CONTRIBUTED CONTENT — Buying a home is exciting, but navigating the financial side of things without expert guidance can feel overwhelming. Homie Loans was born out of the need for a simplified mortgage lending process.
Loan officer Mallory Dougherty said the most common type of home mortgage is the conventional loan, for which buyers can put as little as 3% down. Once they’ve paid off 20% of the loan, their mortgage insurance premium is no longer a factor. Borrowers usually need a credit score of 620 or higher to qualify for a conventional loan.
Learn more about different types of loans from Homie Loans in the “Ask a Local Expert” video in the media player above.
Loans backed by the Federal Housing Administration help people with lower credit scores or higher debt-to-income ratios purchase a home. Homie Loans also offers mortgages through the Department of Veterans Affairs for military servicemembers along with 0% down rural housing loans, which carry more stringent qualifying guidelines.
“There’s little things that we can do to help you qualify, but just chat with your loan officer about that,” Dougherty said.
Created with the sole purpose of saving customers thousands of dollars on their mortgages, Homie Loans uses technology to automate and simplify the lending process. Whether buying for the first time or refinancing, Homie Loans guarantees they’ll beat any competitor’s locked loan estimate or pay clients $500.
Homie Loans is the sister company of real estate disruptor Homie. Since first launching in Utah in 2015, Homie has been changing the way homes are bought and sold. Their software platform streamlines the process from contract to closing, eliminating excessive fees and agent commissions along the way.
Find more information on the Homie Loans website.
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