Our programs
D&S Mortgage offers the following types of mortgage programs with the most competitive rates for any type of real estate purchase:
First Time Home Buyers
D&S Mortgage recognizes the importance of purchasing your first home. Our goal is to secure you a loan for you with a competitive interest rate while enlightening you about your home financing choices.
By the time you sit down at the settlement table, you will confidently understand the details surrounding your home financing and be comfortable with the closing process. If fact, we attend all of our client’s settlements to ensure the transaction closes as smoothly as possible.
We appreciate that purchasing your first home is a momentous and stressful experience; therefore we make ourselves available seven days a week to answer your questions and concerns.
FHA Loans
D&S Mortgage is familiar with the requirements of an FHA loan and can help you in pursuing this favorable financing option.
The Federal Housing Administration, generally known as “FHA”, is the largest government insurer of mortgages in the world. FHA provides mortgage insurance on single-family, multifamily and manufactured home loans made by FHA-approved lenders throughout the United States. Borrowers must meet certain requirements established by FHA to qualify for the insurance.
FHA loans require a down payment of 3.5% of the property’s purchase price, offer low interest rates, and allow for a seller assist (where the seller pays an amount toward the buyers closing costs).
These lending parameters help buyers move into their first home with very little out of pocket costs; however, buyers may use FHA loans for the purchase of a primary residence only. FHA loans cannot be used for the purchase of investment properties.
D&S Mortgage can aid a borrower with “poor” credit and/or a high debt-to-income ratio (the percentage of the buyer’s monthly gross income that goes toward paying debts) in the search for lenders that will allow the borrower to have a co-signer on a FHA loan.
Condo Purchases
Bank regulations and guidelines for condominium properties often consider occupancy ratio of the building (occupied space over the total amount of space available), the total number of units in a property that are owned by investors and sometimes even the specific layout of the common areas of the property. All of these considerations must meet lender guidelines before a loan can be approved.
D&S Mortgage submits all loans relating to the purchase of condominiums for an up-front underwriter review to ensure compliance with the numerous lending regulations for condominium property purchases.
New Real Estate Investors
Many individuals are taking advantage of the current state of the housing and mortgage market by investing in real estate for the first time.
The D&S Mortgage New Real Estate Investor Program requires: a) that the borrower be a first-time real estate investor with no previous history as a landlord, and b) a down payment of 20% of the property’s purchase price.
While rates are historically low, an investor with poor credit scores may be required by the lender to pay discount points at closing.
Commercial Loans
Commercial products are available at D&S Mortgage on a case-by-case basis with rates depending on the specific facts of ownership, property use, zoning, etc.