Mortgage Types

Conforming Loans

There are two categories of conforming loans; those loans below $417,000 and those loans between $417,000 and $625,500.

Conforming loans are sold to Fannie Mae or Freddie Mac and these two agencies have different underwriting rules.

Mortgage Magic has the ability to use both agencies and via computer with the DeskTop Underwriter (Fannie) or LapTop Underwriter (Freddie) we can tentatively approve most loans within hours.

Our Processing Staff constantly studies any Fannie or Freddie changes to make sure we are always completely up to date which means faster, easier transactions for our clients.

Jumbo Loans

Jumbo Loans are loans greater than $625,500. These loans are not sold to Fannie Mae or Freddie Mac and have different guidelines.

Mortgage Magic specializes in the larger loans. Our largest residential loan was $8,500,000. Our agents are comfortable with the large loans and the complex tax returns that normally accompany these loans.

We work easily with your CPA or Financial Planner to make sure that the loan works with your overall financial goals.

Adjustable Rate Mortgages

We have been thru several years of very low fixed rate mortgages since the financial melt down. But even now there are times when an adjustable rate mortgage may be the best choice for the borrower. Of course, our goal is to get borrowers into loans that satisfy  their financial needs.
When a client does consider an adjustable rate mortgage we carefully explain the loan and make sure the client understands the terms, vocabulary, and any potential changes.

FHA Loans

FHA follows the same loan limits as does Fannie Mae and Freddie Mac; to $417,000 and $417,000 to $625,000. FHA allows for down payments as low as 3.5% and the debt ratio is more liberal.

Also, the credit score at Mortgage Magic can be as low as 620. This is a loan that is easier to qualify for; borrowers can have less cash for the down payment and there can be some rough credit history.

The FHA loan also allows gift for the down payment and sellers can contribute to the closing costs.

VA Loans

We are proud to be able to offer VA mortgage loans.

Qualified borrowers can finance 100 percent of the home’s value without putting down any money. Even with no money down there is no mortgage insurance which can be expensive.

Rates are competitive and many times the rate is lower than the standard conventional loans.  The Veteran will need to bring in his or her DD-214 and our loan officers can obtain the Certificate of Eligibility from the Veterans Administration.

We will explain the loan in great detail and make the borrower comfortable with the process.

Reverse Mortgages

For most people buying a home is the single largest financial investment they will ever make. Obtaining a reverse mortgage for most will be the last major financial decision homeowners will make regarding their home.
We feel that a reverse mortgage should be entered into with careful thought and consideration. Our loan officers are trained in the technical aspects of reverse mortgages but more than that they are caring and carefully analyze and explain the reverse mortgage loan and the process.
We welcome family members to be part of the discussion to address their concerns as well. You can initially see how much of a loan you qualify for by entering just a little data into our Reverse Mortgage Calculator.