HMA is a Full-Service Lender that offers a customized approach from the application process to the Closing.
Robust Product Offering
HMA will fully-underwrite a buyer’s credit file and issue a credit approval. This underwritten pre-approval Is good for 60 days and requires the following:
- Borrower to provide a complete credit file, complete with credit report, income and asset documentation, and any additional documentation as required by underwriting.
- Conforming, Fixed-Rate and FHA purchase loans only.
- Minimum FICO and Debt-to-Income Ratio requirements apply.
- Once approval is issued, if a home goes under contract for that borrower and HMA turns the loan down, we will pay the seller $2500.
Underwriting Pre-Approval decision is subject to:
- Completion of Appraisal Report supporting the purchase price, if applicable
- No unresolved property condition issues from a home inspection, if agreed to in the sales agreement
- Insurable title from seller, free of defects or unresolved title issues
- Purchase price and monthly PITI payment must remain within the limits set by the underwriting decision.
- Borrower agrees not to make any significant changes to their credit profile until after the purchase transaction has been completed (e.g., buying a new car or changing employers). If such a change occurs it will invalidate an existing Underwriting Pre-Approval decision, but the borrower may request to be re-approved with the new information.
- Borrower must not voluntarily withdraw their mortgage application.
- Purchase or Refinance
- 1-4 Unit Primary Residence
- 3.0% Minimum Down Payment for first time home buyers; 5% down minimum for other
- Funds may be gifted | Seller Assist allowed
- 2nd/Vacation homes
- 10% down minimum | Funds may be gifted | Seller Assist allowed
- Investment properties
- 15% down minimum for 1 unit homes | 25% down min for 2-4 unit homes
- Seller assist allowed up to 2%
- Fixed and ARM Loans Available | No Income Limits
- NO Down Payment | No Cash Reserves Requirements
- NO Application Fee
- NO Monthly Mortgage Insurance Premiums
- VA Funding Fee may be financed | Fixed and Adjustable Rate Options
- Gifts are Allowed | No Pre-Payment Penalties
- Competitive jumbo rates and potential second-mortgage solutions which may improve rates and avoid mortgage insurance on larger loan sizes.
- Jumbo mortgage limits vary by county.
- We offer a 10% down jumbo program, (with some credit limitations, and mortgage insurance as applicable.)
- Financial reserves required, (may include retirement or investments)
- We offer the PHFA K-Gov with Advantage Assistance program.
- Primary residences only may be financed, and only one or two units.
- A 30-year fixed-rate FHA mortgage with a second interest-free loan for $6,000 (or 4% of the purchase price, whichever is less,) amortized over 10 years to help with closing costs.
- Non-occupying co-borrowers allowed, (higher credit requirements may apply).
- The borrower must contribute $1,000 or 1% of the loan amount, whichever is lower, and the payments for third party reports such as the appraisal may be included in the borrower’s contribution.
- Homebuyer education may be required, with higher credit it may only be suggested.
- Limits apply to income, assets and the purchase price, dependent upon location.
- 3.5% Minimum Down Payment; May be gifted from a relative
- Owner-Occupied Purchase or Refinance
- 1-4 Unit Primary Residence
- Fixed and ARM Loans Available
- No Income Limits | No Cash Reserves Required | Flexible Guidelines for Debt Ratios
- 100% Financing with Fixed Interest Rate
- 1% One Time USDA Guarantee Fee may be included in Financing
- .35% Monthly USDA Fee that is Included in Monthly Payment and often less expensive than PMI
- NO Down Payment Required
- Competitive Interest Rates
- Up to 6% in Allowable Seller Contributions | Gifts are a Permitted Source of Funds
Standard fixed-rate second mortgage loan to eligible first-time homebuyers who:
- Meet basic credit score and income requirements
- Obtain a Conventional or Federal Housing Administration (FHA) first mortgage loan
- Contribute at least $1,500 of their own funds into the transaction
A 2-1 buydown on a purchase mortgage is a financing option where the borrower pays an upfront fee to lower the interest rate on their mortgage for the first two years. The benefits of a 2-1 buydown include:
- Lower monthly payments: With a lower effective rate, the borrower can enjoy reduced monthly payments for the first two years of their mortgage term.
- Fixed-rate financing: This is not an Adjustable-Rate Mortgage (ARM) where the rate and payments can fluctuate uncertainly in the future.
- Increased affordability: The lower payments in the first two years may make the mortgage more affordable for borrowers who are stretching their budget to purchase a home.*
- The seller can pay the upfront fee on the buyer’s behalf, reducing the cost of financing.
Overall, a 2-1 buydown can be a useful tool for borrowers who want to lower their mortgage payments in the short term and improve their affordability.
* Borrower will still have to qualify for their mortgage on the basis of the full mortgage payment, not the bought-down rate.
The physician loan program IS a NEW LOAN for medical doctors, Dentists, Podiatrists, Ophthalmologists and Veterinarians with a minimum of a MD, DO, DDS or DMD designation.
Offering 100% LTV with no MI up to $1,000,000 with a 720 FICO.
- No Mortgage Insurance
- Purchase and No Cash Out Refinances
- Adjustable-Rate Mortgages and/or Fixed Loan terms of 15 to 30 years
Borrowers can finance up to:
720 Minimum Credit Score
- 100% financing for loans up to $1,000,000
- 95% financing for loan amounts of $1,000,001 – $1,250,000
- 90% financing for loan amount of $1,250,001- $2,000,000
680-719 Credit Score
- 95% financing for loans up to $1,000,000
- 90% financing for loan amounts of $1,000,001 – $1,250,000
- 75% financing for loan amount of $1,250,001- $2,000,000
Available in PA, OH, WV, and FL.
*Subject to terms & conditions. Contact Holland Mortgage Advisors for details.
In addition to meeting the above criteria, the program requirements include homebuyer
education and homeownership counseling, and the property must be
- A primary residence
- A single-family dwelling
- Owner occupied
- Located within determined Pennsylvania regions