Building a new home can be an exciting prospect (unless you get caught up in a construction loan approval process that is overly complicated & time consuming). We make it easier to borrow the money needed to build your dream home. Our easy one-step financing takes care of everything you need, including both the construction & permanent mortgages. This eliminates the worry of re-qualifying, reappraisals, additional closing costs, higher interest rate or signing additional loan documents. You'll make lower monthly payments during construction with payments converting to an amortizing mortgage after construction is completed. We offer a one-time fixed rate mortgage or traditional ARM products. Determination of the amount financed and the interest rate you'll receive is based on the home's price. How it WorksA line of credit is established based on project costs that will be disbursed to cover construction expenses as work progresses. Typically, this phase is a year. Please call us for current loan rates and fees.

FHA 203K Financing & Renovation Loans are designed with efficiency in mind. They can be streamlined (with almost no paperwork) for loans under $35,000 - and for loans over $35,000, minimal paperwork is required to secure funds. FHA 203K loans are completed in one closing and can be repaid monthly. Low down payments start at 3.5% of the property acquisition & repair cost.

Homebuyers
Purchase less-than-perfect homes in great locations;
Purchase foreclosures & other distressed properties;
Cover the cost of major & minor improvements;
Finance the cost to rent another home during renovations.

Current Homeowners
Make enhancements to increase your home's value;
Upgrade or make repairs without tapping into savings or incurring additional debt;
Enjoy tax benefits; interest on renovation costs may be tax deductible (consult a tax advisor).

Whether you're a first-time homebuyer or looking to refinance an existing mortgage, FHA Loan Programs offer low-down-payment requirements & flexible guidelines. There are many reasons to choose an FHA-insured loan, especially if one or more of the following apply to you:

You're a first-time homebuyer;
You don't have a lot of money to put down on a house;
You want to keep monthly payments as low as possible;
You're worried about monthly payments going up;
You're worried about qualifying for a loan;
You don't have perfect credit.

FHA-insured loans offer many benefits and a level of security that you won't find in other loans. The FHA (part of Department of Housing & Urban Development) insures the loan, so you can get a better deal.

Features & Benefits:
Low credit scores accepted;
Fixed rate mortgages available;Low-down-payment requirements;
100% gift funds acceptable for down payment & closing costs;No pre-payment penalty;
Smart refinancing option for homeowners with high-cost mortgages;
Owner-occupant;Single-family (1-4 units) and approved condominiums.

What does FHA have for you?
BUYING YOUR FIRST HOME? FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs & fees can be included in the loan. (Available on 1-4 unit properties.)

WANT A FIXER-UPPER? The FHA 203k loan is FHA's primary program for the rehabilitation & repair of single family properties. It allows you to own a home that you want to remodel or repair, and you can refinance what you owe and add the cost of repairs -; all in one loan.

WANT TO MAKE YOUR HOME MORE ENERGY EFFICIENT? You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.

HOW ABOUT MANUFACTURED HOUSING AND MOBILE HOMES? FHA has financing for mobile homes and factory-built housing.

FHA offers two loan products; one for those who own the land that the home is on and another for mobile homes that are (or will be) located in mobile home parks.

Owning a home gives you more than shelter. It provides a way to build value to draw from when you need cash. Academy Mortgage can help you maximize your home's value with a home equity line of credit (HELOC). Whether a home equity line or traditional second mortgage loan, Academy will make sure your financing is smart and effective. A HELOC is a form of revolving credit in which your home serves as collateral. Many homeowners use a HELOC for major items (such as debt consolidation, education, home improvements or medical bills). They are not typically used for day-to-day expenses. Before making a decision, carefully weigh the costs vs. benefits of a home equity line. We will work closely with you to provide credit terms to best meet your borrowing needs without posing undue financial risks. We take pride in being innovative, yet old fashioned; committed to strengthening each client's long-term financial security. Variable Interest Rates HELOCs generally involve variable rather than fixed interest rates. The variable rate must be based on a publicly available index (such as the prime rate published in some major daily newspapers or a U.S. Treasury bill rate). In such cases, the interest rate you pay for the line of credit will change, mirroring changes in the value of the index. Most lenders cite the interest rate you will pay as the value of the index at a particular time, plus a 'margin' (such as 2 percentage points). Because the cost of borrowing is tied directly to the value of the index, it is important to find out which index is used, how often the value of the index changes, and how high it has risen in the past. It is also important to note the amount of the margin. Lenders sometimes offer a temporarily discounted interest rate for home equity lines; an 'introductory' rate that is unusually low for a short period (such as 6 months). Variable-rate plans secured by a dwelling must, by law, have a ceiling (or cap) on how much your interest rate may increase over the life of the plan. Some variable-rate plans limit how much your payment may increase and how low your interest rate may fall, if the index drops. Some lenders allow you to convert from a variable interest rate to a fixed rate during the life of the plan or let you convert all or a portion of your line to a fixed-term installment loan.

