If you need assistance, please call 701-306-8303

  • Did you know - The Mortgage Industry

    Monday, December 7, 2015   /   by Katherine Kiernan

    Did you know - The Mortgage Industry

    Mortgage Programs - 
    There are many types of mortgage programs available to home buyers. When you are talking to your mortgage professional make sure you ask if there are any types of programs you might be eligible for.

    • First time homebuyer programs are available
        • There are income limits on these programs
    • State of ND has a program where they will give you 3% of your loan to help with closing costs or down payment
    • VA loans
        • 0 money down
    • FHA Loans (First Time Home buyer loans)
        • 3.5% down payment required
        • More lenient credit guidelines
    • Conventional Loans
        • As little as 3% down in some cases
        • There are mortgage insurance options available if more than 5% is put down
    • Investment Buyer - If you are an investor 20-25% of down payment is needed in most cases.

    Mortgage Insurance is an insurance polity which would compensate the lender/investor in case of default on the loan.
    • Required on conventional loans with less than 20% down
        • Buyer Paid or Financed Mortgage Insurance
          • Premium is added on to the monthly payment
          • May be cancelled after a certain point
        • Lender Paid
          • This payment can be less than Buyer Paid Mortgage Insurance but will cause a higher interest rate and is for the life of your loan. This could cause you to pay more in the long run.
          • This cannot be cancelled
    For answers to any mortgage questions or any mortgage needs you have contact Brian and his team at Valley Mortgage. They will take awesome care of you!

    Valley Mortgage Inc

    Phone: 701-461-8450 or 800-373-5654
    : Brian Johnson – Brian.Johnson@vallerymortgageinc.com
    : ValleyMortgageInc.com

    For more information about homes for sale in Fargo, ND, West Fargo, ND, Moorhead, MN or the lakes area feel free to reach out to the real estate experts, 
    Kiernan /DeJean Property Associates at Element Realty 
    Phone: 701-306-8303