Metro Brokers Financial

Other Loan Programs

In addition to Fixed-Rate Mortgages and Adjustable Rate Mortgages (ARMs), Metro Brokers Financial has a variety of other loan programs available to fit the needs of any homebuyer:

VA Loan

A Veterans Affairs (VA) Loan is a great alternative for those with military eligibility. VA Loans can offer up to 100 percent financing options for loan amounts up to $417,000.

Active duty, honorably discharged and active duty reserve members of the U.S. military may be eligible for a VA Loan.

Jumbo Loans

A Jumbo Loan is a mortgage with a loan amount above conventional conforming loan limits. As of 2010, the conventional loan limit is set at $417,000 for the metro Atlanta area.

Jumbo loans can be a 30-year Fixed, Adjustable Rate Mortgage, or FHA Loan with up to 96.5% financing and new higher loan limits.

The average interest rate on jumbo mortgages is typically higher than for conforming mortgages and usually requires a larger down payment because these loans present a higher risk for lenders.

Rural Development

This special loan program is a 102%, no money down loan program developed by the United States Department of Agriculture to encourage growth in rural areas of Georgia. To qualify, you must be located in an eligible area: http://eligibility.sc.egov.usda.gov.

Advantages of the Rural Development Loan include:

  • Zero down
  • No mortgage insurance
  • No payment reserve requirement
  • Not limited to first-time homebuyers
  • Primary residence only
  • All closing costs and prepaids may be paid by seller

This loan program may only be available for a limited time, so contact your mortgage consultant today.

$100 Down Payment HUD Home Program

The U.S. Department of Housing and Urban Development (HUD) has announced a limited-time sales incentive program, which allows qualified buyers to purchase HUD homes with a down payment of only $100, as long as:

  • The buyer will live in the property for at least one year (investors do not qualify for this incentive)
  • The buyer offers the full asking price for the home, and
  • The buyer uses an FHA loan for the purchase.

Buyers must meet the qualifications for an FHA loan.

Streamline 203(k) Loan

This FHA loan was specifically created for homebuyers looking to finance renovations in addition to their purchase. The loan allows homebuyers to finance up to $35,000 in repairs/improvements with no consultant required. There is also no minimum amount of repairs on the loan.

Common improvements under the Streamline 203(k) FHA Loan includes new free standing appliances, interior and exterior painting, energy efficient improvements, flooring, carpeting, tile and other improvements that are a permanent part of the property.

Plus, the borrower can choose their own contractor as long as they are licensed and insured as required by the municipality where the property is located. Work begins after closing with up to 50% of payment available upfront. After all work is completed, a final inspection is required.

Eligible properties include 1-4 owner occupied properties, townhomes, condos (interior only), row homes and HUD homes.

Metro Brokers Financial, Inc., 5775-D Glenridge Drive, Suite 200, Atlanta, Ga. 30328 A Georgia Residential Mortgage Licensee # 5892. NMLSR Unique Identifier # 163853. 404-847-2525