Loan Program	Description	Benefits	Drawbacks
30-year fixed rate	30-year term mortgage (monthly payment & interest rate stay constant over the loan life).	Payment never changes over the life of the loan.	Higher interest rate than most other programs.
15-year fixed rate	15-year term mortgage (monthly payment & interest rate stay constant over loan life).	Interest rate is lower than a 30-year fixed rate and payments never change over loan life).	Since the mortgage is paid off twice as fast as a 30-year fixed rate mortgage, payments are significantly higher.
10-year adjustable (ARM)	Interest rate stays constant for 10 years, then fluctuates based on market conditions.	Lower interest rate than 30-year fixed rate.	Rate can change after 10-year fixed rate period.
7-year adjustable (ARM)	Interest rate stays constant for 7 years, then fluctuates based on market conditions.	Lower interest rate than 30-year fixed rate and 10-year ARM.	Rate can change after 7-year fixed rate period.
5-year adjustable (ARM)	The interest rate stays constant for 5 years, then can change based on market conditions.	Lower interest rate than the 30-year fixed rate, 10-year ARM, and 7-year ARM.	Rate can change after the 5-year fixed rate period.
3-year adjustable (ARM)	The interest rate stays constant for 3 years, then can change based on market conditions.	Lower interest rate than the 30-year fixed rate, 10-year ARM, 7-year ARM, and 5-year adjustable.	Rate can change after the 3-year fixed rate period.
1-year adjustable (ARM)	Interest rate stays constant for 1 year, then fluctuates based on market conditions.	Lower interest rates than the 30-year fixed rate, 10-year ARM, 7-year ARM, 5-year ARM, and 3-year ARM.	Rate can change after 1-year fixed rate period.
Interest-only Option	Only required to pay interest on the loan. Typically available on 5/1 & 7/1 adjustable (ARM) mortgages.	Payments are lower, because you don't have to pay principal. You can make principal payments at any time; and when you do, your required monthly payment will be lowered accordingly.	If paying only interest every month, you will still owe the same amount that you initially borrowed. This loan program requires more equity than other programs.
Balloon Mortgage	Loan is amortized over a longer period (usually 30 years) but entire principal balance must be paid off after a certain number of years (usually 5 or 7 years)	Interest rates can be lower than a fixed rate mortgage.	This is considered a risky loan since the entire principal is due at the end of the loan term.

Is Refinancing Right for You? If you haven't refinanced your home recently, chances are you may achieve significant savings by doing so. Refinancing with a lower interest rate or new loan term typically reduces monthly mortgage payments. Refinancing can also be a smart strategy to consolidate debt, shorten the life of your loan or pay for major expenses. Key advantages include:
Savings - reduce overall monthly payments;
Stability - convert adjustable rate to a fixed rate;
Tax deduction - unlike credit card debt, mortgage interest is tax deductible (consult a tax professional);
Increase your home's value - take cash out for improvements or additions. We believe wise borrowing leads to financial security. Refinancing isn't always right for everyone. Before choosing to refinance, weigh the costs & benefits of a new loan.

We understand how difficult purchasing a home can be. That's why we offer state housing agency loans, featuring low interests rates & a variety of down payment assistance programs to eligible borrowers.

State housing agency loans are designed to:
Increase affordable housing opportunities for low- and moderate-income households, underserved minority populations, people with disabilities, and the elderly;
Ensure an ongoing inventory of affordable housing that supports strong, viable communities;Provide affordable housing.

The FHA Streamline Refinance Program is a hassle-free way to lower monthly payments. Save thousands of dollars on your mortgage (no out-of-pocket costs or complicated paperwork). With limited documentation, flexible credit requirements, and no appraisal; the FHA Streamline Loan takes the headache out of home financing for qualified borrowers.

Qualified borrowers never have to worry about:
Appraisals;Credit checks;
Credit underwriting;
Income verification;
In-person application;
Qualifying Debt Ratios

Make the dream of homeownership come true with a government-backed, affordable USDA home loan. The Guaranteed Rural Housing Program provides 102% financing for buyers that purchase homes in defined USDA Rural Development (formerly The Farmers Home Administration) areas. Eligible borrows are able to finance their homes with no down payment & no private mortgage insurance. With the USDA home loan, you also benefit from competitive interest rates.

No Assets? No Problem.With 102% financing, homebuyers may be eligible to finance the purchase price; plus all of the closing costs (including prepaids). Borrow More. Pay Less. Borrowers will never pay monthly mortgage insurance.

An outstanding opportunity for both first-time & experienced homebuyers:
Available for purchase of flipped properties;
No down payment required;
No post-closing reserves or minimum investment required;
Closing costs (including prepaids) may be contributed by seller;
Gifts or grants permitted from family, friends & non-profit agencies;
Competitive interest rates;
Available for homes in eligible rural areas.

Borrower Eligibility Information
Must earn less than Rural Development County Income Limit for Moderate Income Families (based on number of household members);
Part-time employment acceptable (after 1 year of employment);
Bonus & overtime income;
only one year's earnings history can be averaged;Minimum credit score of 620;
Credit history with no more than one '30-day-late' in past 12 months, (and no foreclosures in previous 36 months).

We offer loan products that meet the home financing needs of active-duty military & veterans nationwide. VA home loan programs help veterans finance the purchase of homes with favorable loan terms and at an interest rate typically lower than rates charged on other types of mortgages. For VA housing loan purposes, the term 'veteran' includes certain members of the Selected Reserve, active duty service personnel, and certain categories of spouses. VA guaranteed loans are made to eligible veterans for the purchase of a home for personal occupancy. For loans up to $417,000, qualified veterans can usually obtain no-down-payment financing (provided the veteran is income & credit qualified, and the property appraises for the asking price).

VA Loans offer the following Important features:

Equal opportunity for all qualified veterans to obtain a VA loan;
No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property);
Buyer informed of reasonable value;
Negotiable interest rate;
Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation);
Closing costs are comparable with other financing types (and may be lower);
No mortgage insurance premiums; An assumable mortgage;
Right to prepay without penalty.
VA assistance to veteran borrowers in default due to temporary financial difficulty.