Sarah Atkinson

My name is Sarah Appleby and I'm a mortgage banker with USA Mortgage. After spending 20 years in banking management and consumer lending I made the decision to step into the mortgage world. I had a wonderful opportunity come along that just seemed custom made for me. It enabled me to continue working in Nixa, MO and this community is near and dear to my heart.

Conventional loans typically require less documentation than other loan products and are a great option for anyone that meets the down payment or equity requirements. They offer fixed and adjustable rates. A 3%-20% down payment. In order to avoid private mortgage insurance you will need to have 20% down, but it will automatically fall off when your loan to value reaches 78%.

FHA home loans are a great option for individuals with lower credit scores and higher debt to income ratios that are unable to qualify for conventional loans. You will need a 580 credit score to qualify for the 3.5% down payment. You can qualify with a credit score as low as 500 if you are able to put a 10% down payment on the property.

If you are needing assistance with the down payment, the MHDC home loans would be a solution. They offer a MHDC First Place for first time homebuyers and MHDC Next Step for individuals who have already owned a home previously. A 3.5% down payment is required, but these programs offer a second lien for 4% of the loan amount to use as a down payment and a little towards closing costs.

A lower interest rate will lower your house payment and allow you to use the equity in your home for other purchases or investments. Eliminating private mortgage insurance can also be obtained by refinancing your home at its current market value to lower your loan to value below 80%. It is also a great tool to use when paying off existing debt, minimizing your total monthly payments.