s an example: Say you were quoted a 3% rate on a 30-year, $200,000 loan with Lender A and a 3.25% rate on that same loan with Lender B. It doesn’t seem like much, but Lender A would actually save you $27 per month and a whopping $10,000 in interest over the next three decades.
How to compare mortgage loan offers
To compare your loan offers, you’ll want to look at the loan estimate — a three-page document given to you by the lender. These forms break down all the costs, fees and other financial details of your loan. These loan estimates are standardized, so comparing them line by line is quite simple.
You’ll want to pay particular attention to the loan amount, the interest rate, the estimated monthly payment, and your estimated closing costs. The “Comparisons” section on page 3 can be helpful, too. It shows what your balance will be in five years and can be a good way to compare loan option costs.
Questions to ask your mortgage lender
Before you decide which VA loan lender to go with, make sure you ask them some questions.
You’ll want to know things like:
How long do you expect the process to take? Some lenders take longer to process loans than others, so be sure and get an estimate before moving forward. You’ll need to know an estimated closing date when making offers and negotiating with sellers. (It will likely play a role in which offer they choose, too).
Who will be my main point of contact throughout the process? You’re going to have a lot of questions along the way, and you need a go-to person. You’ll also want to ask how you can get in touch with this person. Are they available via phone, email, or text? And during what hours?
Which parts of the process will be online and which will be in-person? Most lenders will let you do everything remotely and online these days, but it still helps to ask. How will the logistics of your loan work? Where will you sign the closing papers? Get all the details.
You might also ask how often the lender does VA loans. These mortgages can be more complicated than other types of loans, so you want one who’s experienced and well-versed in the process.
VA loans come with countless benefits, but the biggest perk is that they require no down payment.
Because these mortgages are guaranteed by the U.S. Department of Veterans Affairs, lenders can afford to pass substantial benefits along to VA borrowers.
Unlike other mortgage programs, which ask for anywhere from 3% to 20% down, VA loans require no down payment at all. This can offer significant savings right off the bat. (A low-cost FHA loan requires at least $7,000 down on a $200,000 house, for example, while a VA loan requires $0 down).
Some of the VA loan benefits include:
Competitively low interest rates
No credit score requirements
Limits on closing costs
Loans are assumable, meaning future buyers can take over the loan (and the favorable rate and terms it comes with)
No private mortgage insurance (PMI)
No loan limits
Can be used multiple times
VA loan mortgage rates 2023
When compared to other loan types — conventional loans and FHA loans, for example — VA home loans offer consistently lower rates than loans for the average consumer.
VA
Conventional
FHA
December 2021
2.99%
3.38%
3.39%
November 2021
2.95%
3.32%
3.32%
October 2021
2.88%
3.22%
3.22%
September 2021
2.85%
3.17%
3.20%
August 2021
2.88%
3.19%
3.23%
July 2021
2.94%
3.27%
3.27%
Source: Ellie Mae Origination Insight Report, June 2021
A lower interest rate translates to a lower monthly mortgage payment and substantial savings over the life of your loan.
VA Home Loan Lender FAQ
Do all lenders provide VA loans?
No. Only approved lenders can offer VA loans, so you’ll need to be choosy about which mortgage company you work with. That said, most major lenders are authorized to originate VA loans.
Who is the best lender to get a VA loan from?
That really depends on your financial situation, where you’re buying, your budget, and the level of service you want. A great place to start is our best VA home loan lenders guide.
Who is eligible for a VA home loan?
VA loans are only for active-duty military members, veterans, and their families (including surviving spouses), so there are strict service requirements you’ll need to meet to qualify.
The VA doesn’t set specific financial standards for its loans, though private lenders — the companies who actually issue the loans — do. These vary from one lender to the next, but in most cases, borrowers need at least a 620 credit score and a debt-to-income ratio of 41% or less.
If you fall short of these requirements, you still might qualify. Just make sure to shop around for your lender, work on improving your credit, and consider making a down payment.
What is the VA funding fee?
To get a VA home loan, you’ll need to pay the VA funding fee. This is a one-time cost at closing which helps the VA maintain the VA home loan program and continue to offer valuable home loan products to military homebuyers. The VA funding fee can be financed into your total loan amount and paid down over time.
The amount of the VA funding fee depends on your loan type, the nature of your military service, the number of times you’ve used your VA loan benefit and the amount of your down payment.
What is the minimum credit score for a VA loan?
The VA doesn’t have a minimum credit score for these mortgages, but individual lenders do. These minimums vary and are usually around 620 or 640.
What is a VA direct loan?
