Many people need to obtain mortgage loan. At times for buying their dream houses and other times homeowners need funds for other purposes. Each person has different needs and financial situation.
This person needs to find specific mortgage plan that will suit their conditions. Franklin American Mortgage home loan options are designed to meet every customer’s demands. It will make sure that customer gets the best deal out of its various options.
Home Loan Options at Franklin American Mortgage
There are four categories of Franklin American Mortgage home loan options. The first category is conventional loans that adhere to a guideline by Fannie Mae and Freddie Mac. Second loan option is supported by Federal Housing Agency (FHA).
The third loan category targets people who have served in military and is provided by Veteran Administration (VA). The last loan option is United States Department of Agriculture (USDA) Rural Development Loans.
Conventional loan is Franklin American Mortgage home loan that can be utilized for primary, secondary home, or investment in property. At this company, customer can pay as little as 3% in down payment.
However, if customer pays at least 20% of down payment they will not need to pay monthly mortgage insurance. Maximum mortgage loan that can be obtained from this plan is $1.5 million. Customer can choose between 15 or 30 years term and whether they want fixed or adjustable interest rate.
FHA-supported Franklin American Mortgage home loan option is designed for first-time home buyer and loan borrower with limited capital. Customer can pay as little as 3.5% in down payment.
Customer does not need to have certain credit qualification to obtain this loan. There is no penalty for settlement of loan before its decided due date. Customer who takes this loan is also allowed to borrow through Energy Efficient Mortgage program to improve energy system at their home.
Customer can choose if they want fixed or adjustable interest rate and whether they want 15 or 30 years term.
People who are eligible for VA-backed Franklin American Mortgage home loan are service members, veterans, their spouses and other beneficiaries that can fulfill basic requirements explained in VA’s website. They must have sufficient credit scores and income too.
Customer who obtains this loan does not need to pay for down payment. Processing fees are also relatively low in this loan option. This loan is only available for primary home purchase.
However, customer is allowed to refinance through VA Interest Rate Reduction Loan if the customer already owns a VA mortgage loan.
The fourth Franklin American Mortgage home loan option is offered to property owner or buyer at rural area. Property in discussion must be located within USDA list. Mortgage borrower also needs to meet income limit stated by USDA.
Customer does not need to make down payment or pay prepayment penalty if they settle their loan before its decided loan. Customer must live within the property in foreseeable future. This loan is not available for secondary home purchase or property investment purpose.
To decide which Franklin American Mortgage home loan option that is more suitable to their needs, customer can always discuss their conditions to this company’s loan officer. Officer is reachable through the Franklin website and telephone line.