MHQ - Mortgage HeadQuarters

If you're in the market for a home, one very important factor you'll need to consider is how you're going to pay for said home. Choosing the right type of mortgage loan is one of the most important decisions you’ll make in the home-buying process. With so many different options out there, it can be hard to find an affordable home loan that meets your financial goals. That's why  MHQ - Mortgage Headquarters  is putting our 20+ years of experience to work for you to help you make an informed decision. Take a look at some of the  mortgage options  available to see what best fits your particular needs. Conventional Loan A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government and conforms to the loan limits set forth by Freddie Mac and Fannie Mae. You can get a conventional loan at a fixed or adjustable rate. Conventional loans also require a larger down payment, so those buyers tend to have a more secure financial st...

When  purchasing a home at the Lake of the Ozarks , an FHA mortgage is an attractive option for anyone who is looking for an option that allows a down payment of 3.5%. If you qualify, the opportunity to come up with a lower down payment and the reduced/limited closing costs is a great benefit to any home buyer. This week, MHQ Mortgage Headquarters is sharing with you some information on FHA loans and what you need to know as a consumer. What is a FHA Loan? An FHA Loan is a mortgage that's insured by the Federal Housing Administration. They allow borrowers to finance homes with down payments as low as 3.5% and are especially popular with first-time homebuyers. FHA loans are also a good option for homebuyers who may not be able to make a large down payment. Even borrowers who have suffered from bankruptcy or foreclosures may qualify for an FHA-backed mortgage. Credit Score Requirements FHA Loan applicants must have a minimum FICO® score of 580 to qualify for the low down pay...