This is a loan issued directly by the VA (meaning the VA is the lender). They’re only available for Native American veterans buying or refinancing in certain areas of the country.
What is the max loan amount for a VA loan?
There are no maximum loan amounts for VA mortgages. While there is a cap on how much you can borrow without making a down payment, the loan program technically has no limits.
What is the lowest VA mortgage rate ever?
The lowest VA rates have typically been in the low 2% range. You’ll get lower rates on shorter loan terms (so, 15-year loans typically have lower rates than 30-year ones). Higher credit scores will also help you qualify for lower interest rates.
Can I use a VA loan to buy a second home?
You cannot use the VA loan for a second home or investment property. The VA home loan program is intended to help military service members become homeowners and is specifically meant for the purchase of a primary residence.
Do different lenders offer different rates on VA home loans?
Yes. All mortgage lenders offer slightly different rates and fees. Your rate will also depend on your creditworthiness and the size of your down payment (if any).
Which lenders offer VA home loans for people with bad credit?
There aren’t any bad credit VA home loan lenders per se, but every VA lender sets its own credit score minimums. This is why it’s so important to shop around — especially if you have a low credit score. Generally speaking, most lenders require a score of at least 620 or 640. If your score is below this, you can often make up for it with a larger down payment or by having more in cash reserves.
How do I decide which lender to use?
You’ll want to compare the loan estimates, factor in the service and responsiveness you’re receiving, and look at online reviews and ratings. Not all lenders are created equal, nor will they come with comparable pricing.
VA home loan lenders: The bottom line
Because the Department of Veterans Affairs guarantees VA loans, lenders can offer substantial benefits to veterans, active-duty service members and their families. The VA home loan program includes some of the best mortgage products on the market.
Get a personalized mortgage quote. Start here (Apr 29th, 2023)
There are different types of mortgage loans available to today’s consumers, each with slightly different guidelines. Some have inherent advantages so it takes some time to consider which loan type best suits your requirements.
Let’s take a look at the different programs to see what’s right for you.
Click here to check today’s VA loan rates.
VA Refinance
VA loans are available for eligible veterans, certain active-duty personnel, borrowers with six years’ service in the National Guard or Armed Forces Reserves, and other selected borrowers. VA loans offer two types of refinancing, a standard or a streamline — all backed by the Department of Veterans Affairs.
A standard VA refinance requires the borrowers to provide complete documentation of their loan file including a new appraisal, income and employment verification and fair credit. This loan is also known as a VA cash-out refinance, and is typically only used when getting cash out or paying off a non-VA loan.
Apply for a VA cash out loan here.
For those with a VA mortgage, there’s the VA streamline refinance, officially called the Interest Rate Reduction Refinance Loan (IRRRL). This refinance in essence allows eligible borrowers to drop their rate with very little documentation, time, or money. No income or asset verification and no appraisal are required.
Click here to apply for a VA streamline refinance.
The streamline program may be used to finance a property that was previously occupied and a VA loan used to finance the original purchase. Only an existing VA loan may be eligible for the streamline program. No cash out is allowed.
All VA loans require a funding fee which can be as high as 3.3 percent of the loan amount and may be included in the final loan. For the VA streamline, the funding fee is dramatically reduced to as low as 0.50 percent.
Non-VA Refinance Types
For eligible homeowners, the VA loan is usually the cheapest and easiest option. However, in some cases, those looking to refinance might choose another loan type.
Here are the main non-VA choices.
1. Conventional Refinance
Conventional mortgages are those approved using guidelines established by Fannie Mae and Freddie Mac and are by far the most popular program. Almost every lender offers them and guidelines are mostly consistent from lender to lender, with very few differences.
Mortgage rates on conventional loans are very competitive as lenders compete using the same programs. The best use of a conventional refinance occurs when the homeowners have at least 20 percent equity in the home. In this case, no private mortgage insurance is required.
A VA refinance requires an upfront funding fee, which ranges from 0.50% to 3.3% depending on refinance type. But conventional loans don’t require an upfront fee. This could save Veterans money, provided they have enough home equity for a conventional refinance.
Check your refinance eligibility here.
A conventional loan can also be used to finance an investment property. Other programs, VA, FHA, and USDA loans are only available to purchase an owner-occupied home while a conventional loan can be used to finance the purchase of a primary residence or a rental property.
Borrowers are also allowed to pull equity out of the home in the form of cash when refinancing, referred to as a “cash out” refinance. Most lenders allow for a cash out refinance up to 80 percent of the value of the property, although you’ll likely get a lower interest rate if you stay below 75 percent.
Conventional refinance loans are always “fully documented” meaning the borrowers must qualify in the same manner as during the purchase with paycheck stubs, appraisal, and income tax returns in addition to other standard requirements.
