Garrett Mortgage
Garrett Mortgage Powered by Langley Federal Credit Union Mortgage Banker
No Money Down Conventional
Excellent option for high-income borrowers who don't qualify for VHDA (even those that do qualify should compare the numbers) who want no MI, 100% financing, & don't want to pay extra for not having to pay MI
For those purchasing a home less than $350,000, Home Saver Program has no down payment requirement & no MI for "1st time home buyers" (those who haven't owned a home in the past 3 years), with price limits that go higher than VHDA & cheaper than VHDA (including no 1.75% upfront charge that VHDA has) in many cases
no PMI 5% or 10% down conventional
Excellent no PMI 5% or 10% down conventional loans without the rate increase or fees that you'll find with many other no PMI conventional products (670 credit score required)
Largest credit union headquartered in Hampton Roads
Langley Federal Credit Union is the largest credit union headquartered in Hampton Roads with 12 branches here & easy to get into. As a local credit union, they have greater flexibility to bend their own rules or other rules than many larger credit unions and banks.
Service their own conventional loans
Service their own conventional loans (unlike some of the options listed below; the problem with banks/credit unions that don't service their own loans is that you can have a great experience buying a house, but once the mortgage is sold to another bank, a terrible one. Some of the banks/credit unions that sell mortgages sell them to extremely poor rated institutions, including at least one of the lenders below sadly. By using a bank that services their own loans, you eliminate this problem)
No 3% Cap on Conventional Loan Seller Concessions
On some of their conventional loans, the seller is allowed to pay 100% of closing cost assistance for most costs of closing (not including buying down the rate, but including reimbursement for home inspection, appraisal, & earnest money deposit), which is very different than the standard 3% max on most <10% down conventional loans with many other banks & credit unions
Allow escrow holdbacks
Allow escrow holdbacks, where, without increasing the rate (which increases with many renovation loans), buyers can pay for appraisal required repairs that sellers are unwilling to pay, increasing the number of potential properties for buyers
Low Cost Recasting
Can recast the loan for lower payment for $125 with no closing costs
Credit Repair
Able to help with credit repair
Higher Loan Limit for Jumbo Loan
Higher jumbo rates don't start until $750,000 (usually $472,000 with many other banks/credit unions)
Free HELOC's
Free HELOC's with no closing costs which only take 2 weeks to close
$5000 credit card
$5000 credit card available without another credit pull following a home purchase with them
Do 20-year mortgages
Do 20-year mortgages (which some lenders don't and which are an excellent option to consider, I might add)
Contact Garrett Mortgage
Dan Smith
Email: DaSmith@langleyfcu.org
Number: 757-813-6885
Address: 11864 Canon Blvd, Suite 103 Newport News, VA, 23606