Wealthstar Mortgage, LLC offers a full spectrum of loan options backed by established lenders and supported by our knowledgeable and friendly staff that make the loan process less intimidating and stress-free.
Conventional loans are not insured or guaranteed by the federal government, and are a good option for borrowers with good credit who can afford higher down payments than borrowers who take out government-backed mortgage. Conventional loans can offer better terms for those who have good credit and stable source of income.
Conventional loans have stricter qualification requirements than other loan options, including government-insured loans. These qualification guidelines will vary between lenders, but most all conventional loans carry the same basic requirements:
- Minimum FICO credit score of 620
- Traditional 5% down payment
- Programs available with as little as 3% down payment
- Maximum debt-to-income (DTI) ratio of 45 to 50%
Benefits of a Conventional Loan
- Available for financing the purchase of a wide range of property types
- Higher loan limits than federally insured loan programs
- More flexible payment terms, including both fixed-rate and adjustable loan options
- Private mortgage insurance (PMI) not required for the life of the loan
- No PMI required if making a down payment of 20% or more
FHA loans are insured by the federal government and are designed specifically for first-time homebuyers. FHA loans have more flexible qualification guidelines, which include lower down payments and less stringent credit score requirements than conventional loans. FHA loans have a few common requirements including:
- FICO credit scores starting at 580
- Minimum down payments as low as 3.5%
- No previous homeownership
- Must maintain home as primary residence for at least one year
Benefits of an FHA Loan
- No minimum income requirements
- Fixed-rate and adjustable rate interest options
- No pre-payment penalties
- Allows for seller to pay the closing costs
- Can use for home repairs and improvements
- Can gift funds to make the down payment
A USDA loan is a federally-insured loan option primarily designed to assist homebuyers in rural areas with moderate incomes and who need to be able to put down a smaller down payment. USDA loans have lower credit score requirements and zero-down payment options. Some of basic guidelines for a USDA loan include:
- Minimum FICO credit score of 620
- Residency in a USDA designated area
- Income must not exceed maximum limits set by the USDA for your area
We are proud to help military families achieve their dream of homeownership. VA loans are guaranteed by the US Department of Veteran Affairs* and are available to active service members, veterans, and surviving spouses. These loans come with a long list of benefits, including zero-down payment options and no private mortgage insurance.
While the benefits of a VA loan are unique in the marketplace, the qualification requirements are a little tighter than other programs. In order to qualify for a VA loan, you or your spouse must have:
Served 6+ years in the Reserves or National Guard
Served 181 days during peacetime
Served 90 days during wartime
A credit score of 580 or higher
You must first obtain a valid Certificate of Eligibility (COE) based on your length of service or service commitment, duty status, and character of service. Your mortgage adviser can assist with this step.
Eligibility also extends to spouses of service members who died during active duty, are listed as POW/MIA for at least 90 days, or who died or as the result of a military-related disability.
Benefits of the VA Loan Program
100% financing available with full VA entitlement**
No private mortgage insurance (PMI)
Competitive interest rates
Fixed- and adjustable-rate options
Seller and lender credits can be used for closing costs
Townhomes and VA-approved condos are eligible
Are you in the market for a luxury home in Texas? If the loan value of the home is more than $548,250, then jumbo home loan may be right for you. A jumbo mortgage loan is a home loan product designed to finance home purchases higher than the loan limits allowed by Fannie Mae and Freddie Mac. In state of Texas, that value is set at $548,250. Some features specific to jumbo loans in Texas include:
- No PMI (private mortgage insurance) is required
- Larger down payments
- Minimum FICO credit score of 700
- Qualification requires additional income and asset documentation in order to approved
- Maximum debt-to-income (DTI) ratio is 45% in the State of Texas
- Required reserve amount for jumbo is equalivalent to a minimum six months in reserves after closing (as opposed to some conventional and government-guaranteed loans that require only one or two months, and in some instances, no reserve requirements.
Benefits of Wealthstar Mortgage Jumbo Loan
- Can finance purchase of homes in Texas with loan values over $548,250 and up to $3,000,000
- Maximum LV of 80%
- Multiple Fixed-Rate and Adjustable-Rate loan options
- Local Texas customer support
Reverse mortgages in the state of Texas are designed to allow homeowners ages 62 or older to convert their home’s value into a lump sum cash payment or regular monthly payments. This allows seniors to utilize the equity they have accrued over the years and not have to sell without having to sell or move out of their home. home and. Key featurs of a reverse mortgage include:
- Insured by the FHA Mortgage Insurance program offer through the US Department of Housing and Urban Development (HUD/FHA or the federal government).
- Allows senior homeowners to either borrow against the equity of their homes or purchase a new home based on the value or purchase price of that new property.
- Qualifying homeowners can choose to receive payments from their reverse mortgage lender either in a lump sum, as regular monthly payments, or as a line of credit. Consumer should consult a tax adviser.
