Purchasing a Home
Intro to homebuying
Types of Loans
- Federal Housing Administration (FHA) loans are popular with first-time homebuyers because they allow for lower down payments and have less stringent credit requirements compared to conventional loans.
- Veterans Administration (VA) loans are offered to military service members, veterans, and their spouses. They typically require no down payment and offer favorable interest rates.
- United States Department of Agriculture (USDA) loans are designed for homebuyers in rural and some suburban areas. They offer low interest rates and the option to put no money down.
When Should I Start Talking to a Mortgage Professional?
Opportunities for financing
Buying a second home or investment property?
Seven Steps
The Loan Process
As there is no one-size-fits-all mortgage, there is no exact timeline for the loan process. For some customers, we can provide same-day prequalification. For most, the entire process can range up to several weeks. Here are the general steps for the mortgage loan process:
Get prequalified
Application
File opening
Processing
Underwriting
From approval to Clear to Close
Finish
finance your dream property
First-Time Homebuyers
Elite Mortgage Group LLC specializes in assisting first-time borrowers, who have not owned a home in at least three years, to explore available programs and benefits. While not universally applicable, these opportunities may encompass a lower down payment, reduced private mortgage insurance (PMI), potential interest rate reductions, and down payment assistance. Our expert team can guide you through the process, helping you leverage the program(s) tailored to your needs when the time comes to make your home purchase.
Self-Employed Borrowers
Are you self-employed and hitting roadblocks for home ownership because you can't provide proof of a standard W-2? Have other mortgage companies told you there isn't any way they can help?
Elite Mortgage Group LLC works with any type of borrower, so if you're self-employed and want to purchase or refinance a home, give us a call!