Scotty Gifford Mortgage Loan officer
WE OFFER ALL DIFFERENT LOAN TYPES
Are you a first time home buyer?
Conventional Loans
Conventional Loans have more options for a wider range of properties and buyers.
Generally, a down payment of at least 5% is required but for some buyers, it can be as low as 3%. Private mortgage insurance (PMI) is required for a conventional loan unless your down payment is at least 20%.
FHA is Popular with first-time buyers,
- Low Down Payment Options At 3.5%
- Seller Contributions As Much As 6%
- No Income or Purchase Price Limits
- Flexible Credit Qualifying
- No First Time Homebuyer Requirements
- 100% Gifted Deposits Allowed
The FHA loans program is a government sponsored home loan program geared toward first-time home buyers. FHA loans require smaller down payments and they offer more relaxed credit score requirements and bankruptcy time frames. This loan is perfect for purchasing a primary residence without paying a large down payment. This program is available for purchasing a home, refinancing your existing, using equity for cash-out, and home repair programs.
If you dream to own your own home but worry about the down payment, low credit scores, or closing costs, this loan may be the solution.
Cash Out Refinance
A cash-out refinance happens when you replace an existing home loan by refinancing a larger loan.
VA and HERO Loans
Our Hero Loan program covers both VA Loans as well as Hero loans for our Community Heroes.
- 100% Financing Available For Qualifying Borrowers
- No First Time Home buyer Requirements
- Allows Seller Contribution to Closing Costs
- May be Eligible for No funding Fee
The VA loan is very similar to the FHA loan but is specifically provided to active duty military, veterans, and certain military family members. This loan type is issued by a private lender and is guaranteed by the Department of Veterans Affairs. It provides lower closing costs, negotiable interest rates, and 100% financing. VA Loans are available for home purchases, construction of a home, and energy-efficiency home improvements.
You will be required to provide a certificate of eligibility (COE). Visit https://benefits.va.gov/benefits/ and apply for your COE.
Mortgage offers loan amounts up to $3 million for homes that price outside of the conforming loan limits. The limit for conforming loans supported by Fannie Mae and Freddie Mac, $700,000.
Non-conforming loans are any that exceed that amount.
Reverse Mortgage ( HOME BUYING WITHOUT MORTGAGE PAYMENTS)
- Eliminates Monthly Mortgage Payments
- Increases Purchase Power
- Preserves Cash
The Home Equity Conversion Mortgage (HECM) can help your buy your next home without monthly mortgage payments. The HECM is a Federal Housing Administration (FHA) insured home loan that allows borrowers aged 62 years or above, to use the equity from the sale of a previous residence to buy their next primary home in one transaction. Regardless of how long you live in the home or what happens to your home’s value, you only make one initial investment (down payment) towards the purchase.
Looking For a Renovation Loan?
FHA 203k Standard and Limited loans available
Great for Purchases of Primary Residences that need Repairs done.
We also offer HomeStyle® can be used for vacation homes or Second Homes and Investment Properties. (Up to 9 months for repairs vs 6 months for 203K)
Learn more about the Local Real estate Market.
Get loans to buyout someone else out of a property.
Search our Mortgage glossary
We have worked with thousands of home buyers and homeowners across the nation and understand that the mortgage process can feel overwhelming. We know that every borrower has a unique story and that's why a local experienced Mortgage Loan Officer will work with you, at your preferred pace, answering any questions as they arise and tailoring a loan solution to meet your individual needs.
Mortgage Banker | NMLS # 2357310
One of the benefits of working with the Gifford Group is that our team includes mortgage professionals who are licensed in 40 different states. This means that no matter where you are in the country, we can help you secure the financing you need to purchase your next home.
Our mortgage team is dedicated to finding the best loan options for our clients and guiding them through the lending process from start to finish. Whether you're a first-time homebuyer or an experienced homeowner, we have the expertise and resources to help you find the right mortgage solution.
So if you're looking to sell your home and start the next chapter of your journey, the Gifford Group is here to help you every step of the way.
Mortgage APP CHECKLIST
Here are some of the items you should gather for your preapproval. You are not required to have all the documents on hand to submit your request for pre-approval and your mortgage advisor will guide you on what items are needed based on your circumstances.
- IDENTIFICATION
You will need a U.S. government-issued form of ID, usually a State-issued Driver’s License. - PAY STUBS
You should have your most recent pay stubs or other earned income documentation for the last 30 days. - BANK STATEMENTS
The lender will need most recent two months of official bank statements, which include the account number(s) and any blank pages. - FEDERAL TAX RETURNS AND W2’S/1099’S
You may be asked to provide your tax filings and W2’s /1099’s for the last two years for all forms of income you received (earned income, self-employment, etc.) - RETIREMENT BASED INCOME
If applicable, provide income documentation for any retirement pensions, annuities or Social Security. - DISABILITY BASED INCOME
You won’t need to supply a credit report. With your authorization, we will pull your credit report, free of charge.
Scotty Gifford Mortgage Loan officer
Investor Loans
Investor Cash Flow Loan Program
Credit scores starting at 680
Up to 80% LTV
- Loans up to $1.5 million, Minimum loan of $75,000
- Qualification based on property cash flow
- No personal income or employment information required
- Properties can be in LLC’s name
- No limit on the total number of properties
- The borrower must own a primary residence or have a current history of owning investment properties
- Purchase and cash-out or rate-term refinance
- 40-year interest only available
- For loan amounts greater than or equal to $1,500,000, a borrower-paid second appraisal must be obtained.
- Non-warrantable Condos now allowed
- Short-term rentals ok, no condotels
What is DSCR Calculation?
The debt service coverage ratio (DSCR) is a ratio of a property's cash flow to its annual mortgage debt. This includes principal, interest, taxes, insurance, and HOA fees in the mortgage debt.
The ratio is calculated by taking the expected rental payment and dividing it by the annual mortgage debt RDP (Rent Divided PITIA= DSCR).
Example Rent Divided PITIA (RDP)
$1100 Rent / $1000 PITIA = 1.10% DSCR Positive Cash Flow
$1100 Rent / $1100 PITIA = 1.00% DSCR 1 to 1 Break Even
$1000 Rent / $1100 PITIA = .90% DSCR Negative Cash Flow
Is personal income required to qualify for an Investor Cash Flow loan?
No personal income is required to qualify. This saves you from submitting complicated income statements and tax returns.
Can I get a mortgage for an investment property?
Yes, utilizing our Investor Cash Flow product allows for cash flow on the property to be used to qualify for the loan. No tax returns or employment information is required.
Mortgage Banker | NMLS # 2357310