2. FHA Refinance
The FHA refinance also has a streamline program, very similar to the VA program.
No credit score requirement, no appraisal, and no income or employment verified. The FHA streamline is available for FHA-to-FHA transactions. In other words, you have an FHA loan currently.
It may also be used to finance a property that was previously occupied by the borrowers but is now rented out.
The new loan rate and mortgage insurance must drop. The refinance must benefit the borrower.
There can be no payments within the previous three months more than 30 days past the due date.
FHA loans require a monthly and upfront mortgage insurance premium. If the original FHA loan was opened prior to June 1, 2009, the mortgage insurance premiums receive a nice discount.
If you have a VA loan, however, your best option is the VA streamline.
3. USDA Refinance
The USDA program is for properties located in rural or semi-rural areas and the borrowers must not exceed specific income guidelines. The USDA refinance is a standard refinance requiring a fully documented loan including an appraisal, credit, and income among others.
There is a pilot streamline refinance program available in 35 states and operates in a similar fashion as VA and FHA streamline programs. The USDA streamline is for a 30 year fixed rate only and the rate must be at least one percent lower than the existing one and can only be a USDA-to-USDA transaction. No cash out is allowed.
VA, FHA, USDA or Conventional: Which Refinance is Best?
It really all depends on your home equity. VA, FHA, and USDA loans all have some form of mortgage insurance or funding fees applied, increasing the loan amount as well as the monthly payment. If there is at least a 20 percent equity position in the property refinancing out of one of these three loan types into a conventional one is the better choice.
If there are loan to value issues and there isn’t at least 20 percent equity in the transaction then the applicable streamline should be considered.
There can always be additional lender requirements on top of any issued guidelines called overlays. Some lenders may ask for an appraisal for a streamline for instance. If you’re thinking about refinancing, consider all your options. Not only could you benefit from a lower rate, but you might also be able to get rid of mortgage insurance premiums as well.
Click here to check today’s VA refinance rates.
Let’s look at a comparison of the four major loan types for a $250,000 purchase price.
Head to Head – VA Compared to other Loan Types
VA
FHA
Conventional
USDA
APR*
3.721% APR
4.798% APR
5.192% APR
4.246% APR
Principle and Interest
$1146
$1102
$1168
$1163
Monthly Mortgage Insurance or Fee
$0
$269
$210
$84
Estimated Taxes and Insurance
$268
$268
$268
$268
Total Monthly Payment
$1414
$1639
$1646
$1515
Qualification:
Comparison of Qualification Requirements
VA
FHA
Conventional
USDA
Down Payment Percentage
0%
3.5%
5%
0%
Approx. Cash Needed**
$0
$8750
$12,500
$0
Typical Minimum Credit Score Needed***
620-640
620-640
680
620-640
Streamline Refinance Available?
Yes
Yes
No
Yes
**Assumes $6000 in seller-paid closing costs; ***Varies based on lender; All scenarios assume 700 credit score, property in WA
Additional Benefits of VA Home Loans
VA home loans have more lenient credit and debt ratio guidelines. You may qualify for a VA loan even if you can’t be approved for other loan types. Get your free rate quote.
You can refinance or sell your home at any time without penalty with a VA loan.
The seller is allowed to pay all of your closing costs up to 4% of the purchase price.
I’m Ready to Apply for This Great Benefit
The VA home loan program is a great opportunity for active-duty service members and veterans. Take advantage of your entitlement.
Many people want to buy investment properties because of the fantastic returns they can provide. However, many people do not have the 20 percent down payment (or more) that most banks require. There are ways to buy an investment property with little money down. The easiest way to buy an investment property with less than 20 percent down is to buy as an owner-occupant and later rent out the house, but there are many other options for investors as well. Using a line of credit, refinancing your home, house hacking, the BRRRR method, or even credit cards can provide ways to buy investment properties for less money. Seller financing is a great way to put less money down on a rental property if you can find sellers who are willing. A more advanced technique is to use hard-money financing that you can refinance into a conventional loan. Whatever way you choose to buy a rental property, research the method to make sure that it is legal in your state, your lender approves it, and that you are not stretching your finances too thin.
How much money down do most banks require?
An investor will have to put down at least 20 percent to buy a property from a typical bank. If you own more than four properties, that figure can increase to 25 percent down, providing that they are even willing to finance more than four properties. On top of the down payment, an investor will have to pay closing costs, which can range from two to four percent of the loan amount. It is very expensive to buy an investment property using financing from a typical bank. I have found a great portfolio lender who will finance as many properties as I want with 20 percent down, but they are not easy to find. Once you factor in repairs, carrying costs, down payment, and closing costs it can cost as much as $30,000 to buy a $100,000 rental property.
