Resources – The Chris Murray Team

Questions? Start here.

A diversity options you can take advantage of...

Our lending products

Ready to get started? Call us today and let us assist you!

USDA

Up to 100% financing available

Up to 6% seller paid closing costs

Closing costs can be financed, if house appraises for more than the sales price

30 year fixed rates only

Primary residences only

As low as 580+ FICO credit score

Minimum two trade lines with 12 months history

Income limits vary by county

No maximum loan limits

Requires upfront and monthly mortgage insurance

Property must be located in USDA eligible area

Conventional

3% minimum down payment required

Amount of seller paid closing costs determined by LTV and occupancy type

Primary, investment and second homes

No area restrictions

Maximum loan limit $510,400 (Fannie Mae counties may exceed this. Please discuss with your loan officer)

Monthly mortgage insurance required when LTV is greater than 80%

Jumbo

Minimum loan amounts greater than $510,400

Maximum loan amount $3,000,000

Maximum LTV 85% primary residence, 80% second home

Minimum 680 FICO score

VA

Up to 100% financing available

Available to veterans, active service members, and eligible surviving spouses

No monthly mortgage insurance

As low as 580+ FICO credit score

Seller can pay closing costs and up to 4% in concessions

Primary residence only

DTI may exceed 50% on case by case basis

No income limit

Requires upfront funding fee – some borrowers may be exempt

Maximum loan limits vary by county

Requires Certification of Eligibility from Department of VA

No area restriction

FHA

Minimum 3.5% down payment

Qualified gifted funds are allowed

As low as 580+ FICO credit scores

Up to 6% seller paid closing costs

Primary residence only

DTI may exceed 50% on a case by case basis

No area restrictions

Requires upfront and monthly mortgage insurance

Maximum loan limits depend on county stipulations

We want you to find success!

Mortgage Do’s and Don’ts

Do...

Keep all records in good order

Keep available – Keep your financial records close at hand in case updates are requested.

Save assets statements – Be aware that underwriters typically verify your income and tax documents through your employer(s), CPA and/or IRS tax transcripts. Hold onto new paystubs as received.

Account for gifts – If you’re receiving any gift money from relatives, they will need to sign a gift letter (we’ll provide) and an account statement evidencing the source, which must be “seasoned” funds.

Maintain Payments in current residence – If you’re renting, continue paying your rent on time and save proof of payment. If you’re selling your current residence, be prepared to show your HUD-1 Settlement Statement. If you’ll be renting your home, you may need to show sufficient equity, a lease and receipt of the first month’s rent and security deposit. 

Keep your credit shining –Continue making payments on time. Your credit report may be pulled again, and any negative change to your score could cause you to lose your approval and your home.

Understand that things have changed – Underwriters require more documentation than in the past. Even if requests seem silly, intrusive or unnecessary, please remember that if they didn’t need it, they wouldn’t ask for it.

Don't...

Apply for new credit – Changes in credit can cause delays, change in the terms of your financing or even prevent closing. If you must open a new account (or even borrow against retirement funds), please consult with us first.

Change jobs during the process – Probationary periods, career or even status changes (such as from a salaried to a commissioned position, leave of absence or new bonus structure) can be subject to very strict rules. 

Make undocumented deposits – Primarily large but sometimes even small deposits must be sourced unless they are identified. Make copies of checks and deposit slips. Keep your cash deposits separate and small. Avoid depositing cash

Wait to liquidate funds from stock or retirement accounts – If you need to sell investments, tac documents through your employer(s), CPA, and/or IRS tax transcripts, do It now and document the transaction. Don’t take the risks that the market could move against you leaving you short of funds to close.

Be afraid to ask questions – If you’re uncertain about what you need or what you should do, we are here to help you through the process, even long before you intend to buy.

Let’s get you the best deal!

What’s best for you?

Mortgage Calculator

Monthly Mortgage Payments

Are you ready to be the next happy homeowner?

Corporate Headquarters

150 Providence Road, 3rd Floor, Charlotte NC 28207

RTP – Raleigh/Cary/Durham
201 Shannon Oaks Circle Suite 202 Cary, NC, 27511

(919) 443-1600

Links Information

Follow Us

EQUAL HOUSING LENDER | Copyright © 2023 American Security Mortgage. All rights reserved. | NMLS ID #40561 | nmlsconsumeraccess.org