Conforming Loans
There are two categories of conforming loans; those loans below $510,400 and those between $510,401 and $765,600.
Conforming loans are sold to Fannie Mae or Freddie Mac and these two agencies have different underwriting rules.
Mortgage Magic has the ability to use both agencies and via computer with the DeskTop Underwriter (Fannie) or LoanProspector (Freddie), we can tentatively approve most loans within hours.
Our Processing Staff constantly studies any Fannie or Freddie changes to make sure we are always completely up to date which means faster, easier transactions for our clients.
Jumbo Loans
Jumbo Loans are loans greater than $765,000. These loans are not sold to Fannie Mae or Freddie Mac and have different guidelines.
Mortgage Magic specializes in the larger loans. Our largest residential loan was $8,500,000. Our agents are comfortable with large loans and the complex tax returns that normally accompany them.
We work easily with your CPA or Financial Planner to make sure your loan works within your overall financial goals.
Adjustable Rate Mortgages
Since the financial melt down ,we have been through several years of very low fixed rate mortgages . But even now there are times when an adjustable rate mortgage may be the best choice for a borrower. Of course, our goal is to get borrowers into loans that best satisfy their financial needs.
When a client does consider an adjustable rate mortgage we carefully explain the loan and make sure the client understands terms, vocabulary, and any potential changes.
FHA Loans
FHA follows the same loan limits as does Fannie Mae and Freddie Mac; $510,400 or less and $510,401 to $765,400. FHA allows for down payments as low as 3.5% and debt ratio requirements are more liberal.
Also, credit scores at Mortgage Magic can be as low as 580. FHA’s loans are easier to qualify for, require less cash down payment and will allow some less-than-perfect credit history.
FHA loans also allow gifts for down payment and sellers can contribute to closing costs.
VA Loans
We are proud to offer VA mortgage loans.
Qualified borrowers can finance 100 percent of the home’s value, meaning no down payment is required. And even with no money down, no mortgage insurance, which can be expensive is necessary.
Rates are competitive and many times the rate is lower than standard conventional loans. Veterans will need to bring in their DD-214 and our loan officers can obtain the Certificate of Eligibility from the Veterans Administration.
We will explain the loan in great detail and make sure the borrower is comfortable with the process.
Reverse Mortgages
For most people buying a home is the single largest financial investment they will ever make. Obtaining a reverse mortgage for most will be the last major financial decision homeowners will make regarding their home.
We feel that a reverse mortgage should be entered into with careful thought and consideration. Our loan officers are trained in the technical aspects of reverse mortgages but more than that, they are caring and will carefully analyze and explain the reverse mortgage loan and the process.
We welcome family members to be part of the discussion to address their concerns as well. You can see initially the amount you qualify for by entering just a little data into our Reverse Mortgage Calculator.
HELOC
In many cases, a Home Equity Line Of Credit (HELOC), or a fixed term, fixed rate, second mortgage, may be a more cost effective option than a cash-out refinance … especially if the interest rate on your existing mortgage loan is lower than what is currently available.
Mortgage Magic offers both HELOC and fixed-rate second mortgage options at very competitive rates, reliable service and we will explain each option to ensure our clients are completely informed and comfortable with their choice.