The video below goes over ways to buy with little money down as well:
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How to buy as an owner-occupant
The easiest way to buy an investment property with little money down is to buy as an owner-occupant, satisfy your loan requirements, rent out the property, and keep it as an investment. Most owner-occupant loans require the buyer to occupy the home for at least a year. Once that year is up, you can rent out the house and turn it into an investment property. There are many owner-occupied loans available, with down payments ranging from 0 to 5 percent down. You can put as much money down as you want if you want to put 20 percent down or even 50 percent down. USDA and VA have great no-money-down programs and little to no mortgage insurance, which will save an investor a lot of money each month. You will have more costs with little money down loans because mortgage insurance is required. Mortgage insurance can add hundreds of dollars to your house payment and eat away at your cash flow. The process of buying as an owner-occupant and then turning the house into an investment property is as follows:
1. Buy a house as an owner occupant, which will cash flow when you rent it out.
2. Move into the house and live there for at least a year.
After the year is up, find another house that will cash flow and purchase that home as an owner-occupant.
4. Move out of the first house and keep it as a rental. Move into the new house and repeat the process every year!
Eventually, you will be building up equity and extra cash flow, which will enable you to buy properties with a 20 percent down payment. Repeating this process 10 times would be an excellent way to get started, but no one wants to move ten times in ten years. It can also be tough to convince your family to live in a home that would be a great rental.
Low down payment owner occupant loans
If you are going the owner-occupant route there are many loans available that have from very little to nothing down required.
FHA loan
FHA loans are government-insured loans that can be obtained with as little as 3.5 percent down. You can only have one FHA loan at a time unless you have extenuating circumstances like a job relocation. You do have to pay mortgage insurance on FHA loans, which I will discuss later in this article. There are limits to the amount an FHA mortgage can be, which varies by state and even city.
USDA loan
USDA is a loan that can be used in rural areas and small towns. The loan can’t be used in medium-sized towns or large towns/metro areas. The loan is a fantastic loan for those that qualify and want to buy a home in the designated areas. USDA loans can be had with no money down, but do have mortgage insurance as well.
VA loans
VA loans are run through the United States Veterans Administration. You have to be a veteran to qualify for the loan, but they also can be had with no money down and no mortgage insurance! VA is a great option for those that qualify because the costs are so much less without mortgage insurance.
Down payment assistance programs
Many states have down payment assistance programs. In Colorado, we have a program called CHFA. The program helps buyers get into owner-occupied homes with very little money down. CHFA actually uses an FHA loan but allows for less than a 3.5 percent down payment. Check with lenders on your state to see if you have any programs that help with down payment assistance.
Conventional mortgages
Even conventional mortgages have low down payment loans available for owner-occupants. For owner-occupants, conventional loans have down payments as low as 3 percent. You will most certainly have to pay mortgage insurance with any conventional loan that has less than 20 percent down. Unlike some of the other loan options available, you can have as many conventional mortgages in your name as you want as an owner occupant.
FHA 203K Rehab loan
An FHA 203K rehab loan allows the borrower to finance the house they are buying and repairs they would like to complete after closing. This is a great loan for homes that need work, but the buyer has limited funds to repair a home. There are more costs associated with this loan upfront because two appraisals are needed and lenders have higher fees for 203K loans.
NACA Loans
NACA is a non-profit program with:
No down payment
No closing costs
No points or fees
No credit score consideration
Below market 30-year and 15-year fixed-rate loans
This sounds like it is too good to be true, and it is a great program. However, you do not simply apply for the loan and hope the lender approves you. You must take classes, and even host classes when in the loan program.
More details are on the NACA site.
What loan costs does a buyer need to consider besides the down payment?
On almost any loan you will have more costs than just the down payment. The lender will charge an origination fee, appraisal fee, prepaid interest, prepaid insurance and possibly prepaid mortgage insurance. Plus you may have more costs the title company charges like a closing fee, recording fees, and possibly title insurance. In most cases, the seller pays for title insurance, but with HUD and VA foreclosures the buyer has to pay for title insurance. These costs can add up to another 3.5 percent of the mortgage amount or sometimes more. When you talk to a lender they can give you an estimate of exactly how much these costs will be before you get your loan.
Can you ask the seller to pay closing costs?
