Types
While the FHA insures many types of loans, the FHA 203(b) and FHA 203(k) tend to be the most popular, Loan limits $563,500 in many DFW Counties. FHA limits are based on county. Connect with us at startetheLoan Designer.com for your specific county. FHA limits are based on county.

• FHA 203(b) Mortgages: The FHA 203(b) is widely known as the basic FHA loan and is the most common loan that the FHA insures. This type of loan has more relaxed qualification guidelines than conventional loans because the government helps to manage the lender’s risk. As with many conventional mortgages, FHA 203(b) mortgage funds are typically disbursed in a single amount. These types of loans can be some of the most affordable, requiring down payments as low as 3.5%.
• FHA 203(k) Mortgages: The FHA 203(k) loan is often known as a rehabilitation mortgage, because they’re intended for homes that require either minor remodels or significant structural repairs. They’re similar to the 203(b), with funds included for home improvements, renovations, and repairs. This type of loan is disbursed in stages, usually separated by the amount needed for the purchase of the home and individual repairs as they are certified and completed. The size of 203(k) loans varies depending upon the work that needs to be done and the type of loan given, however the maximum amount permitted for this type of loan is the home’s value plus $35,000.
• FHA Streamline 203(k) Mortgage: The Streamline 203(k) loan is a simplified process that eliminates much of the paperwork required for a normal rehabilitation mortgage. This type of loan is intended for purely cosmetic remodeling, such as kitchen, bathroom, patio, deck, or siding; therefore, the available funding is less than that of a normal 203(k) loan. The amount permitted for a Streamlined 203(k) is limited to one of two options: the purchase price of the home plus renovation expenses or 110% of the home’s value. The loan will be limited to the lesser of the two totals.

How Can an FHA Loan Help You?
Lenders take on considerably less risk with an FHA loan because the U.S. Department of Housing and Urban Development agrees to cover any loss they may incur if there are problems with the payment of the mortgage. This allows lenders to offer loans with lower interest, more flexible terms, and less stringent guidelines. These benefits will make it easier for you and your family to build home equity and refinance your mortgage in the future if you choose to do so.
It’s also typically easier to qualify for an FHA loan than it would be to qualify for a conventional loan. To qualify for an FHA loan, a less-than-perfect credit score is usually acceptable. Another advantage of choosing an FHA loan is that this type of loan is usually assumable. This means that if you choose to sell your home, the new homebuyer can assume your remaining FHA insured loan balance.

Here are some of the VA loan program’s signature benefits:

• Zero Percent Down: Conventional loans Can require 3% to 5% down or more, which can make them unaffordable for many service members and veterans. Fortunately for those with full eligibility, VA loans are among the last remaining home loans available on the market that require no down payments.
• No Monthly Insurance Premiums (PMIs): Unlike other government-backed financing options, VA home loans don’t require borrowers to pay private monthly insurance. VA loans don’t require PMI because the federal government provides the backing and protection that’s usually covered by private monthly mortgage insurance payments. This helps to minimize monthly payments, which will save eligible borrowers thousands of dollars and help build more equity over the life of the mortgage.
• Lower Interest Rates: Mortgage interest rates are always dependent upon the relative amount of risk assumed by lenders in financing the loan. In carrying federal government backing, VA loans constitute much less risk on the part of the financial institutions acting as lenders. This allows these institutions to offer interest rates that are about 0.5 to 1 percent lower than the interest rates of conventional loans.

How VA Loans Can Help You
The VA loan program offers flexible, government-insured loans with significant benefits to U.S. veterans and their surviving loved ones. With no down payments or mortgage insurance premiums, VA loans offer affordable financing that will make it easier for y and your family to build home equity in the coming years or refinance your mortgage if you so choose in the future.

Conventional Loan Types

• Conforming Loans: These conventional loans use the guidelines set by the two major government-sponsored enterprises, Fannie Mae and Freddie Mac. Conforming conventional loans are subject to a standard maximum of $806,500 for a single- family home. (This standard can change based upon the average price of living in your area.) Other standard guidelines for conventional loans include requirements for borrower credit scores and borrower annual income and a minimum down payment 3% or more.
• Non-conforming Loans: Loans that don’t conform to the guidelines set by the government-sponsored enterprises are known as non-conforming loans. For example, loans that exceed the maximum loan amount set by these guidelines are known as jumbo loans. Whether a loan is conforming or non-conforming, if it’s not government-insured, it’s considered a conventional loan.

