Here at Legacy Mortgage in New Mexico and Legacy Lending Home Loans in Texas, in addition to our other loan options we offer The Conventional Mortgage, A type of mortgage in which the underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac. About 35-50% of mortgages, depending on market conditions and consumer trends, are conventional mortgages. In other words, Fannie Mae and Freddie Mac guarantee or purchase 35-50% of all mortgages. Conventional mortgages may be fixed-rate or adjustable-rate mortgages. Conventional mortgages usually requires around 20% down.

Here at Legacy Mortgage in New Mexico and Legacy Lending Home Loans in Texas we also offer the FHA 203k renovation loan program that provides funds for both the purchase and renovation of a home packaged into one mortgage loan. Once the purchase of the home is closed, renovation funds are held in escrow to pay for pre-determined renovation work done by approved renovation contractors.

The purchase of a house that needs repair is often a catch-22 situation, because the bank won’t lend the money to buy the house until the repairs are complete, and the repairs can’t be done until the house has been purchased.

HUD’s 203(k) program can help you overcome this obstacle by enabling you to borrow funds for the purchase or refinance of a property plus the cost of making the repairs and improvements in one mortgage. The FHA-insured 203(k) loan is provided through approved lenders nationwide and is available to owners who will occupy the home themselves.

The FHA does not actually provide mortgage funds, but instead provides lenders with insurance that protects them against losses in the event of homeowner mortgage default. This reduces the lenders’ risk, allowing them to offer loans to buyers with less than perfect credit and with lower down payments. Lenders must follow specific guidelines established by FHA to assure qualification for insurance.

In 1944, the U.S. government created a military loan guaranty program to help returning service members purchase homes. The result, the VA Loan, is a mortgage loan issued by approved lenders such as Legacy Mortgage and guaranteed by the federal government. Since its inception, the VA Loan program has helped place more than 20 million veterans and their families into an affordable home financing situation through its distinct advantages over traditional mortgages. In addition, most of our mortgage consultants at Legacy Mortgage are Certified Military Housing Specialists.

Today, the VA Home Loan program is more important than ever to service members. In recent years, lenders nationwide have tightened their lending requirements in the wake of the housing market collapse, making Legacy Mortgage and the VA Loan a lifeline for military homebuyers, many of whom find difficulty when faced with tough credit standards and down payment requirements. Fill out these fast and easy questions an you will be on your way to your new home!

We here at Legacy Mortgage in New Mexico and Legacy Lending Home Loans in Texas specialize in servicing the needs of the very diverse higher end clientelle The Jumbo Mortgage is a mortgage with a loan amount exceeding the conforming loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO), and therefore, not eligible to be purchased, guaranteed or securitized by Fannie Mae or Freddie Mac. OFHEO sets the conforming loan limit size on an annual basis.

Jumbo loans are often securitized by institutions other than Fannie Mae or Freddie Mac. These securities carry more credit risk than those issued by Fannie Mae or Freddie Mac, and therefore, trade at a yield premium which translates into slightly higher interest rates. However, in recent years the spread in interest rates between jumbo and conventional mortgages has been reduced and we here at Legacy Mortgage in New Mexico and Legacy Lending Home Loans in Texas are able to offer the best and most competative rates available.

We specialize in mortgages for teachers, safety workers, health care workers or an active member of the armed forces.

Definition of eligible occupations:
Teacher – One of the borrowers must be an employee of an accredited or state chartered private or public school; a certified teacher or administrator in an education agency; or an employee of a post-secondary level educational institution.
Safety Worker – One of the borrowers must be an employee of a law enforcement agency or fire department administered by an agency or subdivision of a state or local government; or a sworn law enforcement officer responsible for crime prevention and detection, law enforcement, or criminal incarceration; or a sworn member of a fire department involved in the fire suppression or prevention, emergency medical response, hazardous materials response, or management or response to terrorism.
Health Care Worker – One of the borrowers must be an employee of a certified, accredited, or licensed health care facility, hospital, clinic or agency responsible for providing or administering health care services.
Active Member of Armed Forces – One of the borrowers must be a current member of the United States Armed Forces (active or reserve).

Legacy Mortgage offers the MFA’s Mortgage$aver Program, the program offers first mortgage loans with competative interest rates to first-time homebuyers. First-time homebuyers are individuals who have not owned and occupied a home as their primary residence (including a manufactured home on a permanent foundation) in the past three years. Programs include Mortgage$aver, Mortgage$aver Zero, and Mortgage$aver Plus. Eligibility for each program is based upon household income, family size and the sales price of the home.

The Mortgage$aver program can be used in conjunction with a FHA insured, VA insured and Fannie Mae’s (“FNMA”) MyCommunity™, HFA Preferred™ suite of products. USDA Rural Development guaranteed, leveraged, or direct loans are also available as well as the HUD Section 184 Indian Housing program.

Legacy Mortgage in New Mexico and Legacy Lending Home Loans in Texas offers The Section 184 Indian Home Loan Guarantee Program.The program is a home mortgage specifically designed for American Indian and Alaska Native families, Alaska Villages, Tribes, or Tribally Designated Housing Entities. Section 184 loans can be used, both on and off native lands, for new construction, rehabilitation, purchase of an existing home, or refinance.

Because of the unique status of Indian lands being held in Trust, Native American homeownership has historically been an underserved market. Working with an expanding network of private sector and tribal partners, the Section 184 Program endeavors to increase access to capital for Native Americans and provide private funding opportunities for tribal housing agencies with the Section 184 Program.

To help increase Native access to financing, the Office of Loan Guarantee within HUD’s Office of Native American Programs, guarantees the Section 184 home mortgage loans made to Native Borrowers. By guaranteeing these loans 100%, we encourage Lenders to serve the Native Communities. This increases the marketability and value of the Native assets and strengthens the financial standing of Native Communities.

Section 184 is synonymous with home ownership in Indian Country. As of 2014, the Section 184 program has guaranteed over 24,000 loans (almost $4 billion dollars in guaranteed funds) to individuals, Tribes, and TDHEs.

We here at Legacy Mortgage help work with low and moderate income families living in rural areas to make homeownership a reality. Providing affordable homeownership opportunities promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas. The mortgage is known as the USDA Mortgage.