Buy a home, not a degree in paperwork

In short? All types. We have fixed and adjustable-rate mortgages, and customizable terms.

Purchase, refinance, investment properties, second homes, modular/manufactured housing, condominiums, new construction.

Yes! Our conventional loans can be a fixed rate or adjustable-rate mortgage. With a variety of down payment options, the minimum down payment requirement is 3%. There are also options that avoid mortgage insurance.

Indeed, we do. The FHA loan has helped grow homeownership rates in large cities and for minorities since its inception in 1934. It is designed for low-to-moderate income borrowers and requires a lower minimum down payment and lower credit scores than many conventional loans. Often this loan program is used by first time homebuyers or those who have not had an opportunity to build their credit or savings for down payment.

Yes, we do! The Veterans Administration loan is available to honorably discharged veterans, active duty, or those have completed a total of six years of service in the National Guard or selected reserves. Certain surviving spouses of veterans are also eligible. There is no down payment required, no income restrictions, and no mortgage insurance requirement.

The Rural Housing Service (RHS) / United States Department of Agriculture (USDA) Loan is a no down payment, 100% financing program, which provides families with a low to moderate income level the opportunity to own a home in eligible rural areas.

The RHS loan provides no down payment financing in select rural areas. This in turn, attracts home buyers to less dense population areas. However, the family income cannot surpass an income threshold, and the property must be in an eligible area.

Yes, we do offer FHA loans! The Federal Housing Administration (in case you were curious what FHA stood for) loan is a great option if you don’t have a huge down payment on hand; it might also be appealing if your credit score is not the greatest. The maximum loan amount is dependent on the county where you are purchasing a home, but we can help you figure that out.

Quillo will consider FICO scores as low as 580 for FHA and other government backed programs.

Yeah, that’s right – 580.

Want to find out if you qualify? Let’s get started.

To answer that, you should consider minimum down payment for the FHA loan is 3.5% but will require mortgage insurance, tacking on an extra monthly fee. As with most loans, the minimum credit score requirement is based on market conditions but compared to the other loan programs this one allows for lower credit scores. Currently, our minimum credit score requirement is 580 for an FHA loan. 

Like the noble Sasquatch, it is a myth that the FHA loan is only for first time home buyers – the FHA loan can be used for any home purchase if the qualifications are met. One qualification is the amount of the loan; the maximum loan amount depends on the county in which your property is listed. The FHA home loan is only an option for a primary residence and won’t work for investment properties or second homes, like vacation homes.

While we’d love to say that you absolutely will qualify for our lowest advertised rate, the truth is, you might not. And here’s why: interest rates vary by person, by circumstance, by day. There are some factors you can control like your credit score, loan-to-value ratio (or how much money you must put down on a house), and the type of property (manufactured, condo, second home, cash-out refi as determining risk factors); and some that you can’t – like the unemployment rate, economy, and inflation.

Yes, but only if you lock that bad boy.

A rate lock on a mortgage means that your interest rate won’t change between the offer and closing IF you close within a specified time frame and there are no changes to your application.

Rate locks are typically available for 30, 45, or 60 days, but sometimes longer. If you don’t lock your rate, it can change at any time.

APR stands for Annual Percentage Rate. APR is a broader measure of a mortgage that includes the interest rate and other fees and charges paid to obtain the mortgage.

Private Mortgage Insurance PMI) is a type of mortgage insurance that you’re required to pay if your down payment is less than 20 percent of the property value of your home. PMI protects the lender in the event you default on the loan, but once you’ve accumulated a certain amount of equity in your home, you may be able to cancel your PMI. Take that, PMI!

ARM stands for Adjustable-Rate Mortgage that has an interest rate that adjusts periodically based on a pre-selected index.

A fixed rate mortgage (FRM) is a mortgage that keeps the same interest rate and monthly payment through-out its term.

A loan term is the length of the loan, or the length of time it takes for a loan to be paid off completely when you make regularly scheduled payments. Mortgage terms are typically 15, 20 or 30 years.

A mortgage interest rate is the cost you will pay each year to borrow the money for your mortgage, expressed as a percentage rate, compared to APR (Annual Percentage Rate), which is a broader measure of the cost of borrower money than interest rate alone.

Reflected as a percentage, it’s the ratio of your monthly payment obligation, divided by your monthly income. If you’re some sort of math genius, the formula looks like this: MONTHLY DEBT / MONTHLY INCOME X 100 = YOUR DEBT-TO-INCOME RATIO.

A rate lock on a mortgage means that your interest rate won’t change between the offer and closing IF you close within a specified time frame and there are no changes to your application.

Rate locks are typically available for 30-, 45-, or 60-days, but sometimes longer. If you don’t lock your rate, it can change at any time.

You can switch products, no problem. You can also move your rate up or down, but there’s an increase in cost for a lower rate.

If you’re coming up on the end of your lock, we would do a rate lock extension. There are 7-, 15-, and 30-day extensions available, but there is a fee for extending a loan’s lock.

Refinancing is when you replace your existing mortgage with a new loan. Think of it like going back to the bank to renegotiate the purchase of your home, except you’re obviously already living in it. You might do this if you’re looking to lower your monthly payment or interest rate, or switch to a different loan product.*

In a cash-out refinance, you get a new mortgage than is more than your previous mortgage balance, and the difference is paid to you in cash. 

Skrilla. Bread. Cheddar. Paper. And what do people typically do with all this coin?

Pay down on high interest, revolving debt, or pay for upgrades to their homes.*

Yeah, that’s what we’re talking about.

Essentially the same sort of costs you incurred when you did your purchase – think closing costs and fees.*

A written estimate of the fair market value of a piece of property. 

For purchases and most refinances, yes. The amount of money you can borrower is partly determined by the appraised value of your home, which is determined by (can you guess?) the appraisal.

When you get a mortgage on your home, you must have homeowners’ insurance.

Like, GOTTA have it.