We know what matters most, competitive rates, continuous communication, and closing on time. We strive to provide unparalleled customer service where you are not just a number, you are an extension of our family.
Every client is different and not everyone fits into the traditional/cookie cutter mortgage scenario and we partner with a set of CORE lenders to accommodate all borrowers. Our relationships with these CORE Lenders give us the negotiation POWER to offer lower fees, keeping more cash in your pocket.
Our CORE product offerings include FHA, Conventional, VA, USDA, and Jumbo loans. Our specialty programs include ITIN, Bank statement loans, Investment only loans, Land loans, Non-QM, 203(k), Renovation financing, One-time close new construction, Manufactured home financing, Recent credit incident financing, No credit score program, and Investor cash flow.
We are coming to the end of the forbearance agreements that were set up during Covid-19. These agreements are unique in nature and many people have misconceptions on the ramification’s forbearance has on new mortgage applications. Jackson Henry Mortgage wanted to clarify and outline the facts.
Forbearance agreements are an agreement between the lender and mortgage customer to reduce their monthly mortgage payment or allow no payments for a specific period. 8% of all mortgages have been in some form of forbearance due to Covid-19. It was certainly not an isolated issue. Customers should not be embarrassed nor withdraw from trying to purchase a new home if they have fulfilled their obligations under the forbearance agreement.
Additionally, it does not affect anyone’s credit worthiness or standing in getting a new mortgage. Once you have made 3 payments under the new conditions, it will be like it never happened.
Misconceptions: Forbearance agreements show as late payments. Mortgage companies report the payments as current if you have paid on time according to the forbearance agreement. The amount of interest deferred due to the forbearance agreement is due in full at the end of the forbearance period. This is very unlikely to happen. In most cases the interest due is added to the principal balance of the loan and the loan term is extended to amortize the extra principal. It is generally referred to as “added to the end of the loan.” The forbearance agreement will specify exactly when payments resume and what conditions apply to the deferred interest. A homeowner must make 12 on-time payments after the forbearance period ends. That was the old rule. Under the current guidelines, you must make 3 current payments under the new terms and then they are eligible to refinance or buy a new home. There is one exception to this and that is a cash-out refinance. Which still requires 12 months of on-time payments under the new terms.
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We work to close your loan as quickly as possible. We can even hit curveballs!
We have the latest online tech like secure mobile uploading and we're available to use the device the old-fashioned way too!
Phone: (281) 304-7770
Address: 26403 Oak Ridge Drive, Ste. 200 Spring,TX 77380
Monday-Friday: 9am to 6pm Saturday: Closed Sunday: Closed