Conventional loans are loans that conform to Fannie Mae / Freddie Mac guidelines. Down payment amounts will vary on Conventional loans with as little as 3% down for first time homebuyers. Down payments of less than 20% require private mortgage insurance.
FHA loans are government backed loans allowing for a low down payment while keeping monthly costs down as well. FHA loans require mortgage insurance as part of the monthly payment regardless of the down payment.
The VA loan is a $0 down payment mortgage option available to Veterans, Service Members and select military spouses. VA loans are issued by private lenders and guaranteed by the U.S. Department of Veterans Affairs (VA) In Indiana for for loans up to $484,350. Loans available up to $1,000,000 with minimal down payment. No Private Mortgage Insurance (PMI) required
USDA loans are offered through the US Department of Agriculture for “rural” properties. USDA loans do not require any down payment and have minimal mortgage insurance requirements. Check with your Tucker Mortgage loan officer to determine areas that are considered “rural” in order to be USDA eligible.
What’s a FHA loan? What’s PMI and what is it used for? If you have been searching for answers to these questions, you can find answers on our mortgage terms page. We list some of the most commonly used mortgage terms so you know how to get the most out of your loan.
You may have heard from friends and family members that getting approved for a mortgage is a tedious, tiresome task. The fact is that applying for a mortgage does require a lot of work, and you must be ready to present a significant amount of information to prove to your lender that you are trustworthy enough to be eligible for their financial product. The recent mortgage crisis has made lenders a bit gun-shy, so they are likely to ask for more information than they have in the past.
So, you are thinking about buying a home. Before you even begin looking at real estate options, you need to do your research about the different types of mortgages that are available through Tucker Mortgage and other financial experts. Scores of mortgage products are available in the modern marketplace -- but how do you sort through them all? Our quick and easy guide can help you learn about the various types of mortgages that are currently offered to homebuyers, helping you make the right decision for your current and future financial plans.
If you have been searching for the perfect mortgage lender, you probably know that it is difficult to find a local, trustworthy source for your mortgage funds. At Tucker Mortgage, we offer the personalized, individual service that you need and deserve -- without the hassle. Many customers say they have been waiting for weeks to find out whether they have been approved for their home loans. When you choose, you can be assured that you will not be put on the back burner while we conduct other business banking. We are committed to providing quick, accurate decisions to help you get the right type of mortgage to suit your financial situation and credit history.
Whether it’s your first or your third, buying a house can be both an exciting and arduous time. First-timers would do well to follow these Do’s and Don’ts of the home financing process to avoid any surprises. If you know your responsibilities and are well-prepared, then you’ll be more likely to secure the best rate and option available to you. Even if you've been through the process before, take a few minutes now to refresh your memory. You never know - it might save you a bit of time down the road!
Nearly all real estate purchases today require a qualified lender “Pre-Approval” letter to be submitted with the purchase agreement. Tucker Mortgage Loan Officers are available to provide the appropriate documentation for your Real Estate Agent, on your behalf, and this is provided free with no obligation for you to finance with Tucker Mortgage.