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SELECT MORTGAGE GROUP, INC
255 Racetrack Road Suite #24 McDonough, GA 30252
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| Credit-Challenged Mortgages |
| FHA Fixed-Rate Mortgages |
| Adjustable-Rate Mortgages (ARMs) |
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Credit-Challenged Mortgages
Minimum Credit Score 580
12 Month Housing History: Verification of Rent and 12 month cancelled rent checks or Management ledger (Property Management Company)
Eligibility: US Citizen, Permanent Resident Alien, Non-Permanent Resident Alien (must have valid Social Security Number & be eligible to work in the United States).
Propertites: 1-4 units, HUD approved condos, PUD & Manufactured Homes.
Derogatory Account: All collections, charge offs and repossessions >500 within past 24 months must be paid in full or provide evidence of repayment plan. All past due accounts within 24 months must be brought current. All judgements & liens must be paid off or provide evidence of paid as agreed repayment plan.
Bankruptcy: Bankruptcies discharged <3 years but >=2 years must have 0x30 on all tradelines for the past 24 months & a minimum of 3 re-established tradelines 0x30 reviewed for 12 months.
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FHA Fixed-Rate Mortgages
Fixed-rate mortgages lock in an interest rate for the life of your loan. Your monthly principal and interest payment will not change. Select Mortgage Group, Inc. offers several fixed-rate loan programs to meet your specific needs.
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Adjustable-Rate Mortgages (ARMs)
With ARMs, the interest rate adjusts periodically according to a predetermined index and margin. This adjustment results in the mortgage payment either increasing or decreasing. ARMs typically offer a lower initial interest rate than fixed-rate mortgages. Some ARMs offer fixed-rate periods for one, three, five, seven or even 10 years before the interest rate starts adjusting.
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $416,999 with closing costs of $12,510. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,001 with closing costs of $12,510. Your actual APR may be different depending upon these factors.
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