Even though the lenders and title company will charge you more fees than just the down payment, that does not mean you have to pay that upfront. You can ask the seller to pay closing costs for you. If you can get the seller to pay your closing costs for you, loans like VA and USDA may be obtained with no out-of-pocket cash. You may still have to put down an earnest money deposit, but that can be refunded at closing in some cases. When you ask the seller to pay closing costs, it reduces the amount of money they are getting from the sale so you might actually be paying more for the home than if you didn’t ask for closing costs. But in my mind paying a little more for the house and financing those costs to save cash is better than paying more money out-of-pocket for a little cheaper home.
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House Hacking
House hacking is when you buy as an owner-occupant but you buy a multifamily property instead of a house. By purchasing a multifamily property you can live in one unit while you rent out the other units. This strategy allows you to rent the property faster, which may mean the bank will be more willing to give you a new loan as soon as you are ready to move out. You will also have help from the other tenants to pay your mortgage. In some cases, you may be able to live for free while you own the house because the other rent covers your costs.
Virtual real estate
Yes, you can now buy virtual real estate! This is land in the metaverse that only exists digitally. Some pieces of virtual real estate have sold for millions of dollars and others can be bought for almost nothing. Here is some more information on getting started!
BRRRR Method
BRRRR stands for buy, repair, rent, refinance, and repeat. It is a great way to get into rentals with less money down. You will need to get an awesome deal to make this strategy work, but you may be able to get all of your money back. You buy a house that is an amazing deal, fix it up, rent the property, and then refinance it. Once the refinance is done you repeat over and over! The key to making this strategy work is getting an awesome deal with plenty of equity. You also need to be prepared if things do not go perfectly. Appraisals can come in low, the banks may not want to finance you, you may not get the property rented or repaired as fast as hoped, etc.
Hard money loans
Using hard money can save you a ton of cash in the short-term, but it is more expensive in the end. Fannie Mae lending guidelines, allow you to refinance a home with no seasoning period, which means you do not have to wait six months or a year after you purchase a home, to refinance at a higher value than what you bought it for. Fannie Mae guidelines base the refinance amount on a new appraisal, and they will allow a 75 percent loan-to-value ratio. Fannie Mae guidelines do not allow a cash-out refinance, but they do allow the refinance to pay off any existing loans. Many hard money lenders will allow a buyer to borrow up to 100 percent of the purchase price and to finance repairs as well.
Since Fannie Mae guidelines allow a 75 percent loan-to-value refinance, theoretically an investor could buy a home for $100,000 and get a loan with a hard money lender for $100,000 plus $30,000 in repairs for a total loan amount of $130,000. The investor could refinance the home for as much as 75 percent of a new appraisal. If the appraisal came in at $180,000, then 75 percent loan-to-value would allow a refinance of $135,000. Fannie will not allow a cash-out refinance, but the investor could refinance the full $130,000 loan amount. This strategy can be costly due to hard money fees, but it allows the investor to refinance the entire purchase price and repairs!
This strategy can also be very risky because you are depending on a high appraisal to get your money out. Most hard money loans are only one year and you must pay off the loan after that year. Refinance appraisals are not always as high as we would like them to be. Make sure you have an exit strategy if the appraisal comes in lower than you expect.
Private money loans
One legitimate way to buy real estate with no money down is to use private money. Private money is from a private investor, friend, or family member. The private investor will give you money at a certain interest rate to buy a flip or rental property. Private money rates can vary from very cheap to very expensive depending on the relationship, investment, and terms of the loan. I use private money from my sister for my fix and flips. She charges me six percent interest. It is a great way to reduce the amount of cash I have into the properties.
I have used private money to buy commercial rentals and then refinance into a long-term loan with a local bank.
Can being a real estate agent help?
There are many advantages to having your real estate license, but the biggest benefit is you can keep your commission on almost every house you buy. On a $100,000 house, your commission could be $3,000 dollars or more. Here is an article that details why it is an advantage to become a real estate agent if you are an investor. Being a real estate agent also gives me an advantage in finding and purchasing great deals. I detail how hard it is to get your real estate license here. I saved more than $270,000 a year on commissions by being a real estate agent. That does not include the money I made on deals that I got because I was an agent.
Turnkey rentals
A new trend in the US is buying turnkey rental properties that are purchased, repaired, rented, and managed by a turnkey provider. Turnkey properties are a great opportunity for investors to buy rental properties out-of-state when homes are too expensive in their area. There are turnkey providers who offer as little as 5 percent down for investors, but they tend to have very high-interest rates. Here is a great article about turnkey providers or send me a request here for turnkey providers I know of. I bought a turnkey rental in Cleveland a few years ago.
