Loan ProgramsThe following is a partial list of programs offered by Platinum Mortgage with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 256-461-8677.
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Conventional
Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
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No Down Payment
0% down payment required (VA and USDA)
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FHA Mortgage
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.
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VA Mortgages
Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.
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VA Jumbo
Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person. (Max Loan Amount $650,000)
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USDA Rural Housing
Backed by the USDA and the federal government, it is similar to FHA except that they offer no down payment loans in qualifying areas.
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