The First Step in any home purchase is obtaining a pre-approval from a qualified mortgage banker. At Prudential Patterson we have a Proud Affiliation with Pulaski Bank and Mortgage Service. An arrangment that has worked out well for us and our clients allowing them both savings on interest and closing cost.
Loan Products May Serve you:
Guarantteed3.com: A Prudential Patterson Product where our seller has agreed to pay 3% of the sales price towards a buyers closing cost, pre-paids and discount points. Any money that still remains our seller has agreed to lower the price of the home. If yiou would like a list of properties that qualify email us at home@prupat.com and put guarantteed3 in the subject line.
FHA Mortgage Loans: FHA Mortgage Loans are insured by the Department of Housing and Urban Development. FHA offers mortgage loans with a fixed or adjustable rate option. These loans are a good option when a minimum down payment is preferred. FHA requires up-front mortgage insurance, which can be financed in the loan and a monthly insurance premium.
Missouri Housing Developement Commission (MHDC): A first time home buyer program sponsored by the State of Missouri that gives grants or buyers down interest rates. Using our Guarantteed3.com program a home buyer can purchase a home for as little as 1/2 of 1% out of pocket. For more details on this MHDC program click here 2/PruPat MHDC.pdf
FHA203K: A loan for owner occupant rehabbers. This loan will allow you to purchase a home and than roll the fix up cost into your loan. After the work is completed it converts into one loan that is insured by FHA. We have closed several of these loans over the past 12 months and have them pretty streamlined. You can find out more about ww.hud.gov/offices/hsg/sfh/203k/203kabou.cfm
VA Home Loan: VA Mortgage Loans are guaranteed by the Veterans Administration for a fixed rate term of 15 to 30 years. VA Mortgage Loans allow 100% financing for qualified veterans. VA loans require a funding fee which can be paid in cash or financed in the loan amount.
Extended Tax Credit for Active Duty Veterans: Yes the $8000 tax credit has been extended for Active Duty Veterans. See the attatched flier for more information VA Extended Tax Credit.pdf
Bridge Loans - Bridge Loans allow a homeowner to "bridge" the equity in one home to purchase a new home. This usually occurs when a homebuyer needs the cash proceeds from the sale of the current home to use as the downpayment for the new purchase. This solution is usually a short term loan. A bridge loan allows the new purchase to be accomplished without requiring the sale of the current home to close ahead of time.
Conventional Fixed Rate- Conventional Fixed Rate Mortgages offer the security of a fixed principal and interest payment, with terms of 15 to 30 years. Fixed rate mortgages are issued under guidelines of Fannie Mae. Private mortgage insurance is usually required for loans with less than a 20% down payment.
Adjustable Rate Mortgages - ARMs are normally available at lower initial rates with potential for rate and payment adjustments at 1, 2, 3, 5, or 10 year intervals. Future market conditions can influence rate changes; however, built in rate caps and margins provide a measure of security and limited increases over the life of the loan. ARMs can be amortized up to 30 years. Private mortgage insurance is usually required for loans with less than a 20% down payment.
Jumbo Loans - are available on both fixed and adjustable rate options, defined as loans greater than $333,700.00.
Non Conforming Loans- are defined as those loans which fall outside the secondary market guidelines for what is typical in underwriting a loan, i.e., credit quality, type of home, job history, size of a lot, etc. Not every potential homebuyer qualifies for a standard, predefined, "cookie cutter" type of loan program. We're pleased to offer "outside the box" solutions to help families meet their housing needs.
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Rita Sutton |
Phone: 636-399-3795
Office: 636-462-8924
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Prudential is a registered service mark of The Prudential Insurance Company of america. 
Equal Housing Opportunity.
