The right loan for you.

Did you know that traditional mortgage providers are built to serve…themselves? From the way they’ve structured their compensation to the training they give their sales staff, most companies will offer consumers products and pricing built to serve themselves. At Modern Mortgage, we begin with our client in mind. Our team is empowered to treat the mortgage banking world as our client’s oyster. We can shop on your behalf among multiple lenders in order to find the right fit. The best part is that no matter what product you pick, no matter which loan fits you best, we earn the same amount – to the penny. In this way, we incentivize our team to serve YOU, our client, rather than the company or themselves. We’re proud of this difference, and we hope it catches on in the industry (although we’re not holding our breath).

Almost every loan term can be customized to fit your needs, so to find what will work best for you, you’ll need to talk to one of our licensed mortgage bankers. To help you get started in the meantime, play around with different loan amount scenarios with our mortgage payment calculator, and check out some of the most common loan type categories below.

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Conventional Fixed Rate Loans

Conventional loans come in almost every shape and size and have some great advantages, including low down payment option and the ability to avoid mortgage insurance if you have a down payment of 20% or more.

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With Modern Mortgage, the term and loan size can be custom fit to meet your needs. From the standard 30-year fixed to that custom 14-year and 2-month mortgage you’ve got your heart set on, and anything in between, we’re here to meet your needs. Current loan limits are set by federal guidelines and local county limits, but you can click HERE to get the latest. Rates and terms are generally affected by natural market movement, borrower credit score, down payment, and other factors, but we’re always happy to help you figure out if and how to use Conventional lending to your own advantage. Contact one of our licensed mortgage bankers now to get a quote on rates.
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Jumbo Loans

Also called non-conforming conventional mortgages, jumbo loans cover a larger-than-normal loan amount and are used to finance properties too expensive for a conventional conforming loan. The maximum…

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amount for a conforming loan is determined annually by the Federal Housing Finance Agency (FHFA). In 2021, the maximum is $548,250 in most counties; however, the loan limits are much higher in expensive areas. 

As with conventional loans, jumbo loans can be used for primary homes as well as for investment properties and vacation homes. They are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.

The main benefit of a jumbo loan for borrowers is that a jumbo mortgage makes it possible to borrow more than the limits imposed by Fannie Mae and Freddie Mac. For instance, if you’d like to borrow $1 million against a $1.5 million home, a jumbo loan makes it possible.

Some borrowers prefer to finance more of the home’s cost rather than tying up cash, making the jumbo mortgage a helpful financial tool and part of an overall investment strategy. You can still get a competitive interest rate and finance the home of your choice without being restricted by the dollar limit on conforming mortgages.

If a jumbo loan sounds right for you, call one of our mortgage bankers today. They will be happy to discuss income, credit score and reserve requirements and find the perfect loan for you.

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Veterans Administration Loans

Our veterans hold a special place in our hearts, and this is one of those few opportunities in life to really say “thank you” for your service. If you are active military, a veteran, or an eligible family, remember…

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you may qualify for a Veterans Affairs (VA) loan. VA loans have special terms that are different from other financing outlets and are often the best loan available (as it should be). Not only do these loans add no mortgage insurance, but they are also very often the lowest interest rate in the marketplace.

It’s helpful to note that VA includes a funding fee in every loan, but the amount of the fee charged varies based on several factors. It’s often possible to finance the fee or to pay for it in cash if you prefer. There are some other details you’ll need to know, including a minimum required FICO score of 580, maximum loan amounts are set by county, and loan terms of 15- and 30-year fixed are available on primary residences only. To understand how the details apply to you specifically, talk with one of our licensed bankers.

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Federal Housing Administration Loans

A perennial favorite of first-time buyers, and many happy clients in between, Federal Housing Administration (FHA) loans are one of the oldest sources for mortgage financing in America and are also government backed. With extremely low interest rates…

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(usually lower than Conventional rates), extremely low down payment requirements (just 3.5%), and both fixed and adjustable strategies, FHA is often hard to beat, especially when you consider that the down payment can be a gift from a family member! It’s important to note that FHA has higher mortgage insurance requirements, which are required both up front and on a monthly basis, so you’ll want to compare this option to others with one of our licensed mortgage bankers.
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USDA Loans

Do you feel more at home surrounded by pastures than pavement? then a USDA loan may be right for you. USDA loans are low-interest, no-down-payment mortgages specially designed to help finance homes.

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in eligible rural areas. Perhaps one of the government’s least-known mortgage assistance programs, a USDA home loan is a zero down payment mortgage for eligible rural homebuyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture.

The program is designed to “improve the economy and quality of life in rural America.” It offers low interest rates and no down payments, and you may be surprised to find just how accessible it is.

Income limits to qualify for a home loan guarantee vary by location and depend on household size. Also important to note is that USDA-guaranteed home loans can only fund owner-occupied primary residences. Our mortgage bankers are here to go over all of the details and other eligibility requirements with you when you’re ready.

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Outside the Box (“Non-QM”) Loans

At Modern Mortgage, we realize that not every borrower fits inside of typical lending guidelines.  Rather than leave those folks out in the cold, we’ve built strategies that allow us to find financing for all kinds of non-standard situations.

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Self-employed, bank-statement-based, recent foreclosure and damaged credit are just a few of the scenarios we can serve. Rates, terms and availability in this arena vary widely and will definitely require spending a little time with one of our licensed bankers to determine the best strategy for you.

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