Government Loan Programs
Americas Mortgage Link, Inc offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide:
An FHA loan is a government program allowing you to purchase a home with a lower down payment and allows the seller to pay up to 6% of your closing costs. Down payment assistance is allowed under the FHA program. FHA allows for a credit score as low as 580 with a lower down payment and as low as a 550 credit score with a higher down payment. In some cases, we can work with building non-traditional credit with proof of your rental payments and alternative trade lines with no credit score. FHA 203K Limited Rehab Loans allow for some improvements/repairs up to 35K to be completed by a licensed contractor after closing. The funds will be held in escrow until the work has been completed and would be released to the contractor in a draw at closing and the remainder upon verification of completed work after closing. Eligible repairs are listed below:
FHA 203K Standard Rehab Loans are available for homes that need any structural repairs and/or improvements. A 203K HUD consultant will be hired to coordinate the work with the contractor.
If refinancing your home, FHA allows a higher loan to value of your home’s value to pay-off existing mortgages and cover closing costs. Cash out for debt consolidation and home improvements is available at a lower loan to value of your home’s value.
USDA Rural Development
USDA Rural Guaranteed Home Loans allow you to purchase your new home without a down payment. Reasonable credit is required and does not always require reserves. It expands home ownership opportunities in rural areas.
A VA loan is guaranteed by the U.S. Department of Veteran Affairs and is available to eligible veterans and active duty military for the purchase of a new home or to refinance their current home. The VA charges a funding fee to issue the guarantee to a lender against default on a mortgage. This fee may be upfront by the buyer or the seller or it may be financed into the loan amount.
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