HOME LOANS WITH DJ
PLAN YOUR PUCHASE
PLAN YOUR PUCHASE
Presented by Dearic "DJ" Jackson,
Leading Mortgage Loan Officer for
Team Jackson & Scion Lending
Allow me to introduce you to our Bullet Proof Buyer program. The absolute best way to solidify your financial requirement when house hunting. Allow my team and I to help you compete with the cash buyer in todays real estate market!
What is a Bullet Proof Buyer?
FHA Home Loans
What is a FHA Home Loan?
An FHA home loan is a flexible mortgage program offered by a participating lender like Scion Lending FHA home loans are insured by the Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD).
What Are The Benefits?
Because the FHA insures the loan, Scion Lending can offer you financing with advantages like:
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A down payment requirement as low as 3.5%.
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The option for the seller to contribute up to 6% of the sale price.
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No debt-to-income ratio restrictions.
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A parent or relative can be a co-applicant on your loan as a non-occupant.
VA Home Loans
What is a VA Home Loan?
It’s a VA loan provided by a participating lender like Scion Lending and it is guaranteed by the U.S. Department of Veterans Affairs (VA). This guarantee means we’re able to offer you more favorable terms on a home loan or refinance. You don’t need to be a first-time homebuyer, and you can reuse the benefit.
What Are The Benefits?
The VA offers a few home purchase and refinance programs depending on your needs. In general, these programs can help you purchase a home with a competitive interest rate and often without requiring a down payment (as long as the sales price doesn’t exceed the appraised value) or private mortgage insurance. The VA also offers programs that let you refinance an existing VA home loan or take cash out of your home’s equity.
Conventional Home Loans
Fixed Rate Mortgages
With a fixed rate mortgage, your interest rate and payments will be consistent throughout the duration of your loan. You can rest assured knowing your interest rate won’t increase alongside market rates. You may also benefit from refinancing later if market rates decrease. Fixed rate mortgages are available in a variety of term lengths ranging from 10 years to 30 years.
Adjustable Rate Mortgages (ARM)
An ARM can save you money on your loan, especially if you’ll be living in the home for only a few years. ARMs are available in a variety of configurations and term lengths, with the most common being 3/1, 5/1, 7/1 and 10/1. In these figures, the first number represents the number of years your interest rate will remain fixed. The second number represents how often your interest rate will change after the fixed rate period expires (in this case, every year). This is called the adjustment period. Rates may increase or decrease during adjustment periods and make your monthly payments higher or lower respectively. However, you can set caps on your ARM to protect against rate increases.
Non QM Loans
What is a Non-Qualified Mortgage?
In the world of home loans, Non-QM mortgages have become a viable solution for those who may not typically qualify for traditional mortgage loans. Unlike Qualified Mortgages (QM), which follow strict government-defined criteria, non-qualified mortgages offer flexibility, allowing lenders to consider alternative income verification methods and adverse credit history when approving the loan.
What Are The Benefits?
Non-QM mortgages are specially designed to accommodate borrowers with unconventional financial situations such as self-employed individuals or those with unique income sources. This type of loan doesn't follow rigid underwriting guidelines linked to QMs but instead evaluates a borrower’s ability to repay based on comprehensive financial documentation including bank statements or asset depletion proofs.
Home Equity Loans
What is a Home Equity Loan?
A home equity loan, often referred to as a second mortgage, works much like a standard mortgage. Your lender will use your financial profile and the amount of equity you have in your home to determine the loan amount. Once you close, you’ll receive a lump-sum payment of the approved amount, and a second lien will be placed on your home. Depending on the lender, the whole application, approval and disbursement process should take around four to five weeks.
