Mortgage Information

Welcome to the mortgage information page. My name is Leslie Vinson, I am a Branch Manager with Mortgagestar, Inc. A premier mortgage service provider in the Washington Metro Region and beyond. We are able to provide over 1,000 loan products to service the residential and commercial investor. We also have mortgage loan products for our baby boomer clients. As you move into the next stage of life and want to explore reverse mortgage loan products gives us a call and we can guide you through the process and make it as easy as possible.

 

It is my privilege to be the exclusive lender for the MRE Group. The Group and I have formed a strategic partnership that allows the maximum benefit to our clients and their families. We limit the stress that the client experiences by allowing more control over the transaction, thereby putting the enjoyment back into the real estate and mortgage process. Into today’s complicated and ever changing lending environment it takes a seasoned professional to get the job done. If you want to have real peace of mind, ensure that you are getting the most for your money and the best deal available come work with someone who has an a established track record of giving the best and most comprehensive service, the MRE Group. Don’t believe us, ask to speak with a list of our satisfied clients.

Why Buy Using FHA?

 

Since FHA was created in 1934, it has helped more than 34 million families become homeowners, many by working with their Realtors to achieve their dream of ownership. Many aspects of the FHA mortgage application process have been streamlined to make the process more user-friendly and efficient. Backed by the full faith and credit of the federal government, FHA-insured mortgages are one of the safest and most affordable types of mortgages available to homebuyers. An FHA-insured mortgage is backed by the full faith and credit of the United States Government. While FHA does not make loans, it benefits the homebuyer by providing mortgage insurance which encourages financial institutions to make affordable financing available. FHA offers low down payment options, eligibility with less than perfect credit, a loan at a reasonable cost, and help if there is ever trouble making the mortgage payment. Because an FHA mortgage ensures the lender against loss, and FHA mortgage typically has an interest rate that is competitive with the best in your market and lower than the rates charged for subprime and other non-prime mortgages.

At a time when the U.S. is plagued with an escalating foreclosure rate, FHA brings peace of mind to future and existing homeowners. FHA not only helps people buy a home but helps them keep it as well. In return for protecting lenders against loss, FHA requires financial institutions to assist borrowers experiencing difficulty making mortgage payments.

 

In order to be eligible for an FHA-insured mortgage, a borrower must:

  • Occupy the property as the principal residence;
  • Possess a valid Social Security Number;
  • Have a two-year employment history;
    • School and Military service count toward this two-year requirement.
  • Not be delinquent on any Federal debt such as a student loan or other FHA-insured mortgage; and
  • Meet flexible credit requirements

 

Features and Benefits of an FHA Loan

  • FHA has removed their requirements for larger down payments in markets designated as declining.
  • FHA has eliminated unnecessary requirements to make minor repairs.
  • The homebuyer and the seller, individually or jointly, can pay closing costs as agreed to in the sales contract. FHA no longer limits what closing costs the homebuyer is permitted to pay.
  • Caps on payment and debt-to-income ratios are more generous than most standard conforming mortgage products. The payment-to-income ratio may not exceed 31% and the debt-to-income ratio may not exceed 43%.
  • A minimum credit score is not required. In fact, one may not be turned down for an FHA mortgage solely for lack of credit history.
  • The buyer’s entire cash investment – as little as three percent – can be a gift from a family member, employer, charitable organization or local government entity.
  • The seller can contribute up to six percent of the home’s price toward closing costs through a seller’s concession.
  • There are no prepayment penalties on FHA-insured mortgages.
  • U.S. citizenship is not required but, for those who are not citizens, they must be lawful permanent or non-permanent resident aliens with a valid Social Security Number.

 

Use the mortgage calculators below to assist you in making some decisions around financing your new home.

Mortgage Qualification Calculator

This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.

Mortgage Payment Calculator & Amortization Table

This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.