385 Garrisonville Road
Stafford, VA 22554
About Affordable Home Loans
COVID-19 Specific Information and Services
Offering new home purchase financing as well as rate & term or cash-out refinance options at historically low rates.
Many of our current transactions are not requiring an appraisal.
All steps can be done via a convenient online application, phone consultations, cloud-based document uploads, electronic disclosures and e-closings.
We are still offering many traditional loan programs such as conventional, VA, FHA, USDA.
Our new construction and renovation programs are currently on HOLD.
Our staff is certified in credit repair and are offering assistance and direction regarding potential missed mortgage payments due to the COVID-19 disruption.
We are a small mortgage company that prides ourselves on one-on-one attention. We strive to meet with each client before the loan process begins and make it a point to be there at closing to ensure that we will be available throughout the process, from beginning to end.
Whether you are looking for a low down payment or a low credit financing program, or if you have recently gone through a bankruptcy, no problem, we have a loan program that will fit your needs. We have relationships with many national lenders, giving you a one stop shop lender!
If you are actively pursuing home ownership or simply want more information about the process, do not hesitate to contact us. Our job is to learn what your short and long term home financing goals are and integrate a fiscal plan into your home mortgage program. We are here to answer all of your questions and concerns.
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Which Loan Program is for Me?
Purchasing a home is one of life's major landmarks and for some, it is even a dream come true. We understand the magnitude of this decision and it is our goal to make your transition into home ownership as smooth as possible.
Picking out a mortgage that is right for your needs can be confusing, especially if you qualify for more than one kind. That's why we want to explain the benefits, eligibility and different uses for each common loan type. Below is some general knowledge about loans and how they are defined. Within in the 'Loan Center' drop down menu you will find different types of loan programs. If you have any questions about the right mortgage for you, do not hesitate to contact us, we are here to answer any and all the questions you may have.
All mortgage programs can be divided into categories in two different ways. Firstly, conventional and government loans. Secondly, all the various mortgage programs may be classified as fixed rate loans, adjustable rate loans and their combinations.
Government loans include: FHA (Federal Housing Administration), VA (U.S. Dept. of Veterans Affairs) and USDA (United States Department of Agriculture)
Conventional loans are everything else including: Jumbo (loans up to $417,000 depending on the state) and Construction/ Rehab loans (loans typically used by investors for distressed properties).
Mortgage programs can also be classified into fixed rate loans, or adjustable rate loans.
Fixed rate loans are more common because your interest rate stays the same during the loan period, so you know exactly how much your monthly payment will be.
For adjustable rate loans, the initial interest rate and monthly payments are low, but these may change during the life of the loan. FHA uses the 1-Year Constant Maturity Treasury Index (CMT) to calculate the changes in interest rates. An index is a measure of interest rate changes that determine how much the interest rate on an ARM will change over time. The maximum amount that the interest rate on your loan may increase or decrease in any one year is 1 or 2 percentage points, depending upon the type of ARM you choose. Over the life of the loan, the maximum interest rate change is 5 or 6 percentage points from the initial rate. The advantage of selecting an ARM is that you may be able to expand your house-hunting value range because your initial interest rate will be low, as will your payment.
Another way home loans are differentiated is by their GSE (government-sponsored enterprises) eligibility-meaning- do their meet the requirements set forth by Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac are insured, or 'backed' by the government- but they are NOT government loans. They do not directly offer loans, but rather they purchase loans from banks, credit unions, or other lending companies and sell them on the secondary mortgage markets in order for the banks and lending companies to turn around and lend more loans. In order for a mortgage to be 'bought' by these GSEs, they have to meet certain criteria such as: a FICO score of 620, Debt to Income Ratio (DTI) no more than 43%, and the loan amount.
Mortgage Insurance is another huge aspect to consider before buying a home. All loans that have less than a 20% downpayment require to protect the lender from default on payments. Some government loans, such as FHA loans (that only require a 3.5% downpayment) require two insurances: 1) insurance until 20% LTV is met and 2) and upfront mortgage insurance premium (MIP). Although an FHA loan is easier to qualify for than a conventional, an FHA tends to be more pricey and requires a high household income because of the multiple insurance policies. In contrast, conventional loans offer two options- Lender Paid MI (LPMI) or Borrower Paid Mortgage Insurance (BPMI). The main difference between these two is who is paying for the insurance- the lender or the borrower. If the lender pays for the MI, you will receive a slightly higher interest rate to cover the cost but the payment is rolled into your mortgage for the life of the loan. If the borrow pays for the MI, you will receive a slightly lower interest rate but you will have an additional payment to your mortgage insurance and your overall monthly payment will be slightly higher because of it. The benefit of having a BPMI is that the mortgage insurance can be requested to be removed after there is 20% of equity in the house or the borrower has enough equity in the house, refinances and meets the 20% quota. Often times the LPMI has a lower monthly payment but the mortgage insurance can never be dropped. This decision requires a meticulous calculation and ultimately comes down to the borrower.
I am COMMITTED to raising mortgage industry standards of practice, ethics and professionalism through individual membership, training and certification. I am QUALIFIED to help clients achieve financial freedom, build wealth and experience their life dreams by implementing intelligent mortgage, cash flow and home equity strategies. I am EQUIPPED to be a strategic resource to homeowners, first-time home buyers, move-up home buyers, senior citizens, real estate investors, Realtors, builders, attorneys, CPAs and financial advisors.
As a CMP, Certified Mortgage Planner, I assist borrowers on a more personal level by incorporating the mortgage decision with a Borrowers short and long-term goals. The term "Certified Mortgage Planner" is an effort to validate through education and subsequent certification a mortgage originator that has had specific training for the purpose of incorporating the mortgage decision with a Borrowers short and long-term financial objectives.
As a CDPP, Certified Divorce Planning Professional, I work exclusively with clients who are either considering or already in the process of a divorce and who are anxious about their ability to continue to pay their obligations and remain independent during and after their divorce plan and protect their CRADLE – Credit (Mortgage), Assets (Investments), Dependents, Life and Estate so that they can exit their divorce fiscally intact, remain independent and pay their divorce professionals in full.
As a certified Certified FICO Credit Anaylst, I want you to know that the concept of "credit repair" is a misnomer, the use of which in conjunction with fraudulent and deceptive practices has become so commonplace that a federal law was enacted to stop fraud associated with these activities. The fact is that accurate credit information cannot be "repaired" as the name suggests. Seeking the help of a competent and knoweldgeable analyst can help protect your rights and remove inaccurate, outdated, unverifiable, incorrect and other items from your credit report. I help my clients by assisting them in removing negative items from their report and subsequently they will see their credit scores rise so that they can get the best mortgage loan program and rates possible.
She is responsible for ensuring our referral partners have the tools they need to be successful in their related fields of expertise.