Good News For Jumbo Mortgages!

By Guest Contributor Owen Munton
MS Mortgage Production Manager & Vice President at Hancock Bank in Hattiesburg

Borrowing more than $417,000 on a jumbo mortgage has become easier than ever before.  The continuing improvement in the economy has allowed many lenders to re-enter the jumbo mortgage markets with more confidence.  That confidence means potential homebuyers are now able to borrow more than the conventional $417,000 loan limit without costly rate mark ups or large down payments and without overbearing underwriting restrictions. 

There is a wide variety of jumbo loans to choose from with historically low interest rates.  Everything from a five, seven or ten year adjustable rate to a 10, 15, 20 or 30 year fixed rate. These rates can vary daily, so it is best to talk with your trusted mortgage lender for an accurate rate quote.  Jumbo loans can be used to purchase, construct, renovate or refinance a home.

Owen Munton is the MS Mortgage Production Manager and Vice President at Hancock Bank in Hattiesburg. To contact Munton, you can e-mail owen.munton@hancockbank.com or call 601-818-6225.

USDA Loans: Down Payments Can Be Optional

By Guest Contributor Owen Munton

Mortgage Production Manager -MS & Vice President at Hancock Bank in Hattiesburg

Buying a home does not always require a large down payment.  The United States Department of Agriculture (USDA) offers loan guarantees to banks and mortgage lenders that eliminate the need for down payments for those wishing to buy a personal residence.   Through the USDA’s Section 502 Guaranteed Housing Loan Program, a person may finance the full price of a home over 30 years with a low, fixed interest rate.

 

Potential homeowners will be asked to document their income and will need to stay within the USDA’s income limits to be eligible for the program.  Those limits are based on the number of people who will occupy the home and the county in which the home is located.   The maximum income limits for most counties in Mississippi are $74,750 for 1-4 person households and $98,650 for 5-8 person households. 

 

The loan program is only available in certain rural areas of each county.  A map of the eligible areas can be found at http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do. The full street address will need to be used when checking for eligibility to ensure accurate results. 

The USDA Rural Housing program is offered through your bank or mortgage lender.  They will ensure that all program requirements are met, will set interest rates and discuss monthly payments. 

 

Owen Munton is Mortgage Production Manager – MS and Vice President at Hancock Bank in Hattiesburg. To contact Munton, you can e-mail  owen.munton@hancockbank.com or call 601-818-6225.