Special Loan Programs

Here Are Some Specialty Programs Available At Churchill Mortgage

Mortgage Insurance "Buster"

If you know what mortgage insurance is, you probably know that you would like to avoid it if at all possible. Mortgage insurance is required when you do not have 20% down for your mortgage loan. Lenders will not take more than an 80% risk on a property, so mortgage insurance allows borrowers to put less (or no) money down on a home in exchange for a monthly premium.

The mortgage insurance company is "insuring" the Lender against any loss over 80% should there be a foreclosure.

At Churchill, we have designed a program that allows you to avoid Mortgage Insurance altogether. We more than just designed it - our own employees use this program for their personal mortgages, and it works fabulously!

Here's an Example:

Normally, mortgage insurance on a $150,000 home will add about $138 to your monthly payment (which is $1,650 per year). With this program, mortgage insurance is completely eliminated. You will also have the opportunity to actually reduce your minimum monthly payment at a selected period of the loan. (Depending on the interest rates, mortgage insurance may actually be a better option for you, because it goes away under certain circumstances.

That is why it is so important that you speak with a Loan Specialist and get the best options for your personal situation.)

Sample Scenario: For a 30 year FHA loan, a $146,197 mortgage loan with a rate of 5.00% (APR 5.974%) and a 3.5% down payment ($5,250) on purchase price of $150,000 would have a monthly payment of $922.61. *

Important Notices: The interest rates, annual percentage rates (APRs), discount points and rebates shown are subject to change without notice. The monthly payment amount shown includes principal, interest and mortgage insurance only. Your actual monthly payment will be higher if an escrow/impound account is established or required. Your APR will vary based on your final loan amount and finance charges. Stated rates and terms intended as examples only. Call (615) 370-8888 for current rates and terms.

No Closing Cost Loan / No Cost Refinance
**Availability depends on current market conditions

Right away you have to be thinking, "Now how can they do that? You always have to pay closing costs, don't you?" The answer is, NO. And don't be fooled by loan salespeople that want to tell you they have this program and actually roll your closing costs into the loan and increase your existing balance. That is a "financed" closing cost loan.

Our program does exactly what it says - you pay no closing costs - and is available to most people depending on the loan program you select. This program is great for people who know their interest rate is too high, but are thinking about selling their home and don't want to pay the closing costs to refinance because they may not break even before they sell. Or, for those that want to take advantage of the low rates but think they just may go lower, this program allows you to start saving immediately. And if rates go lower you can then do a traditional refinance to the lowest rates without having paid 2 sets of closing costs.

Foreclosures - Fannie Mae HomePath

Thinking about purchasing a foreclosure? While foreclosed homes are widely looked at by investors wishing to purchase properties at below-market- value prices, many consumers are considering this option in order to get more ‘bang for their buck’.

HomePath loans are designed for borrowers purchasing a Fannie-Mae-Owned home. It allows you to have a low down payment and you may even qualify if your credit is less than perfect. Call us today for all the details and see if a HomePath loan is right for you.

Homepath has no appraisal and no MI ever.

FHA $100 Down Program

$100 down payment on a new stereo or electronic gadget seems plausible, right? How about a $100 down payment on a house? Does that sound too good to be true?

The folks at the U.S. Department of Housing and Urban Development have brought back the $100 down payment plan in many states. Instead of requiring a 3.5% down payment on foreclosures it is selling, they now only require $100 down to close the deal.

This program allows people who don’t have a lot of money for a down payment to afford the benefits of homeownership. Call us today and one of our Home Loan Specialists here at Churchill Mortgage can help you to confirm your eligibility for this program.

The $100 down only applies to HUD owned homes.

Credit Challenges

Whether you have No Credit, Poor Credit or you are trying to recover from some unforeseen financial circumstances, we can help you increase your credit picture to prepare for a better interest rate and terms.

At Churchill, we have a specialized team called the Credit Score Improvement Team that has been trained on how the credit scoring software works, and how to make it work in our customer's favor.

We have many other programs and financing strategies that can help you save money, so please don't hesitate to call or email us with your questions.

We're here to serve you, so take advantage of our knowledge, experience, and all the financial resources we have to work with.

Check out our Free Reports or start the loan process.

