YOUR MORTGAGE SHOULD NOT BE ONE-SIZE-FITS-ALL

Loan Programs

The type of mortgage you use to finance your home influences how much you need for the down payment, whether or not you will need mortgage insurance, and how long it will take you to pay off your loan.

The best way to find out what mortgage is best for your home purchase is to get preapproved with a CMG Financial loan officer. Mortgage pre approval will give you a realistic idea of your down payment and budget and give you more negotiating power when you make an offer.

Conventional Fixed Rate Mortgages (FRM)

Conventional Loans are the most popular type of mortgage loan. They come in a range of terms including the common 15-year and 30-year terms. Since conventional mortgage loans are not insured by the government like FHA or VA Loans, they have stricter credit standards. Some Conventional Loans have the option for down payments as low as 3%* of the purchase price, but if you put down less than 20% you will have to add Private Mortgage Insurance (PMI) to your payment for a period of time.

FHA LOAN

An FHA (Federal Housing Administration) Loan is a mortgage that’s insured by the federal government and offered through FHA-approved lenders.

FHA Loans have more flexible credit score requirements and are a good option for borrowers who may not have saved enough for a large down payment. You can finance an FHA Loan with a down payment as low as 3.5%*, making it an affordable mortgage option for millions of home buyers, especially first-time home buyers.

VA LOAN

The VA Loan is a government-sponsored mortgage backed by the U.S. Department of Veteran Affairs (VA) and offered through VA-approved lenders. It is available to all active-duty military, Veterans, reservists, National Guard, and surviving military spouses.

The most notable benefits of the VA Loan include no down payment, no mortgage insurance, flexible underwriting requirements, streamlined refinancing, and often a lower-than-average interest rate.

USDA LOAN

The USDA Home Loan, or rural development loan, is a low-interest government-sponsored mortgage available for designated rural and suburban areas.

JUMBO LOAN

A Jumbo Loan is a type of non-conforming mortgage loan that is not backed by the federal government and exceeds the conventional conforming loan limits set by the Federal Housing Finance Agency (FHFA). If you’re looking to finance a more expensive property or you live in a high-cost area, you may need a Jumbo Loan.

ALL-IN-ONE LOAN

Mortgage interest can be one of life’s biggest financial obstructions. The All In One Loan was developed by homeowners and mortgage professionals as a solution. By combining banking functionality with home financing into one dynamic instrument, borrowers are able to save tens of thousands of dollars and years off their loan.

203K RENOVATION LOAN

An FHA 203(k) Renovation Loan is a government-backed mortgage that combines the costs of a home purchase (or refinance) with the costs of home renovations. The FHA 203(k) Renovation Loan offers homeowners and home buyers an easier way to pay for home remodeling costs.

FANNIE MAE HOMEREADY LOAN

Fannie Mae HomeReady® provides a low down payment mortgage with cancellable mortgage insurance once home equity reaches 20%.

FREDDI MAC HOMEPOSSIBLE

Freddie Mac Home Possible® is a 3-5% down payment mortgage with flexible down payment sources and cancellable mortgage insurance.

REVERSE MORTGAGE LOAN

You’ve worked hard to build the equity in your home. Now it’s time to make that equity work for you! A Reverse Mortgage helps homeowners ages 62+ take advantage of their home equity to retire with more financial freedom and flexibility. No more crunching numbers, no more figuring out the finances of retirement. Eliminate your monthly mortgage payments (Borrower still responsible for taxes and insurance), increase monthly cash flow, and reimagine the possibilities of retirement with a Reverse Mortgage.

HELOC

A home equity line of credit is a revolving source of funds like a credit card. Unlike a credit card, a HELOC is linked to your home equity. You can access the equity in your home whenever you need and pay off your balance over time. In some cases, having access to an open line of credit can be more useful than taking out a lump sum of cash.

FANNIE MAE HOMESTYLE® RENOVATION

The HomeStyle® Renovation Loan can help you both purchase AND rehab your next home. The purchase price and renovation costs are combined into ONE loan with one monthly payment. You can borrow money based on the value of the home AFTER the renovations are completed.

HALAL FINANCING

Halal Financing offers a unique path to homeownership. This innovative financing program, is a groundbreaking home buying solution that offers a path to homeownership while adhering to Islamic principles. Through our exclusive partnership with the Ijara Community Development Corporation, we are proud to be one of the few companies nationwide offering Islamic-compliant lending.

CMG COMMUNITY ONE GRANT

CMG Home Loans is dedicated to providing affordable financing options and with our new CMG Community ONE down payment assistance program, our goal is to help more home buyers achieve the dream of home ownership.

Contact Info

Address: Montgomery, Texas

936-297-7393

[email protected]

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Fast approvals. Competitive rates. Local service backed by national lending power. Colton Lovett and Clear by CMG Financial help Montgomery families get home.

Colton Lovett | NMLS #1480780

Clear by CMG Financial | NMLS #1820