WHAT WE HAVE TO OFFER
American Mortgage Lending Purchase Mortgage Programs available.
PURCHASE OPTIONS
American Mortgage Lending has been helping its customers obtain the best mortgages to purchase their home since 2003. We know what it takes to successfully close your loan on time. We have the staff, the programs, experience, knowledge and systems to make sure your loan is right for you. We’ve been around and know the industry and people in it.
Our Mission is to continue to strive everyday to get our customers the best program, rate, and service every time!
Conventional Fannie Mae & Freddie Mac
These are Full documented mortgages where the client needs to provide 1-2 years tax returns, 2 most recent bank statements, that will give provide our clients with the best rate and loan terms available.
Lowest rate Elite programs are fixed for 30yrs, 20yrs, 15yrs, or 10 years. Also, ARM programs for 5,7,10 years.
Conventional Loan Limits
Loan limits for conventional mortgages for single family homes has increased recently to $484,350 from $453,100 in 2018. Also, 2 units – $620,200, 3 Units – $749,650, 4 Units – $931,600.
Our conventional programs have down payment requirements as low as 3% for 1st time home buyers who are willing to take a 1st time home buyer class.
Federal Home Administration (FHA) Mortgages
This is a very good program for 1st time home buyers and borrowers with less then perfect credit. Only 3.5% down is required and up to 6% sellers assist is allowed. FHA will insure the loans against the possibility of default. This is in lieu of using PMI (Private Mortgage Insurance, required whenever you don’t have 20% down) on a conventional loan (meaning not FHA or VA). It enables borrowers to put down as little as 3.5% in down-payment, while still receiving a competitive interest rate, and even the possibility of a willing seller paying most or all of the buyer’s closing costs. It’s a great vehicle for getting into your own home when you don’t have the perfect scenario of a high credit score, low debt, good income, and substantial savings.
FHA does have lower maximum loan amounts in some areas. For instance, in the Philadelphia region, $379,500 for a single unit property. (you can borrow more, though, if you decide to by a duplex, or even a triplex or quad, and live in one unit and rent the other!) FHA loans are available as fixed rate loans, adjustable rate loans, and renovation loans. What many people don’t realize is that you do not have to be a first time homebuyer to use FHA programs. But you cannot have multiple FHA loans outstanding except under special circumstances. For instance, if you own a home with an FHA mortgage and feel that it does not make sense to sell it, you can buy a new primary residence using another type of financing, but not with another FHA loan until the first one is paid off (either by selling the home, or refinancing the home).
If you are interested in purchasing a condominium, the entire condominium project will need to have a special (and current) FHA approval in order to use FHA financing. Your Realtor or loan officer can help you to find out if a condo project that interests you is on the approved list (or use the link provided on our home page to the HUD site of approved condos.
Homestyle and Home Possible Programs
A possibly good alternative to the FHA mortgage program for 1st time home buyers. 3% down payment is less than 3.5% down payment requirement for FHA. Also, lender paid mortgage insurance (MI) which means a lower monthly payment.
Alternative Mortgage Programs
12 month and 24 month bank statement programs. For our self employed borrowers that don’t quite qualify through our conventional underwriting standards. Great rates and quick qualification.
Investor Mortgages
All types of full doc and stated programs for residential investment properties 1-4 units as we’ll as commercial properties. See our commercial website for more details.