Approved Mortgage has been in business since 1999. We are experts in USDA home loans, Conventional Financing and FHA Mortgages including 203B, 203K Loans and Construction to permanent loans. New loans that will affect are industry as well will be the Reverse Mortgage for Purchase business. We stay informed for you our Customers and our Realtor partners. Below you will see some information to help make a better choice of what loan will be best for you and your family or your customer for our Realtor partners.

USDA or (Rual Housing Loan) this loan has become one of the hottest loans on the market. You really don't have to buy a home in the country to get this loan. In our market place in Volusia County you’re looking at most of Orange City, the east side of Deltona, the west side of Deland and all of Apopka are considered USDA areas. You have to have a 620 credit score to get approved or no credit score at all. I have been able to get loans approved with as high as a 49% back end ratio. For an idea of area and income requirements here is a link to the USDA web site.

Conventional Financing This loan has gotten harder and in some ways easier to get done. If you're are purchasing a home it's tough. To purchase you have to have 20% down and the rate is based on your credit scores. If we are refinancing it may be easier because there is a new loan from Fannie Mae (Refi Plus). You may not need an appraisal or income to get your loan done. This criteria differs from property to borrower. There will be more information to come.

FHA This loan has become the bread and butter of the mortgage industry. For purchases you need a 620 credit score but we still have a couple of lenders that will go as low as 600 credit scores and better than that NO credit score. If there is no credit score it has to be a true no credit score meaning no charge off's or collections. Then we have to put together nontraditional trade lines like for example; phone bill, power bill, car insurance, water bill. This has to be a 12 month history and we have to verify a rental history. FHA has a couple of different loans like the 203K loan; this loan allows the borrower to add repairs to a property to their mortgage. FHA also will allow you to buy a foreclosure home with as little as 500.00 dollars down. The normal down payment for a FHA mortgage is 3.5%, this money can be a gift from a family member or close friend.

Reverse Mortgage for Purchase This loan is brand new and it allows seniors to purchase a home with a reverse mortgage. The only requirements are age and assets. Example if the senior were 75 years old with a 500 credit score and they were purchasing a home for 100,000 the only requirement would be about 35% down.