Today's Current Mortgage Rates-Zero Down Home Loans - FHA No Money Down - 100%

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615-843-5626

"We Say Yes....Even if the Bank Said NO!"

Nashville's leading mortgage broker and National Direct Lender. Offering every type of real estate mortgage financing. Special zero down mortgage programs for first time home buyers and damaged credit including bad credit bankruptcy and foreclosure.

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#1 Nashville, Tenn.

Our top pick offers affordable homes, a mild climate and a phenomenal entertainment scene that goes far beyond country.

June 2006

What we loved: Hillsboro Village, for the acoustic guitars at Cotten Music, kitchenware at Davis Cookware and the triple chocolate mousse at Provence Breads & Café.

Although "Music City" may have worked fine in the days of Hank Sr., our top pick among great, affordable places to live needs a new moniker. We suggest "Nashville: Music Is Just the Beginning."

Southern hospitality. Gently rolling hills with big, affordable homes. A mild climate (albeit with occasional tornadoes). Oh, yes, and a phenomenal entertainment scene that goes far beyond country.

With such an appetizing mix, it's easy to see why Nashville keeps attracting people from across the nation, including other parts of Tennessee. It's a buckle of the Bible belt, but, says pharmaceutical sales rep Rusty Walker, "the area doesn't cater to a particular type of person." Rusty, 28, and his wife, Beth, 25, relocated from Knoxville, where he thought "real estate prices had maxed out." The couple was looking for a great place to start a family. Last summer, they bought a three-bedroom house for $230,000 in Gallatin, a 40-minute drive from Nashville's entertainment hot spots, which they frequent on weekends.

With more than 180 live-music venues featuring country, bluegrass, jazz, pop, rock and soul, Nashville has plenty of sounds to groove on. Its music industry rang up a cool $6 billion in 2004. But Nashville's health-care, education, manufacturing, finance and tourism industries hardly play second fiddle.

Nashville offers a wide range of housing choices. In the downtown area, just a short walk from art galleries and music meccas, two-bedroom condos in new or renovated buildings start at about $250,000. In East Nashville -- popular with musicians, artists and professionals for its proximity to downtown and its eclectic restaurants -- historic Victorian houses and Craftsman bungalows range from $275,000 to $350,000. And for a slice of Southern California at Nashville prices, check out Little Hollywood, a quirky selection of small, brightly painted stucco homes from the '30s and '40s in the rolling hills of Lockeland Springs.

For a more suburban feel, there are Franklin and Brentwood, two communities south of the city where four-bedroom single-family homes start at $355,000.

-- Magali Rheault

Nashville No down payment mortgage, Lebanon No down payment, Murfreesboro No down payment zero down mortgage, Clarksville No down payment zero down mortgage, Ft Campbell No down payment zero down

Fannie Mae and Freddie Mac increase Conforming Mortgage Loan Limits

Effective 11-30-05

One-Family $417,000

Two-Family $533850

Three-Family $645,300

Four-Family $801.950

Mortgage guidelines

Maximum Loan Amounts

Conventional Conforming Loan - $417,000(Loans in excess of $417,000 are referred to as Jumbo or Non-Conforming loans. Contact me for loan limits and terms for Jumbo loans.)

FHA Loan - The maximum loan amount varies by geographic area.

Nashville MSA $226,100

Nashville HUD Office

Nashville Field Office
235 Cumberland Bend
Suite 200
Nashville, TN 37228-1803

VA Loan - The maximum loan amount is $203,000 with no down payment. The maximum loan amount with down payment is $300,700 provided the veteran's loan guaranty( max of $60,000 ) plus down payment is equal to 25% of the loan amount applied for not to exceed $300,700. Example: SP $325,000 - $300,700 VA max loan = $24,300 Down Payment. This would be acceptable because the down payment of $24,300 plus the max VA guaranty of $60,000 equals $84,300. $84,300/$325,000 = 25.94%

Down Payment

Conventional Conforming Loan - 5% minimum (FNMA offers a 3% minimum called the FNMA 97 Flex Loan. In addition, programs are available with 0% down depending upon special guidelines such as credit scores, interest rate, and term of loan.)

FHA Loan -

If the sales price is $50,000 or more, the down payment required is 2.25%.

If the sales price is less than $50,000, the down payment is 1.25%.

VA Loan -

No down payment is required if the veteran has full guaranty benefits provided his loan amount is no greater than $203,000. Don't forget that veterans can use their benefits more than once. For loan amounts greater than $203,000, please follow guidelines shown in Maximum Loan Amounts above. Call for details.

Funds Needed to Close

Often, the most serious problem facing the buyer is coming up with the funds needed to close (down payment, closing costs, and prepaid items). The following is a list of sources that are often overlooked:

Gifts (Ameridream, Nehemiah, Family, Etc…)

Loans against an asset owned by the borrower, i.e., 401K or savings plan at work

IRA accounts under certain conditions

Loans against stock or bond accounts

Grants are sometimes available

Lender premium pricing

Second liens

Just because funds are not in your checking or savings account, is no reason to put off your purchase. Call me and let's discuss what funds are needed and possible ways to reach your goal of purchasing your home now.

