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Sterling Mortgage Services


Sterling Mortgage is a mortgage broker who can help you decide which loan is best for you whether you're buying a home or refinancing your current mortgage. When shopping for your new home, choosing the right mortgage can often be the most important decision you make. Sterling Mortgage Services offers many different mortgage options that can make your next purchase an easier one.

Stated Incomeloan is typically used for the self-employed borrower. There are several lenders and investors who will allow the client to estimate their monthly income and will be qualified based upon that amount. Typically, the borrower needs to be self-employed for over two years and the estimated income needs to be reasonable for their profession.

There are several different types of construction loans. There are initial construction loans, remodel loans, all-in-one construction loans, and land/home package loans. The initial construction loan is a short term loan to just provide the funding for the construction of the dwelling and possibly the purchase of the lot. This loan is usually for six to nine months and is refinanced when construction is complete. The all-in-one construction loan basically takes the two previously described steps in construction and combines them into one.

An FHA loan is a mortgage loan insured by the Federal Housing Authority. The FHA is part of the U.S. Department of Housing and Urban Development. At one time, FHA loans had lower down payment requirements and were easier to qualify for than conventional loans. However, in recent years, Fannie Mae and Freddie Mac have introduced low down payment programs like the Community Home Buyer program, which rival FHA loans. However, the FHA loan is still a great loan as it has the ability to accommodate lower credit scores and down payment.

A Conforming Loan is a loan that conforms to the guidelines established by Fannie Mae or Freddie Mac. These guidelines establish the maximum loan amount, down payment, borrower credit & income requirements and suitable properties for anyone wanting to get a conforming loan. By utilizing the programs of many lenders, Sterling Services can help you decide which program best fits your needs.

They strive to serve their diverse community of clients in a spirit of honesty, integrity and understanding.
 

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