Scotty Gifford Mortgage Loan officer

Are you a first time home buyer? 

APPLY NOW

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.

What about PMI (Private mortgage insurance)?

 PMI stands for Private Mortgage Insurance, and it is an additional cost associated with a home purchase or mortgage refinance when you have less than 20% equity in your home or are borrowing more than 80% of the total value of your home.  

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.

Jumbo Loans 

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)  

Texas State Affordable Housing Corporation

Loans with Down payment Assistance

Find out your credit score. Go to annualcreditreport.com, the only source for free credit reports authorized by federal law. You can now get one free report weekly from each of the three major credit bureaus. Lenders use this score to determine your viability as a borrower. Here’s more information if you need to improve your credit score.

Calculate your DTI. Your DTI (debt-to-income ratio) is also important when applying for a mortgage. It shows the percent of your income that’s used to pay your bills. Divide your monthly debts by your monthly income. For example, if you make $6,000 per month and have $2,700 in monthly debts, that’s a DTI of 45%.

Don’t forget closing costs. In addition to the cost of the home, there are charges involved with the buying process—items such as an appraisal, home inspection, credit reporting, title work, origination fees, and more. Closing costs are typically about 3% to 6% of the purchase price. You can either plan to pay these costs, or finance them as part of the mortgage.

Learn more about the Local Real estate Market. 

Loan Buyout

Get loans to buyout someone else out of a property. 

Search our Mortgage glossary

THE MORTGAGE JOURNEY

 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. 

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. 

 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.