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Summit Lending - Mortgages & Refinancing

Serving all of Missouri, Kansas, & Arizona

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TYPES OF LOANS

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The VA loan is a $0 down mortgage option available to Veterans, Service Members and select military spouses. VA loans are issued by private lenders, such as a mortgage company or bank, and guaranteed by the U.S. Department of Veterans Affairs (VA).

A conventional mortgage is a home loan that isn’t backed by a government agency, such as the FHA or VA. Conventional mortgages often meet the down payment and income requirements set by Fannie Mae and Freddie Mac, and they often conform to the loan limits set by the Federal Housing Finance Administration (FHFA).

Conventional loan borrowers who put at least 20% down don’t have to pay for mortgage insurance, which is typically required with lower down payments or government-backed loans.

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An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate income borrowers, FHA loans require a lower minimum down payments and credit scores than many conventional loans.

As of 2019, you can borrow up to 96.5% of the value of a home with an FHA loan (meaning you'll need to make a down payment of only 3.5%). You’ll need a credit score of at least 580 to qualify. If your credit score falls between 500 and 579, you can still get an FHA loan provided you can make a 10% down payment.

Perhaps you feel more at home surrounded by pastures than pavement. If so, buying a home might be well within reach, thanks to the U.S. Department of Agriculture mortgage program. In fact, the USDA might have one of the government’s least-known mortgage assistance programs.

A USDA home loan is a zero down payment mortgage for eligible rural and suburban home buyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture.

 

WHAT OUR CLIENTS THINK

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"ROCK STARS!"

"Darren & his team are ROCK STARS!  They made things so STRESS FREE & painless."

RACHELLE

"THE BEST OUT THERE!"

Not only is Darren one of the nicest people I’ve ever met, but his entire team and their work ethic is in a league of their own."

HEATHER

"WHAT AN AMAZING STAFF!"

"Going through a refi is never fun, admitting you spen too much interest rates are getting to you more than the principal payments, but Summit Lending made it easy

PAUL & SUSAN