Mann Mortgage Has The Loan Program To Fit Your Needs

Mann Mortgage has been helping home buyers turn their dream of home-ownership into reality for over two decades. We understand that everyone's financing needs are unique. Here at Mann Mortgage we will find the specific loan program (as listed below), competitive interest rate and personalized service that best meet your needs. From the FHA, VA and Conventional financing programs available, our Loan Officers have the experience and knowledge to assist you.

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The most common loan programs include:
FHA Loans | VA Loans | Conforming | Jumbo | Second Mortgages | Equity Lines | Rural Development

  • Fixed Rate Loans, Temporary Buy-Downs and ARMS
  • Available for detached 1 to 4 unit dwellings, eligible condos and PUD's
  • Properties must meet HUD guidelines and be inspected by HUD-approved appraisers
  • Subject to loan limits set by HUD (see HUD web site for loan limits)
  • Mortgage insurance of 1% to 1.15% based on LTV, due annually and paid monthly
  • One time mortgage insurance fee of 1% charged on detached dwellings and PUD's, which may be financed
  • Non-occupant co-borrowers allowed
  • No reserve requirements at closing
  • 100% of down payment and closing costs may be a "gift"
  • Fully assumable by a qualified borrower
  • Seller may contribute a maximum of 6% of the lower of the sales price or the appraised value

Veterans Administration loans were created to help veterans finance the purchase of their homes with favorable loan terms. For the purpose of the VA program, "veteran" includes active duty service personnel and certain categories of spouses. Like FHA loans, the federal government insures VA loans, or guarantees VA approved lending institutions against loss from default on qualifying loans.

Programs and Features:

  • Fixed Rate Loans, Temporary Buy-Downs and ARMS
  • Available for detached 1 to 4 unit dwellings, eligible condos and PUD's
  • Properties must meet HUD guidelines and be inspected by HUD-approved appraisers
  • Subject to loan limits set by HUD (see HUD web site for loan limits)
  • Mortgage insurance of 1% to 1.15% based on LTV, due annually and paid monthly
  • One time mortgage insurance fee of 1% charged on detached dwellings and PUD's, which may be financed
  • Non-occupant co-borrowers allowed
  • No reserve requirements at closing
  • 100% of down payment and closing costs may be a "gift"
  • Fully assumable by a qualified borrower
  • Seller may contribute a maximum of 6% of the lower of the sales price or the appraised value

Conforming Loans are those that meet Fannie Mae and or Freddie Mac underwriting requirements. In other words, income, credit, and property requirements must meet nationally standardized guidelines. Conforming loans are subject to loan amount limits that are set by Fannie Mae (FNMA) and Freddie Mac (FHLMC). These limits vary based on the region in which the subject property is located as well as the number of legal units contained in the subject property.

Properties 48 States Hawaii & Alaska
1 unit property $417,000 $625,500
2 unit property $533,850 $800,775
3 unit properties $645,300 $967,950
4 unit properties $801,950 $1,202,925

Under the FNMA and FHLMC Charter Acts, the loan limits are 50% higher for first mortgages in Alaska, Hawaii, Guam, and the U.S. Virgin Islands.

Jumbo loans are those that exceed the loan amounts allowed by FNMA and FHLMC.

Programs:

  • No Income/No Asset Verification Loans
  • ARMs
  • Fixed Rates
  • Credit History Less than perfect
  • Options Available

A close-ended loan is one where a set amount of money is borrowed and repaid within a specific period of time. There are a multitude of second mortgage products available and lender guidelines vary widely. Generally, loan amounts, interest rates and fees are tied closely to equity in the property and credit scores. Whether to do a first or second mortgage or whether to take a line of credit or closed-end loan depends largely on the purpose of the loan.

Second mortgages are ideal products for the following situations:

  • Debt Consolidation:  This is the most common purpose for acquiring a second mortgage. Typically, a second mortgage is paid off in a shorter period of time than a first.
  • Home Improvements:  The greater the equity in a property, the better the deal on a mortgage. Often, a borrower will take second mortgage to complete improvement projects. After the improvements are completed, the borrower refinances the first mortgage.
  • Cash Out:  Many borrowers use the equity in their properties to obtain cash to pay for college expenses, vacations, or any other purpose that requires a fairly sizable amount of cash.
  • Eliminate the requirement for Mortgage Insurance.

A home equity line of credit loan is a line of credit that is secured against real estate. The amount of the credit line is dependent upon the amount of equity in the subject property and the lender's guidelines. Each lender has its own specific guidelines and limitations. Lines of credit are typically designed for borrowers who intend to pay back the borrowed funds within a short period of time. Equity lines of credit are processed and underwritten similar to traditional mortgages; however, lender guidelines vary widely.

