We believe that our customers are our number one priority. We focus on being your lender of choice for generations and we want to earn your respect one loan at a time. Our company culture is to maintain a small company mentality even as we grow to become one of the top loan originators in the country. With our state of the art technology, in-house underwriting, online loan applications, and a focus on hiring the top individuals in the industry, we are truly a "different kind of mortgage company, where people come first!"
We continue to build on integrity, character, and an exceptional commitment to making the mortgage financing experience so enjoyable that our customers will come back to us again and again. I invite you to experience the difference!
Finding the right loan that meets your personal needs is why it is most important to choose your loan officer carefully! Below is a breakdown of some of the most commonly used residential mortgages and a brief description of each which we will use as a guide during our FREE PREQUALIFICATION process.
CONVENTIONAL FINANCING: A conventional loan is a mortgage loan, which is not insured or guaranteed by any agency of the state or federal government. Many years ago, the only loans available for housing were conventional loans with very short terms of 3-5 years with balloon payments and high down payment requirements of as much as 50% down.
FHA LOANS: FHA loans have a lower down payment requirement than conventional loans, but higher than VA loans. FHA has a more liberal qualifying formula than on conventional loans but not as liberal as VA loans. FHA loans made before December 15, 1989 are fully assumable and can be creatively financed. Loans made after December 15, 1989 can be assumed at the same interest rate with qualification. FHA is more lenient on properties that are older or are located in undesirable neighborhoods. Disadvantages- county loan limits may be inadequate in high cost areas. Appraisals may contain more repair requirements than conventional loans.
VETERANS ADMINISTRATION (VA): The VA loan program for owner-occupied housing is one of the best loan programs in the free world. It is possible for a veteran to obtain 100% loans up to the current loan limit with absolutely no down payment, and the seller or builder is allowed to pay all of the veteranÕs closing costs, making the total cash required to purchase, in some instances, zero. If the veteran desires higher priced homes, he generally is required to make a down payment on the amount exceeding the current guaranteed loan limit. Generally, the Veterans Administration is a little more liberal than conventional lenders would be with regard to the veteran's credit standing and qualifying for the VA loan, although recent VA underwriting changes make the qualifying criteria similar to conventional mortgages.
ALTERNATIVE LENDING: Alternative Lending is geared more toward marginal credit consumers and in most cases, if available, results in higher rates, ARMs, and/or pre-payment penalties. Please make sure you understand all terms if you have to utilize an Alternative Lending type financing.
JUMBO LOANS: Loans in excess of FNMA / FHLMC limits are called Jumbo Loans and often carry higher interest rates and points. Larger down payments are also required on these loans
I have assisted thousands of families finance one of the largest, if not THE largest investment of their life: their home! WR Starkey Mtg is an Equal Housing Opportunity Lender.