Line of credit
I have had many lines of credit in my career. I have had lines of credit against my personal house (the house I live in) and my investment properties. It is much easier to get a line of credit against your personal house and some banks will not even offer lines of credit on investment properties. A line of credit is basically a loan against a home, but you do not have to use the money all the time. If you do not need the money you can pay it back to the bank and not be charged interest on it. When you need the money again, you can borrow it very quickly as long as the line is open.
Off-market properties
Off-market properties are purchased through direct marketing or by word of mouth. Buying off-market usually means less expensive properties and in some cases, owners with flexible terms such as owner financing. Many investors wholesale off-market properties, which you can purchase with no down payment. Wholesaling is a process of buying and selling properties very quickly. The properties must be very good deals and are usually found by direct marketing for properties. Many investors make a great living by only wholesaling properties to other investors.
Seller financing
Some sellers may be willing to finance the house they are selling or finance a second loan on a home that allows a buyer to put less than 20 percent down. If your bank is willing to offer 80 percent loan-to-value, the seller may offer to loan the other 20 percent, which would amount to no money down for the buyer. The seller may also offer a number of other loan-to-value percentages to help a buyer get into a home for less than 20 percent down.
Finding seller-financed properties is the tricky part. Most sellers are not looking to finance a loan when they sell. To find seller financed listings, look for homes that have no loans against them or an MLS listing description that say seller financing is available. The seller’s terms can vary greatly depending on how desperate they are to sell and what exactly they are looking to get out of the deal. Do not expect to pay four percent interest on a seller-financed loan; they will want a premium on any money they lend. It is also harder to find great deals with seller financing, which is key to my strategy.
There are many new restrictions on financing thanks to the recent Dodd-Frank Act.
Refinance
In most areas of the country, home values are rising and interest rates are at record lows. You may be able to refinance your home and get enough money to buy an investment property. Once you are able to buy an investment property, you can refinance it in one year (sometimes less with the right bank). With rates as low as they are, if you bought the home below market value, you should be able to take out as much as you put into the house and still cash flow. I use this refinance technique all the time. Getting lenders to do a refinance is tricky when you own multiple investment properties. I use a portfolio lender who has allowed me to use a cash-out refinance on as many properties as I want.
Below is a property I refinanced:
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Move in ready Houses
A move-in ready property means all the repairs are completed and it is ready to rent as soon as you buy the home. There can be many advantages to buying a nice home. The biggest advantage is you do not have to pay for repairs. You also do not have to spend time waiting for repairs to be done, which saves money on mortgage payments, utilities, and other carrying costs. The downside of a move-in ready property is that it is usually more expensive and provides less cash flow than a home that needs work.
Credit cards
A few other ways to get quick cash can be very expensive and are usually reserved for people looking to do a quick flip. If you have a killer deal you cannot pass up, you may want to consider these options, but I do not recommend using them unless it is necessary. The easiest way to get quick cash is with credit cards. You can get a cash advance or pay for repairs using your credit card. If you use a credit card to finance your down payment or repairs and cannot pay it off right away, do not pay the 17 percent interest rate. Do your best to get another card that will allow a balance transfer. Many times, you can transfer all of your balance and pay little to no interest for up to a year. That may give you enough time to pay off the card and not to be stuck with a high-interest rate eating all of your profits. I also suggest using a rewards card for repairs on your investment properties. If you pay the balance off every month, this is a great way to make a little extra money.
Self-directed IRA
If you have money invested in an IRA, you are not limited to investing in stocks or mutual funds. There are special self-directed IRAs that you can use to purchase an investment property. You can use your IRA for down payments and repairs and then collect rent in the IRA.
401K
Some 401ks allow an investor to take out a loan against them. You usually have to pay back the loan relatively quickly and pay interest on the loan. You have to be very careful when borrowing from a 401k because the money you borrow is no longer earning interest or growing in your retirement fund. If you lose your job, you also may be required to pay back the loan within 60 days or pay a 10 percent penalty and income tax on the loan.
Subject to loans
With a subject to loan, you buy a house without paying off the previous owner’s mortgage. This is another tricky situation; investors must be very careful with it. Most bank mortgages are not assumable; when the homeowner sells the house, they have to pay the loan in full. The bank most likely will have a due-on-sale clause that says the loans must be paid in full, once the property transfers ownership. With subject to loans the new investor buys a house subject to an old mortgage and does not pay off the loan. There is a chance that the bank will require the loan to be paid off if they find out that the home has been sold.
Investors buy homes subject to a mortgage so that they do not have to get a new loan. It may be hard for the investor to qualify for a mortgage or they may be maxed out on being able to get new loans. If you buy a home for $80,000 that has a $75,000 mortgage in place, the investor would only need $5,000 to buy the house instead of the normal 20 percent or more.