Churchill Mortgage Corporation

for contact info click here


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Visit Our Site Contact Us View Mobile Site Email this page Community Info Bookmark this page Owners login Last Updated: Apr 29, 2024	Special Loan Programs Here Are Some Specialty Programs Available At Churchill Mortgage Mortgage Insurance "Buster" No Closing Cost Loan / No Cost Refinance Availability depends on current market conditions Foreclosures - Fannie Mae HomePath FHA $100 Down Program Credit Challenges Mortgage Insurance "Buster"* If you know what mortgage insurance is, you probably know that you would like to avoid it if at all possible. Mortgage insurance is required when you do not have 20% down for your mortgage loan. Lenders will not take more than an 80% risk on a property, so mortgage insurance allows borrowers to put less (or no) money down on a home in exchange for a monthly premium. The mortgage insurance company is "insuring" the Lender against any loss over 80% should there be a foreclosure. At Churchill, we have designed a program that allows you to avoid Mortgage Insurance altogether. We more than just designed it - our own employees use this program for their personal mortgages, and it works fabulously! Here's an Example: Normally, mortgage insurance on a $150,000 home will add about $138 to your monthly payment (which is $1,650 per year). With this program, mortgage insurance is completely eliminated. You will also have the opportunity to actually reduce your minimum monthly payment at a selected period of the loan. (Depending on the interest rates, mortgage insurance may actually be a better option for you, because it goes away under certain circumstances. That is why it is so important that you speak with a Loan Specialist and get the best options for your personal situation.) Sample Scenario: For a 30 year FHA loan, a $146,197 mortgage loan with a rate of 5.00% (APR 5.974%) and a 3.5% down payment ($5,250) on purchase price of $150,000 would have a monthly payment of $922.61. * Important Notices: The interest rates, annual percentage rates (APRs), discount points and rebates shown are subject to change without notice. The monthly payment amount shown includes principal, interest and mortgage insurance only. Your actual monthly payment will be higher if an escrow/impound account is established or required. Your APR will vary based on your final loan amount and finance charges. Stated rates and terms intended as examples only. Call (615) 370-8888 for current rates and terms. No Closing Cost Loan / No Cost Refinance Availability depends on current market conditions Right away you have to be thinking, "Now how can they do that? You always have to pay closing costs, don't you?" The answer is, NO. And don't be fooled by loan salespeople that want to tell you they have this program and actually roll your closing costs into the loan and increase your existing balance. That is a "financed" closing cost loan. Our program does exactly what it says - you pay no closing costs - and is available to most people depending on the loan program you select. This program is great for people who know their interest rate is too high, but are thinking about selling their home and don't want to pay the closing costs to refinance because they may not break even before they sell. Or, for those that want to take advantage of the low rates but think they just may go lower, this program allows you to start saving immediately. And if rates go lower you can then do a traditional refinance to the lowest rates without having paid 2 sets of closing costs. Foreclosures - Fannie Mae HomePath Thinking about purchasing a foreclosure? While foreclosed homes are widely looked at by investors wishing to purchase properties at below-market- value prices, many consumers are considering this option in order to get more ‘bang for their buck’. HomePath loans are designed for borrowers purchasing a Fannie-Mae-Owned home. It allows you to have a low down payment and you may even qualify if your credit is less than perfect. Call us today for all the details and see if a HomePath loan is right for you. Homepath has no appraisal and no MI ever. FHA $100 Down Program $100 down payment on a new stereo or electronic gadget seems plausible, right? How about a $100 down payment on a house? Does that sound too good to be true? The folks at the U.S. Department of Housing and Urban Development have brought back the $100 down payment plan in many states. Instead of requiring a 3.5% down payment on foreclosures it is selling, they now only require $100 down to close the deal. This program allows people who don’t have a lot of money for a down payment to afford the benefits of homeownership. Call us today and one of our Home Loan Specialists here at Churchill Mortgage can help you to confirm your eligibility for this program. The $100 down only applies to HUD owned homes. Credit Challenges** Whether you have No Credit, Poor Credit or you are trying to recover from some unforeseen financial circumstances, we can help you increase your credit picture to prepare for a better interest rate and terms. At Churchill, we have a specialized team called the Credit Score Improvement Team that has been trained on how the credit scoring software works, and how to make it work in our customer's favor. We have many other programs and financing strategies that can help you save money, so please don't hesitate to call or email us with your questions. We're here to serve you, so take advantage of our knowledge, experience, and all the financial resources we have to work with. Check out our Free Reports or start the loan process.	Churchill Mortgage Corporation for contact info click here