FHA & USDA LOANS
CMG Financial has a long history of helping home buyers with low down payments and limited income, obtain their properties through FHA and USDA Financing.
The Federal Housing Administration and Department of Agriculture have created many options, including the rural development housing program, that allow Americans to achieve their goals.
CMG Financial is an approved lender with both agencies. We offer great low rates, competitive fees and superior service which will help you realize your housing dreams without hassle.
WHAT IS AN FHA LOAN?
Simply put, and FHA loan is a mortgage insured by the Federal Housing Administration (HUD). FHA loans allow for less than perfect credit, limited down payments and are generally most suitable for lower income borrowers and their families.Borrowers with FHA loans will pay an upfront and monthly Mortgage Insurance Premium (MIP) as part of their contract with HUD. Because of the MIP, CMG Financial can typically offer lower interest rates on FHA programs that with conventional loans. Be sure to contact a CMG Financial Loan Officer for more information.
WHAT IS A USDA LOAN?
USDA loans may be one of the government's best kept secrets. Essentially USDA loans allow you to borrow the full purchase price of a home, meaning there is no required down payment. USDA has a funding fee of 1% that can be financed on top of the purchase price. Closing costs and other items can also be financed if the appraised value of the property exceeds the purchase price. In addition, the seller can pay for closing costs up to 6% of the purchase price, which makes it very attractive for buyers and motivated sellers. There are some limitations with USDA financing, so be sure to contact a CMG Financial Loan Officer for more information.All loan programs displayed on this website may not be available in every state.
FHA FIXED & ARMS
- For homes in median to low-cost areas
- Loan limits apply for a single family residence
- Fixed-rate: 15, 20, 25 and 30 year terms available
- Adjustable-rate: 5/1 term available
- Down payment as low as 3.5% available
- Less than perfect credit is allowed
- Primary residences only
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FHA HIGH BALANCE FIXED
- For homes in higher-cost areas
- Loan limits apply for a single family residence
- Fixed-rate: 15, 20 and 30 year terms available
- Down payment as low as 3.5% available
- Less than perfect credit is allowed
- Primary residence
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USDA RURAL HOUSING
- Designed for homes in rural communities
- Loan limits apply for a single family residence
- Fixed-rate: 30 year terms available
- 100% financing available (no down payment)
- Primary residence only
- First time homebuyers are allowed
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GOOD NEIGHBOR NEXT DOOR LOAN (HUD)
- Provides financing to full-time civil servants in the community
- Benefits law enforcement officers, firefighters, emergency medical technicians and teachers
- Borrower must occupy property as a primary residence only
- HUD can contribute up to 50% of the purchase price
- Borrower must buy within a HUD designated revitalization zone
- Fixed-rate: 15 and 30 year terms available
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UNIQUE PROPERTY JUMBO LOAN
- Designed for homeowners with unique properties
- Non-warrantable condos and condo-tels allowed
- Fixed-rate: 15 and 30 year terms available
- Adjustable-rate: 5/1, 7/1 and 10/1 terms available
- 80% LTV to $1.5 million (20% down payment)
- Primary residence and second homes only
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STANDARD JUMBO FIXED & ARMS
- Loan amounts up to $1.5 million
- Fixed-rate: 15 and 30 year terms available
- Adjustable-rate: 5/1, 7/1 and 10/1 terms available
- 20% down payment required
- Primary residence and second homes only
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EXPANDED LTV AND CLTV FIXED AND ARMS
- Loan amounts up to $2 million 80% LTV
- Seconds allowed up to 90% CLTV
- Fixed-rate: 15 and 30 year terms available
- Adjustable-rate: 5/1, 7/1 and 10/1 terms available
- Primary residence and second homes only
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MORE HOME PURCHASE LOAN PROGRAMS
Conventional LoansJumbo Loans
All In One Loan
Veterans & Active Military
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Find out more about the home buying and home refinancing processes.
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HOME PURCHASE CALCULATORS
Explore the possibilities using our mortgage calculators. CMG Financial is dedicated to providing mortgage solutions to meet unique financial situations and goals.
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FHA Payment example: If you choose a $200,000, 30 year loan at a fixed rate of 4.726% (4.90% APR), with a loan-to-value (LTV) of 96.5%, and a $157/month PMI payment, you would make 360 monthly payments of $1,182.00. Payment stated does not include taxes and insurance, which will result in a higher payment.