Fannie Mae Homepath program
The Fannie Mae Homepath program on their REO properties allows investors to put only 10 percent down and allows up to 20 financed loans in one person’s name, which is also a huge bonus. It is very difficult for many investors to get loans on more than four properties.
This program has been discontinued.
Conclusion
Rental properties can be expensive, but there are ways to purchase them with less than 20 percent down. If you are short on cash, buying properties with little money down can accelerate the purchasing schedule and increase your returns. However, you will most likely make less money on each property, because borrowing that last 20 percent can be much more expensive than the first 80 percent.
My book Build a Rental Property Empire, goes over how to buy investment properties with little money down. It also covers how to find deals, finance rentals, manage them, and much more! It is available as a paperback and ebook on Amazon or as an audiobook on Audible.
Founded in 1964, Fremont Bank is a family-owned and managed retail and commercial bank operating in the State of California.
The bank’s headquarters are in Fremont, California and branches exist in several California counties. Fremont was one of the first banks to offer banking services on Saturdays, a service that began in the 1960s.
Fremont Bank Locations
Fremont Bank’s mortgage options include fixed and adjustable-rate mortgages, FHA, Jumbo, and Combination loans.
Located in California, with branches in:
Contra Costa
Alameda
Santa Clara
Monterey
San Francisco
Retail Loan Offices in:
Los Angeles
Sacramento counties
Mortgages offered in California and Nevada only.
Fremont Bank Mortgage Facts
Fixed and adjustable-rate mortgages available, as well as FHA loans, combo, and jumbo loans
Loans are available for California and Nevada properties only
Offers fully underwritten pre-approval letters, so borrowers know precisely how much they are approved for
High-value home loans available, up to $2.5 million
Low down payment and no closing cost options available to qualified borrowers
Combo loan options let applicants combine more than one loan
Special Purchase Team members advise applicants on which loans to consider
No Closing Cost loans available for applicants who qualify
Ads by Money. We may be compensated if you click this ad.Ad
History of Fremont Bank
Fremont Bank began in 1964 and was founded by a WWII veteran who relocated to the San Francisco Bay Area in the 1940s. This bank is relatively unique in the sense that it has been family owned and operated from when it was founded to today.
The founder’s three kids continue to work with Fremont Bank and serve in management. As one of the first places to offer Saturday banking, Fremont Bank appears to have made significant efforts to tailor its services to the needs of customers.
According to the East Bay Times, in November 2018 Washington Hospital debuted a new facility, The Morris Hyman Critical Care Pavilion, named after Fremont Bank’s founder. Hyman was a well-known local philanthropist in addition to his work in banking.
Fremont Bank operates branches in California only, so borrowers should keep that in mind as they shop for a loan. Properties must be located in California or Nevada in order to qualify. The bank offers fixed- and adjustable-rate mortgages, FHA, Combo, and Jumbo loans as well as refinance programs.
One unique offering at Fremont Bank is the No Closing Costs mortgage and refinance loan program. Borrowers who qualify can avoid paying the typical non-recurring closing costs that are generally part of the mortgage closing process. To qualify, applicants must meet specific credit and other standards.
Currently, Fremont Bank has a Yelp score of 3.5/5 stars and 186 reviews. The bank’s BBB rating is A+ with customer reviews averaging stars.
Fremont Bank Loan Specifics
Fixed-Rate Loans
With this type of loan, borrowers get a single rate that stays the same for the entire length of the mortgage. Borrowers are protected in case Federal interest rates increase, so they know what to expect every month as they budget for their mortgages.
Applicants who want to lock-in a low rate may want to consider a fixed-rate mortgage, particularly if they plan to stay in the same home for several years. Fremont Bank offers 10, 15, and 30-year fixed-rate mortgages. Borrowers may need a 20 percent down payment to qualify for a loan.
Adjustable-Rate Loans
Although adjustable-rate mortgages do typically begin with a single low rate, market condition changes can result in rate fluctuations. Rates are subject to change and may increase or decrease over time.
This means borrowers could be obligated to pay higher rates and may end up paying more than they thought for a loan. It is also possible for rates to decrease. Applicants who may sell their home or want to refinance might benefit from adjustable-rate loans.
FHA Mortgage Loans
The government backs the Federal Housing Administration (FHA) loans from Fremont Bank and provide affordable financing with low down and monthly payments. Applicants who meet the income standards may pay as little as 3.5 percent down with an FHA loan. Fremont offers both adjustable and fixed-rate loans.
Combination Loans
Borrowers may qualify for a more expensive property or take out cash while closing on a home by obtaining a combination loan. Combo loans combine two different types of loans. Applicants may not need PMI, either. For applicants who need a bigger loan or plan to fund another project through the loan, a combo loan may be the right fit.
