Homebuyers are Stretching Their Budgets and Mortgage Limits

Homebuyers are Stretching Their Budgets and Mortgage Limits

  • More buyers are stretching their budgets, putting less money down or using adjustable rate loans that offer lower rates.
  • Buyers today need to be not just pre-approved for a mortgage but have a mortgage commitment.
  • Borrowers have more options for low-downpayment loans, options that were not available as recently as just a few years ago.

Buyers today not only need to be pre-approved for a mortgage, but they must also have a mortgage commitment. Home prices are hitting new highs and the gains are growing, just as mortgage interest rates are turning higher again. All of that has more buyers stretching their budgets, putting less down or using adjustable rate loans, or ARMs, that offer lower rates.

They are actually feeling emboldened to do so, thanks to the rise in the stock market and the improving economy.

Borrowers also have more options for low-down-payment loans, options that were not available as recently as just a few years ago. Fannie Mae reintroduced a 3 percent down-payment loan that it had discontinued during the recession, and some private lenders are venturing back into subprime, although they’re calling them “non-prime” loans. These are mortgages to borrowers with lower credit scores.

homebuyers

CONVENTIONAL Loans  | FHA Loans  | VA Loans  – Superior Mortgage Lending offers the best loan options for borrowers

1% DOWN HOMEREADY

A low down payment, a great rate and a head start on their equity. Superior Mortgage Lending works directly with the first wholesale lender in the industry to offer 1% down on conventional loans with a 2% equity boost!

Program highlights include:

  • Clients pay 1%, lender gifts 2%, up to $5,000, giving borrowers  3% equity at closing
  • 720+ FICO
  • DTI per DU findings
  • Close in 30 days or less
  • Available with no monthly Mortgage Insurance

ELITE

The obvious choice for your top-tier borrowers! Comprised of some of the best conventional rates and pricing in the industry, Superior’s Elite program allows you to close quickly, while generating solid referrals.

  • 700+ FICO
  • Up to 80% LTV
  • Loan amounts from $200,000 up to County Loan Limits
  • Appraisal Waivers honored
  • Includes Conventional, High Balance and ARMs

HOME POSSIBLE

A great alternative to FHA financing for borrowers looking to purchase with a low down payment or refinance with limited equity.

  • Up to 95% LTV
  • First time homebuyers, move-up borrowers, and retirees
  • No income limits for Underserved Areas
  • Appraisal fee credit up to $525 given at closing

FHA STREAMLINE

Superior’s FHA Streamline program allows you to refinance your FHA borrower with no appraisal or AVM. Time is of the essence—stop the shop and use our quick closing process to secure your borrower.

  • 620+ FICO
  • Debt ratios accepted per AUS findings
  • Up to 60 days interest allowed

FHA ELITE

Take your FHA borrowers to a new level with industry-leading government rates and pricing. This is the obvious choice for your top-tier clients.

  • 640+ FICO
  • $125,000 – county loan limit
  • All fixed term mortgages
  • Single family primary residences
  • Debt ratios accepted per AUS findings
  • 3/1 and 5/1 ARMs available

VA ELITE

Taking VA borrowers to a new level with industry-leading government rates and pricing. This is the obvious choice for top-tier VA borrowers

  • 640+ FICO
  • $125,000 minimum loan limit
  • Maximum loan amount can exceed county limits
  • Fixed term and ARM loans eligible
  • Single family primary residences

VA IRRRL

Serve those who have bravely served in the Armed Forces with Superior’s VA IRRRL with no appraisal. Allowing veteran borrowers to take advantage of their VA benefits by streamlining their current VA loan into a lower interest rate.

  • No underwriting fees or tax service fees
  • LTVs available up to 150% with no appraisal
  • No AVMs with a 680+ FICO
  • No income or asset overlays
  • Fast closings, often less than 20 days

Your Dream Home Awaits You!

This Free Purchase Assistant has been designed to narrow down options based on your individual needs. Superior Mortgage Lending is your premier Las Vegas Mortgage Broker. You will be able to get accurate and reliable quotes and your information is kept private.

Feel free to call us (702) 507-4170 to speak with one of our Professional Mortgage Loan Officers. We can help you with all types of home purchases; primary homes, vacation homes and investment properties. We specialize in all First Time Home Buyers. Use our Home Purchase Assistant to get pre-qualified today!

 

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