- Borrowers must own the home outright or have a low enough loan balance on the existing mortgage to allow for the loan to paid off from the proceeds of the reverse mortgage.
- Income, Asset and liability verification is required.
- Because there are no required monthly loan payments, property taxes, insurance and HOA dues must be paid on time and current, and paid current and must keep up the repairs maintain the home as their primary residence.
- The loan balance will grow over time, reducing the remaining equity in the home while the home value increases.
- Reverse mortgage lenders recover the loan amount, plus accrued interest and mortgage insurance, when the last homeowner dies, decides to sell the home, or a relative of the homeowner, purchases the home.
- When the loan balance paid in full, all of the remaining equity in the home is distributed to your designated heirs, who will have to comply with the terms of the mortgage.
Benefits of a Reverse Mortgage
- Revcrse mortagage loan amounts are generally tax-free, regardless of the payment option selected (there may be exceptions to this in some cases, but this is one of the primary benefits of a reverse mortgage.
- Reverse mortgage borrowers continue to own their home and live in it.
- No repayment on the loan is required as long as at least one of the borrowers lives in the home, and the taxes, insurance and any HOA due and MUD fees are paid on time and the property is well maintained and all repairs are up-to-date.
- The Homeowner’s Social Security and Medicare benefits are not affected.
Foreign National Mortgage Loans
The Foreign National Loan Program was created to make it easier for non-US citizens to purchase a home in the United States. The guidelines for these types of mortgage loans are different than other federally guaranteed loans or conventional loans, but do meet a important need. Some of the key features of Foreign National Mortgage loans include:
- Minimum loan amount $100,000; maximum loan is $750,000
- Can finance up to 75% of the home’s market value
- Competitive interest rates
- Fixed-rate terms at 10, 15, 20, 25 & 30 years
- Adjustable-rate terms of 5/1, 7/1, and 10/1 are available
- Debt-to-income ratios of 50%, with asset for income option
- Some seller concessions are allowed (Max 6% up to 65% LTV)
- Taxes and insurance escrow accounts are required
- No pre-payment penalties
- All Loans are manually underwritten.
Benefits of a Foreign National Mortgage Loan
- Can be used to finance a new home purhcase or refinance an existing mortgage.
- Loan can be used to purchasemultiple property types including single-family homes, condominiums and townhomes
- These Foreign National Loans are also available to self-employed foreign national borrowers as well.
The Home Affordable Refinance Program (HARP) is a federal home loan program designed specifically to assist homeowners how need to refinance their home when the loan value of the property has declined and, cannot be refinanced through other refinancing loan options. HARP loans were created to allow homeowners to refinance their home with a more affordable and stable mortgage. Requirements for approval include:
- Amount owed on the mortgage must be greater than the home’s current market value
- PMI (private mortgage insurance) is required
- Loan must be insured by one of the federal programs, Fannie Mae or Freddie Mac
- HARP loans in the State of Texas require underwriting and refinancing fees do apply
Benefits of a HARP Loan
- Can refinance a home loan when unable to qualify fr other refinancing options
- Can refinances up to 95% of the loan value
.If you are experiencing difficulty making your mortgage payments, before you sell your home or go into foreclosure, talk to Wealthstar Mortgage about a mortgage loan modification. A loan modification will reduce your monthly loan payments and and allow you to keep your home. The experts at Wealthstar Mortgage can help you determine your eligibility and guide through the process.
With a loan modification, the lender agrees to modify certain aspects of the original loan agreement. Some common elements that are changed, with the objective of lowering the borrower’s monthly payment, include:
- Lowering the interest rate
- Extending the term of the loan
- Forgiving part of the principal or the remaining loan balance.
The end result is a lower monthly payment.
When a Loan Modification is Most Beneficial:
- Need to lower your monthly payment if you do not qualify to refinance your loan
- Have to reduce your interest payments when otherwise locked into a higher interest rate
- Your home is appraised for less than what you currently owe on the mortgage
- Your total income has decreased since you first took out your mortgage
- Financial issues due to medical problems, loss of employment, change in marital status, or other external situations beyond your control, such as a global pandemic
When you refinance your mortgage through Wealthstar Mortgage, you can lower your monthly payments or pay off your loan in less time by taking advantage of low interest rates. Alongside our mortgage lending partner, Wealthstar Mortgage is able to offer affordable refinancing options to help you reduce your mortgage expenses and save money. You can apply online by scanning the QR code at the bottom of this page, or CLICK HERE TO SIGN UP AND BEGIN YOUR LOAN APPLICATION. You may also contact us directly by to begin working with an experienced loan originator.
Benefits of Refinancing
- Lower Interest Rates
- Lower Monthly Payments
- Better loan terms to pay off the loan sooner
- Simple loan processing, with a quick approval and closing
- Personal Service from an an experienced mortgage advisor who will make the process go smoothly