Home equity lines differ from traditional mortgages that provide funds up front, then require repayments of principal and interest each month. With a home equity line, a borrower may draw against any available credit on the line while continuing to make monthly payments during the "draw period." The draw period usually lasts 15 years. At the end of that time, the borrower has a set number of years to repay the remaining balance in full without further draws. The "repayment period" is typically 15 years.

Interest on home equity lines accrues similar to interest on credit cards and payments are based on payment factors.

A USDA home loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan that is different from a traditional mortgage in several ways.

  1. USDA loans require no down payment, you may finance up to 100% of the property value.
  2. You must meet the income restrictions for the County you are interested in. Each county has a maximum Income Requirement. The USDA Home Loan Program does allow for considerations for expenses like Child Care.

Eligibility

  1. To be eligible, you must be purchasing a property in a rural area as defined by the USDA.
  2. The home or property that you are looking to purchase must be owner-occupied; investment properties are not eligible for USDA loans.

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I am a Veteran, Active Military or Surviving Spouse


  • Up to 100%
  • No Monthly Private Mortgage Insurance
  • Seller concessions up to 4% reasonable value of the property.
  • Credit Score as Low as 600 FICO
  • VA Certificate of Eligibility required
  • Manufactured homes allowed (requires 640 FICO score)
  • Non traditional credit allowed

Mann Mortgage, LLC is not endorsed by nor acting on behalf of or at the direction of, the U.S. Department of Housing and Urban Development, Federal Housing Administration, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. All programs are subject to credit and income qualification. This is not a guarantee of financing or a firm offer of credit. Additional terms and conditions may apply. Information is subject to change without notice.

Always consult a Mortgage Loan Originator. Consult an Accountant or Tax Advisor for full eligibility requirements on tax deductions.

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I don't know if I would qualify for a home loan


  • Up to 100% financing is available
  • Gift funds for down payment allowed
  • Options for credit scores as low as 580
  • Manufactured home financing requires 640 FICO
  • Non-Traditional credit allowed

Mann Mortgage, LLC is not endorsed by nor acting on behalf of or at the direction of, the U.S. Department of Housing and Urban Development, Federal Housing Administration, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. All programs are subject to credit and income qualification. This is not a guarantee of financing or a firm offer of credit. Additional terms and conditions may apply. Information is subject to change without notice.

Always consult a Mortgage Loan Originator. Consult an Accountant or Tax Advisor for full eligibility requirements on tax deductions.

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X

I don't know if I can afford a down payment


  • Up to 100% Financing available
  • Gift funds for down payment allowed

Mann Mortgage, LLC is not endorsed by nor acting on behalf of or at the direction of, the U.S. Department of Housing and Urban Development, Federal Housing Administration, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. All programs are subject to credit and income qualification. This is not a guarantee of financing or a firm offer of credit. Additional terms and conditions may apply. Information is subject to change without notice.

Always consult a Mortgage Loan Originator. Consult an Accountant or Tax Advisor for full eligibility requirements on tax deductions.

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I am looking to purchase a "fixer-upper"


  • Up to 96.5% financing available
  • Up to 35,000 for cosmetic improvements
  • Purchase and Refinance transactions
  • Great for aged or distressed properties
  • Requires a 640 FICO score

Mann Mortgage, LLC is not endorsed by nor acting on behalf of or at the direction of, the U.S. Department of Housing and Urban Development, Federal Housing Administration, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. All programs are subject to credit and income qualification. This is not a guarantee of financing or a firm offer of credit. Additional terms and conditions may apply. Information is subject to change without notice.

Always consult a Mortgage Loan Originator. Consult an Accountant or Tax Advisor for full eligibility requirements on tax deductions.

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I would like to get cash out of my property


  • Cash out available up to 80% Loan to Value
  • Minimum FICO 600
  • Recently listed properties are ok
  • Maximum loan amount of $417,000

Mann Mortgage, LLC is not endorsed by nor acting on behalf of or at the direction of, the U.S. Department of Housing and Urban Development, Federal Housing Administration, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. All programs are subject to credit and income qualification. This is not a guarantee of financing or a firm offer of credit. Additional terms and conditions may apply. Information is subject to change without notice.

Always consult a Mortgage Loan Originator. Consult an Accountant or Tax Advisor for full eligibility requirements on tax deductions.