Fixed-Rate vs. ARM Conventional Loans
The interest that you pay on a conventional loan depends on the type. There are two ways that interest is managed for conventional loans, with a fixed rate or an adjustable rate.

• Fixed Rate Mortgage: With a fixed-rate mortgage, the interest rate is established when you take out the loan and is never subject to change. Depending on the economy, this set rate may be high, low, or somewhere between. During periods when interest rates are low, a fixed-rate mortgage may be the best choice. Fixed-rate loans keep the same interest during the life of the loan, despite any changes in the economic climate. This means you could be locked into a low rate early that will save you thousands of dollars, or you could be locked into a rate that will prove high compared to changing industry standards.
• Adjustable-Rate Mortgage (ARMs): Unlike a fixed-rate mortgage, interest rates on an adjustable-rate mortgage will fluctuate with the changing market. This means that your interest rate will consistently be compared to a broader measure of current interest rates, called an index. When this index goes up or down, so will your mortgage payments. This insures that your interest rate is always conforming to current industry standards, which can be an advantage if interest rates drop; however, these types of loans are unpredictable and your monthly payments may increase dramatically. Many ARMS come with limits that set maximums and minimums for the adjustments in your interest rates.

One of theLoanDesigner’s mainstays since 2004, Construction loans have helped many clients move into their dream home in both Frisco and Plano, Texas and beyond. Founder & Branch Manager, Patty Newby, has personally used the construction program for her own home, and looks forward to sharing her experience with you.

You’ll receive rapid turn times from the approval process to funding because our experienced team does everything in house! That also means we keep control of your file in house, and one-time closes are available. Clear and constant communication is the key to our success, ensuring a stress-free process for you from application through funding. We’re Fannie-Mae approved, so we can sell directly with no overlays.

We offer Construction and Jumbo Construction loans, Fannie Mae HomeStyle Renovation and Interim Construction loans as well as 203K Rehab.

Our top priority is you – theLoan Designer team knows you have many choices, so we strive to make the difference you deserve.
Construction Solutions:

• All of Texas surrounding areas
• Construction Loans finance the construction of a home while interest payments are made during the construction phase. Upon completion of the construction, the permanent loan is closed

Borrower

• Has a lot purchased in their name
• Has hired or contracted a builder to build their home
• Purchase lot from individual at the time of construction financing (simultaneous closing)

Loan Terms

• Construction financing available up to 95%
• Maximum loan amount $1,000,000.00 (need more than $IM, give me a call)
• Owner Occupied Properties
• FICO – Down to 640
• Low Fixed rates
• Standard loan term – 7 months

A Jumbo loan is a mortgage loan that exceeds the traditional conforming limit or conventional loans (the conforming limit is the standard price limit theLoanDesigner will buy). This limit is set by the two government-sponsored agencies who buy the majority of U.S. residential mortgages – Fannie Mae and Freddie Mac. Although these limits apply to most loans, the Loan Designer will work with you to get you the Jumbo loan you deserve.

One of theLoan Designer’s mainstays since 2004, Jumbo loans have helped many clients buy, build or refinance their dream home in Lewisville, Texas and beyond. Inclusive of flexible programs that require no mortgage insurance and as little as 10% down, Founder & Branch Manager, Patty Newby, will work with you to get the Jumbo loan you need.We offer Construction and Jumbo Construction loans, Fannie Mae HomeStyle Renovation and Interim Construction loans as well as 203K Rehab.

Due to the large monetary value of Jumbo loans, borrowers are expected to prove their financial stability and responsibility to qualify for one. Having a low debt-to income ratio is important to demonstrate to lenders that you are able to pay monthly principal, taxes, interest, and insurance. With Patty’s team on your side, you can be sure that you will obtain the Jumbo loan that is best fit for your financial situation.