At Mid America Mortgage, Inc. we understand that our clients have varying home financing needs. That’s why we offer such a broad selection of mortgage programs. From conforming fixed rate and adjustable rate mortgages to non-conforming jumbo loans and zero down mortgage products, we’ve got you covered. Below you’ll find information on a number of our home loan programs. Please do not hesitate to contact us with any rate or product related questions.
Explore Our Various Mortgage Programs
Fixed Rate Loan Highlights
- Available in 30, 20, 15, and 10 year terms
- Low money down fixed rate financing available through FHA, VA, and USDA mortgages
- Fixed rate options available for jumbo loans
- Rate stays fixed throughout the life of the loan
Adjustable Rate Mortgage Program Highlights
- We offer a number of adjustable rate mortgage (ARM) programs including 3/1, 5/1, and 7/1 ARMs.
- Low introductory rates can potentially save borrowers money in the short term.
- Adjustable rate mortgages carry a higher degree of risk as rates can and do adjust after the introductory rate periods end.
Low and Zero Down Program Highlights
- VA loans offer zero down mortgage solutions for eligible active duty servicemen and women, military veterans, and surviving spouses.
- FHA mortgages are low money down programs which require as little as 3.5% down payment.
- USDA rural housing loans are a 100% financing alternative for lower income borrowers looking to purchase property in designated rural communities.
Jumbo Financing Highlights
- Designed for loan amounts exceeding areas’ conforming loan limits. Outside of higher priced areas, $417,000 is typically the limit.
- We have both fixed rate and adjustable rate jumbo loan programs.
Some HARP Eligibility Requirements Include:
- Mortgage must be owned or guaranteed by Fannie or Freddie and the mortgage must have been sold to them before May 31st, 2009.
- Current loan-to-value (LTV) ratio much be higher than 80%.
- Borrower must be current on payments with consistent 12 month history of payments.
203K Program Highlights
- Unlike most construction loans and home equity lines of credit, borrowers will only have one mortgage at the low rates available for first mortgage financing.
- Available for many types of properties used as primary residences.
- Purpose of the program is to facilitate uncomplicated rehabilitation and/or improvements to properties for which plans, consultants, engineers and architects are not required. However, a HUD Consultant is required.
Some Potential Options for Lower Credit Applicants
- FHA Mortgages – We offer a number of fixed rate and adjustable rate FHA mortgage programs at competitive interest rates. One of our FHA programs allows for credit scores as low as 580-639 (subject to change – contact us for the most up-to-date guidelines).
- VA Loans – Financing solutions for eligible military veterans, active duty service personnel, and surviving spouses.
- USDA Rural Housing Loans – Potential option for lower income borrowers in designated rural areas.