Mortgage Loans

• Prequalification is a review of your overall financial picture, including an overview of your credit report. It’s free and quick. You usually do not submit any documents for this process, so it doesn’t provide a guarantee of financing. It is, however, an important step in the home-buying process because it allows you to get the conversation started with a mortgage lender so you can know what the options are for your specific situation.
  
  
• Preapproval is the step after prequalification. It’s more involved, but if you have a little more time at the beginning of the process, we recommend you go through the steps. For a preapproval, you’ll start the formal application process by providing documentation to verify your income and assets, as well as allowing the lender to do a more extensive check into your financial background and credit rating. This results in you getting preapproved for a more specific amount and interest rate. You’ll also be able to move faster when you find the home you want because the seller will know you’re one step closer to getting an actual mortgage and you’ve already gotten a lot of paperwork out of the way.

1. Get prequalified or preapproved
2. Find the home you want to buy
3. Give the address of the home you want to your loan officer
4. Appraisal and other required services are ordered
5. Underwriter determines if loan will be granted
6. Closing – sign the papers, pay the closing costs, and finalize the transaction
7. Move into your new home!

We offer loans of all shapes and sizes to meet your needs.

Conventional Loans
Ideal for borrowers with strong credit, stable income and employment, and a down payment of at least 3%.

The most common conventional loans are Fannie Mae (FNMA) and Freddie Mac (FHLMC). They are not insured or guaranteed by the federal government, so mortgage insurance is not typically required unless you put less than 20% down. Overall, the borrowing costs tend to be lower even if the interest rates are slightly higher.

Jumbo Loans
Ideal for affluent buyers buying high-end homes. Buyers should have excellent credit, a high income, and a substantial down payment of at least 10% down.

These are conventional loans that exceed the loan limits of Fannie Mae and Freddie Mac. Borrowers can qualify for loans up to $3 million on their primary residence and $2 million on their second homes or investment properties. Interest rates are usually competitive with a conventional loan.

Government Loans
Ideal for those with low cash savings, not-so-great credit, or don’t qualify for conventional loan.

• Federal Housing Administration (FHA) Loans – FHA Loans are managed by the department of Housing and Urban Development (HUD) and available to all types of borrowers, not just first-time home buyers. There are fixed and adjustable rate options, making them ideal for those who don’t have a large down payment or pristine credit. Down payments for FHA loans can be as low as 3.5% of purchase price if your credit score is higher than 580.
• Veteran Affairs (VA) Loans – VA Loans are managed by the US Department of Veteran Affairs and ideal for active duty military or veterans. Qualified borrower can receive 100% financing for the purchase of a home. Interest rates are typically low and fixed, and minimum credit score of 620 is required. Fees are usually capped or rolled into these loans too.
• US Department of Agriculture (USDA) Loans – USDA loans are available for homes in USDA-eligible areas for moderate to low income rural borrowers that meet certain income requirements. Qualified borrowers may be eligible for no down payment and low, fixed rates.

• $0 down options¹
• Competitive rates – fixed and adjustable
• Financing up to $3 million
• Prompt and experienced lenders
• Strong partnership with Finance Home America, a division of Eustis Mortgage
• Track the status of your application online or through the TFB Home app²

More about the TFB Home app²:
Play with the built-in mortgage calculator to determine your potential costs.³ Apply and get preapproved or prequalified for financing within minutes. Eliminate the need for extra paper and trips to the bank as the app walks you through the steps for uploading your documents securely.  Find out where in the process your loan is at any time and one-click call or text your loan officer right from the app.  Make the process as hassle free as possible and keep everything you need in one place.