MortgagePro is an HUD Approved National Direct Lender and offers FHA, VA, USDA, Conventional, Jumbo and Reverse mortgages. located in Nashville TN serving all of Tennessee. Trust our professionals to find the mortgage loan that best fits your needs. "Less paperwork and more personal attention" means you enter a frustration-free zone from application to decision. Getting the right mortgage loan is like getting the keys to your new house! We can help you get there.

Refinancing your current mortgage You can refinance your current mortgage from an adjustable rate mortgage to a low fixed rate, simply lower your existing rate or shorten the term and of course you may get cash out to pay off bills or for any reason! We make it easy and worry-free to reduce your interest rate and monthly payment. We can even help you pay down your balance more quickly for comparable monthly payment. Let our professionals guide you to the very best refinanced loan! Refinance your mortgage to a fixed rate.

First time home buyer programs

MortgagePRO is approved to assistance homebuyers recieve downpayment assistance with HUD approved government housing agencies and community non profit agencies. We are experts and there is no charge for the assistance!

 We offer dozens of programs to assit first time buyers in purchasing their first home. Programs like MY Community, Home Possible, Rural Dreammaker, THDA, USDA and FHA are programs that allow zero down payment or as little as a $500.00 down payment. These programs don't require perfect credit or a long credit history and are great choices for first home financing. We have the programs and knowledge to help you even with limited credit or even past bad credit. First time home buyer can qualify for many programs that allow 100% mortgage financing with great rates! 

USDA Rural Development Home Loans USDA offers home loans in almost all of Tennessee's 95 counties. USDA Rural developement home loans offer 100% mortgage financing to first time home buyers or for home buyers who don't currently own a home. The program allows folks with limited traditional credit to qualify even if the credit bureau gives them no score. 

This Mortgagee Letter provides information on Federal Housing Administration (FHA) single family loan limits that have changed as a result of the American Recovery and Reinvestment Act of 2009 (ARRA) signed into law on February 17, 2009. These limits are effective for those loans for which credit is approved in calendar year (CY) 2009 and will remain in effect until December 31, 2009.

 The new limit will permit the Government Sponsored Enterprises (GSEs) to purchase mortgages up to $729,750 until December 31, 2008, after which time the previous limit of $417,000 will go back into effect again. The purpose of the increase is to inject some temporary and desperately needed confidence and liquidity into a scared mortgage bond market. This means that Fannie Mae and Freddie Mac, both GSEs which are private corporations chartered by the federal government, will be able to purchase and guarantee loans over the previous $417,000 limit so that lenders will be able to sell these mortgages on the secondary market to help generate some liquidity. Many investment sources for mortgage-backed securities dried up after the chaos erupted in the sub-prime market last summer. Investors had abruptly stopped buying mortgage-backed securities if the loans behind them could not be sold to the GSEs, namely Fannie Mae and Freddie Mac.

Down Payment Gifts for FHA Loans

The down payment for an FHA mortgage can be 100% gift funds. This is one of the key benefits to the FHA program.

Verification of the source of gift money is not required. However, it is necessary that the gift funds be deposited in the borrower's bank or savings account, or in an escrow account, prior to underwriting approval. Proof of deposit is required.

Gift donors are restricted primarily to a relative of the borrower. They can also be certain organizations, such as a labor union or charitable organization. Contact your local branch for complete information.

What Are Closing Costs?

There may be closing costs customary or unique to a certain locality, but closing costs are usually made up of the following:

• Attorney's or escrow fees (yours and your lender's if applicable)
• Property taxes (to cover tax period to date)
• Interest (paid from date of closing to 30 days before first monthly payment)
• Loan origination fee (covers lender's administrative costs)
• Recording fees
• Survey fee
• First premium of mortgage insurance (if applicable)
• Title insurance (yours and your lender's)
• Loan discount points
• First payment to escrow account for future real estate taxes and insurance
• Paid receipt for homeowner's insurance policy (and fire and flood insurance if applicable)
• Any documentation preparation fees

Streamline Refinancing for FHA Mortgages

FHA has permitted streamline refinances on insured mortgages since the early 1980's. The word “streamline” refers only to the amount of documentation and underwriting that needs to be performed by the mortgage company, and does not mean that there are no costs involved in the transaction.

The basic requirements of a streamline refinance are:

• The mortgage to be refinanced must already be FHA insured.
• The mortgage to be refinanced should be current (not delinquent).
• The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
• No cash may be taken out on mortgages refinanced using the streamline refinance process.

Companies may offer streamline refinances in several ways. Some companies offer "no cost" refinances (actually, no out of pocket expenses to the borrower) by charging a higher rate of interest on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the company pays any closing costs that are incurred on the transaction.

Companies may offer streamline refinances and include the closing costs into the new mortgage amount. This can only be done if there is sufficient equity in the property, as determined by an appraisal. Streamline refinances can also be done without appraisals, but the new loan amount cannot exceed what is currently owed, i.e., closing costs may not be added to the new mortgage with those costs either paid in cash or through the premium rate as described above. Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal and, thus, closing costs may not be included in the new mortgage amount

FHA Single Family Adjustable Rate Mortgages

FHA’s single family ARM program provides mortgage insurance for a person to purchase or refinance a principal residence at a lower initial interest rate. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.

What are the eligibility requirements?

• Borrower must meet standard FHA credit qualifications.
• Borrower is eligible for approximately 97% financing. Borrower is able to finance closing costs and the uppermost mortgage insurance premium into the mortgage. The borrower used to determine the interest rate is the U.S. Treasury Security adjusted to a constant maturity of one year.
• Eligible properties are one to four unit structures. will also be responsible for paying an annual premium.
• ARMS can only be used in conjunction with Sections 203(b), 234(c), and 203(k).
• The index