Lexington Real Estate Purchase

VanDyk Mortgage Corporation has several different mortgage options to help fulfill the American dream of owning a home. The primary home loan programs are FHA, Fannie Mae / Freddie Mac, and VA. All come with their own quidelines and qualifications.

Through the Federal Housing Administration and the Veteran's Administration we offer low and no down payment mortgage loans. FHA requires a 3.5% investment in the purchase transaction and VA can be a no down payment loan. There are no income limits on these programs and allow borrowers to get a low fixed or adjustable rate. With FHA the downpayment can be a gift from a relative or it can come from your own funds. The down payment can't come from the seller of the property. FHA does not have a minimum credit score at this time, although many banks and lenders have set their own minimum score.

The other major mortgage programs are through Fannie Mae and Freddie Mac.Both of these entities are controlled by the United States Government. These are commonly referred to as conventional loans. With conventional loans your credit score is more important than ever. There are three main credit scores used in the mortgage industry. The three repositories are Equifax, Experian, and Trans Union. In the past a score of 680 put a borrower in the highest tier. Now the highest tier is a 740 score. The other items considered are income, assets, debts, and downpayment. Call one of our knowledgable loan officer to learn more.