Mortgage Home Loan Products

We offer our mortgage home loans in New Mexico, Texas, Colorado, and Arizona!

VA Mortgages

What is a VA Mortgage Loan and how easy isi it to get? LEARN MORE!

  1. A VA Mortgage Home Loan is a mortgage loan that’s issued by private lenders and backed by the U.S. Department of Veterans Affairs. It helps U.S. veterans, active duty service members, and widowed military spouses buy a home.
  2. Getting a VA loan with Legacy Mortgage or Legacy Lending Home Loans is actually quite easy, especially because all of our mortgage loan originators are certified Military Housing Specialists and will take the time to guide you through the process. LEARN MORE!

What are closing costs on a VA loan?

  1. VA loan closing costs average around 1% – 3% of the loan amount on bigger home purchase prices, and 3% – 5% of the loan amount for less expensive homes. The seller is allowed to pay all of the veteran’s closing costs, up to 4% of the home price. So, it is possible to avoid paying anything out of pocket to buy a home.

Jumbo Mortgages

What is a Jumbo mortgage Loan?

  1. A jumbo loans finance single-family homes that exceed maximum loan limits set by the Federal Finance Housing Agency (FHFA). These are also the maximum mortgage amounts that can be purchased or backed by Fannie Mae and Freddie Mac. … For 2019, the organization set the jumbo loan limit for most of the country at $510,400.

What is the difference between a jumbo loan and a conventional loan?

  1. But while a high-balance loan is a conforming loan with guidelines set by Fannie Mae and Freddie Mac, a jumbo loan is non-conforming. A conforming loan is typically easier for a lender to sell on the mortgage market, so interest rates may be lower.

FHA Mortgages

What is an FHA Mortgage Loan?

  1. An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA).
  2. They are popular especially among first time home buyers because they allow down payments of 3.5% for credit scores of 580+. However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults.

Medical Professional Mortgage

What is a Doctors Mortgage Loan?

  1. The Doctor Mortgage Loan Program is designed to help qualified Physicians and Dentists acquire a residential mortgage loan from participating lenders with zero to very little money down and no PMI.

Is a physician loan a conventional loan?

  1. Consider your options when deciding between Physician loan vs FHA and Conventional program. A conventional loan is the most common type of mortgage. It is sometimes referred to as a “Prime” or “A-Paper” mortgage.
  2. A conforming loan is one that is eligible for purchase by either Fannie Mae or Freddie Mac.

The Professional Mortgage

What is a professional mortgage?

  1. Professional mortgages are a special kind of mortgage product offered by Legacy Mortgage and Legacy Lending Home Loans that are aimed towards those in certain professions including doctors, lawyers and accountants.
  2. Professional mortgages tend to offer more favorable terms than standard residential mortgages.
Mortgage Home Loan limits for 2020

Fixed-Rate Mortgage

What is Fixed Rate Mortgage Loan?

  1. A fixedrate mortgage (FRM) is a type of mortgage characterized by an interest rate which does not change over the life of the loan.
  2. A 30year FRM is simply a fixedrate mortgage that last for 30 years.

How does a fixed rate mortgage work?

  1. A fixedrate mortgage has an interest rate that remains the same for the life of the loan. In other words, your total monthly payment of principal and interest will remain the same over time. … Fixedrate mortgages tend to have a higher interest rate than an adjustable-rate mortgage, or ARM.

Is a fixed rate mortgage a good idea?

  1. The best thing about fixed rate mortgages is that your interest rate – and therefore your monthly repayment – stays the same throughout the agreed term. As a result, it’s easier to budget for your monthly expenses and stay on top of your finances. This means it could be a good idea if you have a tight monthly budget.

What are the advantages and disadvantages of a fixed rate mortgage?

Advantages And Disadvantages of a Fixed Rate

  1. A fixed rate loan carries the advantage that the borrower will always know exactly how much of a payment is due each month.
  2. The disadvantage is that if interest rates rates drop significantly, the borrower still continues to pay the higher rate.

Conventional Mortgage

What is a Conventional Mortgage Loan?

  1. A conventional mortgage is a home loan that isn’t backed by a government agency, such as the FHA or VA.
  2. Conventional mortgages often meet the down payment and income requirements set by Fannie Mae and Freddie Mac, and they often conform to the loan limits set by the Federal Housing Finance Administration (FHFA).

Fresh Start Mortgage

What is a Fresh Start Mortgage Loan?

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

MFA First Home & Next Home Mortgages

What are the MFA First Home, First Down, and Next Home Mortgages?

  1. The First Home Program offers a first mortgage loan with a competitive interest rate to first-time homebuyers with a safe and affordable 30 year, fixed rate; First Home has no origination or discount fee charged to the homebuyer.
  2. The First Down program is a second mortgage loan amortized over 30 years with a low interest rate to help first-time homebuyers with minimum down payment and closing costs.
  3. The 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.

Adjustable Rate Mortgage (ARM)

What is an adjustable Rate Mortgage?

  1. A variablerate mortgage, adjustablerate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets

How does an adjustable rate mortgage work?

  1. Adjustablerate mortgages (ARMs) allow borrowers to pay lower interest rates on their loan for a set period, after which the rates get changed.
  2. The 7/1 ARM means that for seven years the borrower’s interest rate will remain fixed.

What are the disadvantages of an adjustable rate mortgage?

  1. Advantages and Disadvantages of AdjustableRate Mortgages. … Typically, ARMs begin at a lower interest rate than those of fixed-rate mortgages, but when the introductory period of an ARM ends — between one month and five years or more — the rate will likely go up and so will your payment.