[ CLOSE WINDOW ]

X

I would like to reduce my interest rate


  • Manufactured home financing (requires 640 FICO Score)
  • No out of pocket expense on most refinances
  • Credit score as low as 600 FICO score in most states.
  • FHA and VA streamline refinances available WITHOUT an appraisal

Mann Mortgage, LLC is not endorsed by nor acting on behalf of or at the direction of, the U.S. Department of Housing and Urban Development, Federal Housing Administration, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. All programs are subject to credit and income qualification. This is not a guarantee of financing or a firm offer of credit. Additional terms and conditions may apply. Information is subject to change without notice.

Always consult a Mortgage Loan Originator. Consult an Accountant or Tax Advisor for full eligibility requirements on tax deductions.

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X

I would like to purchase an investment property


  • Financing available up to 80% Loan-to-value
  • Foreclosure auction take out loans
  • 1-4 units available
  • No title seasoning for rate/term refinance transactions

Mann Mortgage, LLC is not endorsed by nor acting on behalf of or at the direction of, the U.S. Department of Housing and Urban Development, Federal Housing Administration, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. All programs are subject to credit and income qualification. This is not a guarantee of financing or a firm offer of credit. Additional terms and conditions may apply. Information is subject to change without notice.

Always consult a Mortgage Loan Originator. Consult an Accountant or Tax Advisor for full eligibility requirements on tax deductions.

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X

I would like to purchase a manufactured home


  • Financing available up to 100% using VA financing
  • Minimum FICO score is 640
  • Maximum loan amount of $417,000
  • Purchase or rate & term refinance transactions only

Mann Mortgage, LLC is not endorsed by nor acting on behalf of or at the direction of, the U.S. Department of Housing and Urban Development, Federal Housing Administration, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. All programs are subject to credit and income qualification. This is not a guarantee of financing or a firm offer of credit. Additional terms and conditions may apply. Information is subject to change without notice.

Always consult a Mortgage Loan Originator. Consult an Accountant or Tax Advisor for full eligibility requirements on tax deductions.

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X

I would like to learn about Reverse Mortgages


  • Easy to Qualify; must be 62+ years of age, own your home or have a ton of equity, and your home is your primary residence
  • Get Cash in a lump sum
  • No mortgage payments; still pay taxes and insurance
  • Still own and live in your home while receiving cash
  • Generally will not affect your Social Security

Mann Mortgage, LLC is not endorsed by nor acting on behalf of or at the direction of, the U.S. Department of Housing and Urban Development, Federal Housing Administration, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. All programs are subject to credit and income qualification. This is not a guarantee of financing or a firm offer of credit. Additional terms and conditions may apply. Information is subject to change without notice.

Always consult a Mortgage Loan Originator. Consult an Accountant or Tax Advisor for full eligibility requirements on tax deductions.

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X

I am looking to purchase a home in a rural area


  • 100% financing available
  • Requires a 640 FICO score
  • Non Traditional Credit Acceptable
  • Property must be located in a USDA designated area
  • Income restrictions apply

Mann Mortgage, LLC is not endorsed by nor acting on behalf of or at the direction of, the U.S. Department of Housing and Urban Development, Federal Housing Administration, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. All programs are subject to credit and income qualification. This is not a guarantee of financing or a firm offer of credit. Additional terms and conditions may apply. Information is subject to change without notice.

Always consult a Mortgage Loan Originator. Consult an Accountant or Tax Advisor for full eligibility requirements on tax deductions.

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X

I am a 1st time home buyer


  • Down payment Assistance Programs – We work with 100’s of local and state programs designed to help homebuyers reach the goal of owning a home
  • Lower minimum credit scores
  • Up to 100% financing
  • 30 year fixed rate mortgages
  • Income and Property restrictions may apply
  • Subject to availability in each state

Mann Mortgage, LLC is not endorsed by nor acting on behalf of or at the direction of, the U.S. Department of Housing and Urban Development, Federal Housing Administration, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. All programs are subject to credit and income qualification. This is not a guarantee of financing or a firm offer of credit. Additional terms and conditions may apply. Information is subject to change without notice.

Always consult a Mortgage Loan Originator. Consult an Accountant or Tax Advisor for full eligibility requirements on tax deductions.

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X

I am looking for a home construction loan



Coming Soon. Please contact your Loan Officer for details.


Mann Mortgage, LLC is not endorsed by nor acting on behalf of or at the direction of, the U.S. Department of Housing and Urban Development, Federal Housing Administration, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. All programs are subject to credit and income qualification. This is not a guarantee of financing or a firm offer of credit. Additional terms and conditions may apply. Information is subject to change without notice.

Always consult a Mortgage Loan Originator. Consult an Accountant or Tax Advisor for full eligibility requirements on tax deductions.

[ CLOSE WINDOW ]