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Mortgage & Resource Library

Mortgage Resources

Knowldege is power and preparation is key!
Help make your next home financing experience as painless and stress-free as possible. Take the guesswork out by using our Mortgage & Resource Library, and view the answers to some of the more frequently asked questions. Also remember, if you have a question of your own, we're only a phone call or email away, or just click here and ask us!

Conventional
› 5% down payment
› Direct servicer for FNMA/FHLMC
› Loan amounts up to $417,000
› Minimum credit score of 620

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USDA
› 0% down payment options available
› 6% of closing costs can be paid for by the seller
› 100% of closing costs can be paid by gift funds from a relative or significant other
› Check the USDA website to make sure your property qualifies
› Minimum credit score of 620

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FHA
› Direct seller servicer for the Federal Housing Administration
› 3.5% down payment
› 6% of closing costs can be paid for by the seller
› Minimum credit score of 580

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Down Payment Assistance
› A wide variety of Down Payment Assistance programs are available
› You may receive a grant to help with down payment assistance and/or closing costs

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Reverse Mortgages
› No income or credit qualifications
› Delivers TAX FREE monthly income
› Provides access to the equity you have built in your home
› NO monthly mortgage payments required

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Renovation Loans
› Finance your repairs with your home loan
› Minimal down payment required
› You can get funds to purchase and upgrade

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VA
› Direct servicer for VA
› No down payment required
› No monthly private mortgage insurance
› Loans up to 1 million dollars
› Minimum credit score of 620

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Jumbo Loans
› Loans available up to 4 million dollars
› 10% down option available

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Reduce monthly mortgage
Refinancing is a great option for those who want to lower their mortgage payment and plan on living in their home for an extended period of time. Divide the cost of refinancing by the amount you will save on your monthly payment. This is the number of months it will take you to break even. If you plan on staying in your home longer than this amount of time, refinancing is a great option.

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Reduce my rate
Has your credit score improved since you applied for your current mortgage? If so, refinancing may enable you to get a better interest rate. Are you at the end of you adjustment period? Refinancing may help you lower your interest rate when your introductory rate expires.

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Do you want to build equity?
If you are not as concerned about lowering your monthly payment, you may want to refinance to a shorter-term mortgage. This will allow you to own your home quicker and pay less in interest!

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This communication is for informational purposes only; this is not a commitment to lend. All loans are subject to buyer and property qualification. All programs, rates and fees are subject to change or cancelation at any time and without notice. Contact Summit Funding, Inc. to learn more about mortgage products and your eligibility.

Yankov Mortgage Team

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Understanding Credit

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Mortgage Glossary

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The Loan Process

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Down Payment Assistance

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Homebuying Guide

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Loan Options

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Refinancing

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Investment Properties

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VA Loans