Copyright © MD Kennedy 2009
LOAN SERVICES
HOUR Power® - We can make buying your home fast and easy with our patented
HOUR Power® one hour approval system.
With HOUR Power® if you bring us:
- One month's pay stubs
- Two year's tax information
- Three month's bank statements
- We can give you a home mortgage loan approval in one hour - ON THE SPOT!
So don't wait weeks or months, visit MORTGAGEBANK America today and get your
mortgage approved in one hour with HOUR Power®.
Conventional - Conventional mortgages generally require a 5% down payment. This means, if you qualify, you can finance up to
95% of the purchase price or the appraised value of the home, whichever is less. MORTGAGEBANK America offers a 5% down
payment program. Conventional loans are required to be insured by a Private Mortgage Insurer if the down payment is less than
20% of the purchase price or the appraised value, whichever is less. Private Mortgage Insurance insures the Lender against losses
that it may incur if you default on your mortgage loan. This is not to be confused with mortgage life insurance which insures you.
Jumbos - A loan above $417,000. These limits are set by the Federal National
Mortgage Association and the Federal Home Loan Mortgage Corporation.
Because jumbo loans cannot be funded by these two agencies, they usually
carry a higher interest rate.
PA Bonds - Below market rate home mortgage loans are available to qualifying
homebuyers throughout the Commonwealth under PHFAs Statewide
Homeownership Program. Both new and existing homes are eligible for Agency
financing.
FHA - FHA mortgages are insured by the Federal Housing Administration and
require less of a down payment than conventional mortgage. Generally, the
required down payment is 3.50% of the purchase price. FHA also permits the
financing of a portion of your closing costs, and in some cases the one-time
mortgage insurance premium (MIP).
VA - In 1944, shortly before the end of World War II, Congress passed the
Serviceman's Readjustment Act, more commonly known as the GI Bill of
Rights. Title Ill of this Act provided for the VA Mortgage Guarantee Program.
Under the provisions of this law the United States government would guarantee
mortgages made by mortgage lenders.
A veteran is defined as a person who has served in the active military, naval or air service and, except for a current service
member on active duty, was discharged or released from active duty under conditions other than dishonorable. Since November
1992, National Guard and Reserve Training are now considered for VA entitlement.
Top Ten Lender in Pennsylvania Since 1980
