Here are are list of other options and loan products currently available through our lender. Mortgage rates and programs do change so please call to check if the guidelines have changes on any of the loan products listed here.

USDA Rural Home Loans

This is a USDA guaranteed home loan designed for rural communities with less than 20,000 people.

For property eligibility go to www.eligibility.sc.egov.usda.gov/eligibility

  • 100% financing
  • No Mortgage Insurance
  • No loan limits
  • 1-time 2% upfront Guarantee Fee, .3% monthly Guarantee Fee
  • No down payment required
  • Up to 6% for Seller Contributions
  • Maximum loan amount up to 102% of appraised value
  • No monthly mortgage insurance
  • No cash reserve requirement
  • 620 minimum FICO score
  • Household income considered, no just borrower on note
  • Borrowers may not own other property
  • Eligible properties
  • Single family, condominiums and town homes (must be agency approved)
  • No “income-producing” properties, i.e. farms

 

HomePath Loan


HomePath is a loan program created by Fannie Mae that offers foreclosed homes directly to qualified borrowers.

  • Properties must be eligible for the program, go to www.HomePath.com
  • As little as 3% down payment required
  • No mortgage insurance
  • 620 minimum FICO score required depending on LTV
  • Up to 9% seller concessions permitted
  • Available for purchase and refinance of primary and secondary residences, and investment properties

What is CalPATH?
CalPATH is a program available exclusively to Mountain West Financial clients and is designed to benefit those that serve our local communities.

To qualify, you must be a member of one of the following:

  • California State Teachers Retirement System (CalSTRS)
  • California Public Employees Retirement System (CalPERS)
  • Legislators Retirement System (LRS)
  • Judges Retirement System (JRS)
  • With no additional qualifying, benefits of the a CalPATH home loan include:
  • Reduced processing and underwriting fees
  • FHA or Conventional loan options available
  • Can be used with other downpayment assistance programs
  • Available for high balance loans
  • 15 or 30 year terms available
  • No additional qualifying  follows FHA & Conventional standard guidelines
  • One free float down during the first 30 days after the rate is locked, if rates become lower you can “float down” to that new lower rate

Unlock the power of CHF Platinum, a 3% grant that can be added to a FHA, VA or Conventional Loan:

  • Mountain West Financial originates, funds, and services these loans
  • Available for FHA to use for Down Payment and Closing Costs
  • VA & USDA to use for Closing Costs
  • Grant for 3% of first lien loan amount (including MIP)
  • True Grant requires no down payment
  • Can be paired with additional Down Payment Assistance
  • You don’t need to be a first-time homebuyer
  • 620 minimum FICO
  • All borrowers must occupy the property
  • Loan amounts up to $417,000, or max county limit
  • Income limits apply www.NHFloan.org
  • Available for SFRs, Condos, PUDs
  • Seller contributions up to 6% and gift funds ok
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