Closing Costs and Prepaid Items

Since closing costs and prepaid expenses vary between lenders, contact me for a good faith estimate of costs that are common and customary for the loan product you have chosen.

Qualifying Debt / Income Ratio

And

Mortgage Payment / Income Ratio

As part of the loan approval process, the applicant's monthly debt payments are compared with their gross monthly income and the proposed mortgage payment is compared to gross monthly income as well. This process determines your total debt to income ratio and your mortgage payment to income ratio. Conventional, FHA, and VA loans all have ratio guidelines. Acceptable ratios are based upon several factors such as the chosen loan program, down payment, credit scores, cash reserve, etc. Since these factors allow for a great deal of deviation from the norm, please see the On Line Mortgage Pre-Approval form or contact me by phone, e-mail, or fax for expert qualification advice.

Non-Occupant Co-Borrower

Occasionally, a borrower's income may fall short of meeting the required debt to income ratio. A non-occupant co-borrower may be used to assist meeting these ratios under the following conditions:

Conventional loan - A non-occupant co-borrower should be a blood relative and the primary borrower must still meet debt to income ratios which are no more than 5% above standard FNMA guidelines before assistance from the non-occupant's income.

FHA loan - A non-occupant co-borrower should usually be a blood relative or someone with a clearly defined relationship. All income and debts of both are combined to meet FHA's debt ratios.

VA loan - any co-borrower must be an occupant and be the spouse of the veteran or be another veteran.

Credit Scores

A lender must obtain a credit report on each borrower involved in the loan application. This report is drawn from three data sources and will contain three credit scores for each borrower. These credit scores can determine the availability and terms of your mortgage. It is extremely important to determine these score as soon as possible. Please refer to the On Line Pre-Qualification section.

Mortgage Insurance

Lenders reduce their exposure to loan defaults by obtaining mortgage insurance. The amount and cost depend on the type of loan chosen.

Conventional Loan - If the purchaser is making less than a 20% down payment, the lender requires the loan to be insured by a private mortgage insurance company. The amount of mortgage insurance is added to the monthly payment. Insurance costs are determined by down payment, term of the loan, and the PMI program you choose. (PMI may be eliminated entirely with the use of second lien financing). Contact me for help in selecting the best program for you.

Example: 5% Down / Loan Amount $100,000 / 30 year fixed rate loan =100,000 X .78%= $780 / 12 mos.= $65 added to monthly payment for PMI insurance.

FHA Loan - The federal government insures loans against default through the Federal Housing Administration. This agency insures 100% of the principal on loans made under their guidelines. FHA insured loans have an up front premium which is usually typically added to the loan amount and also a monthly premium which is added to the borrowers total payment.

Calculating the Up Front Mortgage Insurance Premium:

30 Year / Fixed Rate Loan = 1.50% X Loan Amount = Premium

15 Year / Fixed Rate Loan = 1.50% X Loan Amount = Premium

Calculating the Monthly Premium:

30 Year / Fixed Rate Loan = .50% X Loan Amount = Annual / 12 mos. = monthly premium added to your mortgage payment

15 Year / Fixed Rate Loan = .25% X Loan Amount = Annual / 12 mos. = monthly premium added to your loan amount

VA Loan - The Veterans Administration guarantees a veteran's loan against default. Although the VA does not have an insurance premium, it charges the veteran a Funding Fee that is 2% of the loan amount or 3% if the veteran is using his benefits for the second or more times. The fee may be paid in cash at closing or added to the loan amount.

Fixed Rate Loan vs. Adjustable Rate Loan

A fixed rate loan implies that the interest and principal portion of your payment remains constant for the life of the loan while an adjustable rate loan implies periodic changes to your interest rate and of course your payment. In choosing an adjustable rate loan, you must determine the frequency of rate changes and the amount. The following should assist you in asking the right questions regarding an adjustable rate:

Adjustment Period - This refers to how often your loan can be adjusted. You'll commonly hear these loans referred to as 1/1, 5/1, 7/1, 10/1, etc.. A 1/1 loan means that it adjusts once every year for the life of the loan. A 5/1 loan means that the loan will remain at the initial rate for the first 5 years and thereafter adjust every 1 year for the remainder of the loan.

Initial Rate - The rate at which the loan begins

Market Index - The benchmark rate that is used each time your loan comes up for adjustment( 1 year T-bill, Cost of Funds Index, etc. )

Margin - The lender adds a pre-determined amount (margin) to the market index to arrive at the new rate for your loan

Rate Change Limits - Each adjustable rate loan should have maximum change limits to the rate for each adjustment and a limit to the total change over the life of the loan

When choosing an adjustable rate loan, you assume a degree of risk but it could still present you with a better choice than a fixed rate depending upon length of time you'll live in the home, the current rate environment, etc.

Corporate Headquarter: 417 Welshwood Dr. Suite 210, Nashville, TN 37211

A I Mortgage Inc, Tennessee #1516 HUD Lender (registrant) Kentucy, Missouri, Indiana, HUD Exemption. HUD 16545-0000-0. Colorado Exempt.

HUD National Direct Lender #16545-0001-7.

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