USDA Mortgage

What is a USDA Mortgage Loan?

  1. A USDA home loan is a zero down payment mortgage for eligible rural and suburban homebuyers.
  2. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture.

What qualifies for a USDA loan?

  1. Minimum Qualifications for USDA Loans
  2. U.S. citizenship or permanent residency. Ability to prove creditworthiness, typically with a credit score of at least 640.
  3. Stable and dependable income.
  4. A willingness to repay the mortgage – generally 12 months of no late payments or collections.

How do I buy a house with USDA loan?

  1. A smart first step is to check with a USDA lender on the USDA-eligible area that is closest to your current residence. Most lenders, especially those around eligible areas, offer USDA loans. They process all the paperwork and work directly with the USDA to obtain a loan approval

Is USDA loan only for first time buyers?

  1. No. Buyers who have purchased before may use the USDA program. However, borrowers usually have to sell their current home or prove it’s either too far away from their work or otherwise is no longer suitable.

FNMA Homestyle Mortgage

What is the FNMA Homestyle Mortgage?

  1. Fannie Mae HomeStyle lets you buy and renovate with a single loan.
  2. The HomeStyle program ranks as a viable alternative to other big home improvement loan programs that borrowers often turn to, such as the FHA 203(k) loan. Both loans allow you to borrow money for buying a home and improving it

How does a Fannie Mae HomeStyle loan work?

  1. The Fannie Mae HomeStyle loan is a conventional loan that is aimed at making renovations to an existing property easier for buyers. Rather than having to take out one loan to purchase your new home and then another loam 1oan to cover the cost of renovations, the HomeStyle loan allows you to roll both costs into one.
Legacy Mortgage VA Home Loans

What is a Reverse Mortgage Loan?

  1. A reverse mortgage is a type of mortgage loan secured against residential property and its value.
  2. Homeowners can borrow against their home’s equity without having to make monthly payments like a typical mortgage. Interest will accrue as it does with any loan; however, the final repayment of the reverse mortgage is only due when the borrower has vacated the home permanently.

How does a Reverse Mortgage work?

  1. Although reverse mortgages are still a form of personal loan, the way they are managed is the opposite of traditional formats. When you pay off conventional loans, the amount you owe is reduced and your equity increases over time. On a reverse mortgage, you draw out the equity in your property earlier than normal and your interest and balance accrues over time.
  2. With a reverse mortgage, there are no prepayment penalties and the borrower isn’t required to pay back the balance at any specific date. Funds acquired from the reverse mortgage are tax-free and have no restrictions on how they’re used.

Who is eligible for a Reverse Mortgage?

  1. To apply for a reverse mortgage, you need to meet specific criteria outlined by the Federal Housing Administration (FHA).
  2. Eligibility requirements for applications are as follows:
  3. -You must be at least 62 years old;
  4. -own your home or have built up equity in your property;
  5. -have no delinquent debts;
  6. -pay all property taxes, insurance and maintenance fees;
  7. -you and/or an eligible spouse must live on the property as a primary residence.

What If I Already Spoke To Another Lender?

Then you have to take advantage of our “Second Opinion Program” It's simple! Bring us a copy of that lender's loan estimate. We will evaluate it and more often than not we can give you a better deal. Either way, we will give you a $100 American Express pre-paid card just for allowing us the opportunity to give you the best mortgage for your situation.

Mortgage Home Loan second chance
  • This will help you get the best mortgage for your financial needs.
  • This is Win! Win! either way, you get a better mortgage or you get $100
  • It doesn’t cost you anything but your time.
GET STARTED TODAY

Headquarters at 6725 Academy Rd NE Albuquerque NM 87109
(888) 296-4747

Legacy Mortgage and Legacy Lending Home Loans – Albuquerque  Mortgages- New Mexico – Rio Rancho Mortgages – New Mexico -Santa Fe Mortgages –  New Mexico -El Paso Mortgages -Texas – San Angelo Mortgages – Denver Mortgages – Colorado Mortgages – Midland Texas Mortgages – Farmington Mortgages – Arizona Mortgages
NMLS# 249314 – BK-0948979
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Apply Here!  We know that each customer has specific mortgage needs, so here at Legacy Mortgage of Texas and New Mexico, we strive to meet those specific needs with quality service and attention. Just remember, we used to be legacymortgagenm.com and Mortgage Home Loans are our business! Just ask any of our mortgage consultants at Legacy Mortgage providing Albuquerque Mortgages, Santa Fe Mortgages, Rio Rancho Mortgages, El Paso Mortgages, San Angelo Mortgages, Midland Mortgages Aaron Thompson, Cameron Gilmore, Bess Daunis, Heather Gilstrap,  Lyn Parrish, Zoe Enright, Richard Mercer, Roger Gettler, Davin JacquezSteve SheldonTracy Fawver, Damian Sanchez, Anthony Martinez, Carol Martinez, Bruce Anderson, Robert Sanchez, Tom GonzalesMatt Arnot,  Annette AlvarezPaula DelairSheila Aragon,  Zoe EnrightJennie ConnellJennifer GentryRandi CabreraLauren QuintanaPamela  AdameKatrina MooreChris Lucero, Elizabeth O’daly, Clint Brock, Robert SpringerDan Martin,  Parr PettitBrandon Thompson,

 

 

Texas Disclaimer

“CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING (DOWNLOAD FORM HERE), 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”

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