Loan Programs

Review Our Loan Programs and Answer Questions Below

We will help you personalize your loan to suit your financial goals.

Purchase & Refinance Mortgages

Conventional Loan

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.

VA Mortgage Loan

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!

FHA Mortgage Loan

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.

Section 184 Indian Home Loan Guarantee 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.

USDA Single Family Housing Guaranteed Loan Program

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.

Jumbo Mortgage Loan

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.

MFA First Home Loan

MFA’s First Home Program offers a first mortgage loan with a competitive interest rate 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. Eligibility for each program is based upon household income, family size and the purchase price of the home.

The First Home 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.

MFA Next Home Loan

MFAs Next Home Program provides non first time homebuyers the opportunity to purchase their next home. Next Home is also available for first time homebuyers, if it best suits their needs. Next Home has higher income and purchase price limits than MFA’s first time homebuyer program (First Home). There are no occupational restrictions for the Next Home program.

What does the Next Home Program provide?

The Next Home program is a special MFA first mortgage loan for low to moderate income homebuyers that includes a three percent (3.0%) down payment assistance (DPA) grant. Next Home provides streamlined and flexible qualification guidelines. MFA’s participating lenders can provide more information on how the Next Home program works.

Who can benefit from the Next Home Program?

Next Home is designed to serve “step up” homebuyers. Next Home can help a homebuyer purchase a home, even if they currently own a home that they are selling or renting out. Next Home can only be used to purchase a single family primary residence and may not be used to purchase investment properties. Next Home can also be used by first time homebuyers.

How much can I borrow?

Your MFA approved participating lender will help you determine the maximum amount you may borrow based on your income, debts and credit profile.

The Professionals Loan

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).

Renovation Mortgages

FHA 203k Renovation Loan

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.

Fannie Mae Homestyle Renovation Mortgage Loan

Here at Legacy Mortgage in New Mexico and Legacy Lending Home Loans in Texas we offer The Fannie Mae HomeStyle® Renovation mortgage that enables a borrower to obtain a purchase transaction mortgage or a rate/term refinance mortgage and receive funds to cover the cost of repairs, remodeling, or renovations to the property.

More Mortgage Options

Fresh Start Mortgage

Recover quickly from bankruptcy, foreclosure or major credit event

The Fresh Start mortgages are designed to assist borrowers who can prove their ability to repay a mortgage, but may not qualify for traditional mortgage financing.

If you’ve lost a previous home to foreclosure, short sale, or deed-in-lieu

If you’ve recently had to declare bankruptcy

If you don’t have a traditional credit score

If you have a 580 minimum credit score

You may qualify for Fresh Start!

Medical Professionals Mortgage

If you work in the medical or legal field, this loan allows you to secure a home prior to a career change, move or relocation and starting new employment. Our Professional Loan Program allows you to close on a loan based on current or contracted guaranteed employment and income levels.

Our loan products are specifically designed for:

* Medical Doctors, Dentists, Dental Surgeons
* Newly Licensed Medical Residents (employed or about to be employed)
* Deferred student loans not counted in DTI
* Purchase of O/O SFD, PUD or Condo
* 97% LTV up to $650K, 2 months reserves (can be gifted)
* 95% LTV up to $850K, 6 months reserves (can be gifted)
* 5/5 ARM, index is Libor, 2% margin,
2% cap at adjustment, 5% lifetime cap*
* Lender Paid MI over 80% LTV

Investment Property Mortgage

Our Fix & Flip Line of Credit offers experienced investors a line of credit they can use to acquire and/or renovate multiple properties. Our Fix & Flip Single Loan requires no experience and is available to first-time investors.

Rates as low as 6.99%1
Lines of credit up to $10MM with individual loan amounts from $50K to $2.5MM

Financing for up to 90% of acquisition costs and 95% of renovation expenses, up to 75% After Repair Value

Single property loans available for borrowers with no real estate investment experience

Cabin or Vacation Home Mortgage

Looking for a Vacation Home or second Home? We can help you find it with financing options to fit your unique situation. Call now for details!

Home Ready Mortgage

HomeReady is a low down payment mortgage for creditworthy, low to moderate-income borrowers. Down payments can be as low as 3%. Both first-time or repeat home buyers are eligible. In late 2015, this program replaced Fannie Mae’s MyCommunityMortgage program.

Home Possible Mortgage

Home Possible and Home Possible Advantage are two conventional loan programs created by Freddie Mac. They are affordable given their smaller 3% to 5% down payment requirement. The one that’s right for you will depend upon your income, the type property you wish to finance, and property location.

Home Possible mortgages are designed for low to moderate-income homebuyers and are well-suited for first-time home buyers and younger borrowers. These programs can help you go from renting to buying. You can finally paint the walls the color you want!

Reverse Mortgage Loan

A reverse mortgage is a loan available to people over 62 years of age that enables borrowers to convert part of the equity in their home into cash for monthly draws, a line of credit or mortgage payoff. The loan is called a reverse mortgage because the traditional mortgage payback stream is reversed. Instead of making monthly mortgage payments to a lender (as with a traditional mortgage), the lender makes payments to the borrower.

Bruce Anderson services the state of New Mexico in the cities of: Albuquerque, Rio Rancho, Santa Fe, Farmington, Las Cruces, and the state of Texas. Bruce has educated hundreds of seniors about the reverse mortgage program and is New Mexico’s most experienced and trained expert in the field. He works with many financial planners, accountants, insurance agents and lawyers and offers quality information and alternatives for retirement planning. Contact Bruce today for preliminary figures and an explanation of the Reverse Mortgage calculator

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