Jumbo Loans
For home purchases that are a bit more expensive than typical mortgages allow for, borrowers can obtain a jumbo loan. Fremont jumbo loans offer up to $2.5 million in financing. This option may be ideal for financing homes that are located in high cost-of-living neighborhoods.
No Closing Cost Loans
A unique program at Fremont Bank, the No Closing Cost loan allows borrowers to receive a mortgage without paying for any of the typical closing costs associated with mortgages.
For instance, borrowers avoid appraisal costs, credit report, escrow, title insurance, notary, points, recording, loan documentation, and other non-recurring expenses with getting a mortgage.
To qualify for this program, borrowers must be purchasing or refinancing a single-family home and must meet credit requirements. Closing costs that would otherwise be part of the applicant’s responsibility are refunded at closing.
.large-leaderboard-2-multi-105border:none !important;display:block !important;float:none !important;line-height:0px;margin-bottom:15px !important;margin-left:auto !important;margin-right:auto !important;margin-top:15px !important;max-width:100% !important;min-height:250px;min-width:250px;padding:0;text-align:center !important;Borrowers who qualify may save a significant amount of the total expense associated with getting a mortgage or refinance.
Fremont Bank Mortgage Customer Experience
Fremont Bank offers a variety of mortgage products and has loan guidance available for prospective borrowers who want to learn about their financing and refinancing options. Applicants can talk with a loan officer who can direct them to a suitable loan program.
Prospective borrowers must meet with a loan officer and Fremont branches, most of which are in the Bay Area, allow applicants to schedule appointments to learn more and begin the application process.
Prequalification is free and carries no obligation, so borrowers can get a better idea of what they qualify for and how much a home fits in their budgets.
Borrowers applying for mortgages at Fremont Bank will need to provide documentation, generally speaking, to demonstrate eligibility. To show that they can afford the monthly payments, applicants may need bank statements, W2 forms, tax returns from past years, pay stubs, documentation of assets, and other evidence, as requested.
Depending on the type of loan, requirements and credit standards may vary. Fremont Bank’s loan officers work with each applicant to find the right mortgage or refinance option.
Fremont Bank Lender Reputation
Fremont Bank’s Better Business Bureau rating is A+ with a customer review of three stars. Generally, this lender appears to have a positive reputation with customers*.
*Information collected December 5th, 2018
Fremont Bank Mortgage Qualifications
Credit Score
Quality
Ease of Approval
760+
Excellent
Easy
700-759
Good
Somewhat Easy
621-699
Fair
Moderate
620 and below
Poor
Somewhat Difficult
n/a
No credit score
Very Difficult
Fremont Bank offers the best chances of approval and great rates to applicants with credit scores of 760 and higher. Within the 700 to 759 score range, borrowers may not receive the best mortgage options but will probably have a few different choices they can consider.
“Fair” credit applicants may not have access to the best offers from Fremont Bank. Without a credit score or credit history, borrowers may have difficulty getting a mortgage offer from Fremont Bank.
Applicants should bring plenty of income and asset documentation to their appointments with loan officers so that they can stand the best chances of approval.
Debt-to-income ratio
Quality
Likelihood to get approval by lender
35% or lessÊ
Manageable
Likely
36-49%
Needs Improvement
Possible
50% or more
Poor
Less Likely
Homepage URL: https://www.fremontbank.com/
Fremont Bank generally offers more favorable terms to borrowers with debt-to-income (DTI) ratios under 30 percent. With higher DTIs, it may be better to ask about government-backed loan options and alternative loans.
Phone Number & Additional Details:
Company Phone: 1-877-732-0033
Headquarters Address: 39150 Fremont Blvd., Fremont, CA 94538
If you live in the California area, Fremont could be a feasible option for your mortgage, but if not, you are still left searching for the best bank. Don’t worry, we’ve got you covered.
Churchill Mortgage was founded on March 1, 1992, in Brentwood, Tennessee. It is currently a privately owned company with over 400 employees. As its name suggests, Churchill Mortgage Corporation provides services in the mortgage business alone. Churchill Bank Mortgage Facts A privately owned mortgage company that was founded in 1992 Provides service to customers in […]
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SunTrust was founded in 1891 in Atlanta, GA. It operates over 1,400 bank branches and over 2,000 ATMs across several southeastern U.S. states. Although this bank performs financial services like credit card approvals, trusts, and deposits; mortgage lending is one of their primary actions. SunTrust offers a wide range of home mortgage products, such as fixed-rate, […]
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