Davis Mortgage Services (NMLS 1959015) excels at helping clients achieve homeownership or refinance their existing mortgage in Indiana. Whether you’d like assistance obtaining a mortgage or refinancing one you already have, take the first step by applying now. One of our professionals will call you and set up a private consultation to discuss your goals. You can also contact us with any questions at (317) 939-LOAN (5626). We look forward to making your dreams a reality.
The team at Davis Mortgage Services is comprised of professional, experienced, financially savvy individuals who understand the inner workings of the new construction, real estate and the financial worlds. They will act as your guide throughout the entire refinancing or mortgage process, faithfully keeping you informed of any developments with your application.
Davis Mortgage Services proudly supports Central Indiana. As a premier lending leader in our industry, we set high standards. The reasons for our continued success are three-fold:
- Efficient Mortgage Process: We’re locally owned and operated, which means we understand local market needs, and utilize the best technology to process and approve loans quickly.
- Excellent Service: When something as big as purchasing your dream home is at stake, you don’t want to be left in the dark. We call you whenever there is a new development with your file. You can also reach us on evenings and weekends with any questions.
- Professional Employees: You won’t find loan officers this motivated to help you anywhere else. Our employees are helpful, truthful, and knowledgeable. They will use their years of experience to help you accomplish your objectives.
In basic terms, any mortgage that is not insured by the federal government is “Conventional.” Fixed- and adjustable-rate mortgages are both considered conventional. These loan types may be “conforming” or “non-conforming.”
A conforming mortgage is backed by the government-sponsored entities Fannie Mae and Freddie Mac. There’s also a size limit on conforming loans. If a loan goes over the limit, it’s called a “jumbo” mortgage and has a higher interest rate.
Typically, conventional mortgages result in higher down payments than government loans, (FHA and VA). And, if you borrow more than 80% of the home’s value, mortgage insurance is required.
FHA Mortgage (Federal Housing Administration)
FHA loans are government-backed, like savings bonds. The FHA is not actually lending the money to borrowers and they do not set the interest rates on FHA loans. They are simply the insurer of the mortgages.
With an FHA loan, the down payment can be as low as 3.5% of the purchase price of the home.
VA Mortgage (Veterans Administration)
VA loans provide veterans and/or their surviving spouses with a 100% financed, zero down payment, federally guaranteed mortgage. Unlike FHA and conventional loans, it’s one of the few places you can buy a house with zero down. Better known as the GI Bill, this program has been highly successful. It has helped millions of American veterans and their families buy a home.
(1) The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes; and (2) the consumer should consult a tax adviser for further information regarding the deductibility of interest and charges.
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