Financing options
Derek J. Haley
NMLS # 119454
CEO
Tactical Mortgage
150 N McPherson Church Rd.
Fayetteville, NC 28303
Cell: (919) 247-5724
Email: derek@tacticalmortgage.com
Born Derek Joseph Haley, in Fayetteville, North Carolina, I was raised in a close knit military family. The youngest of 5 boys, I had some strong examples of hard working men, particularly my father. This influenced me throughout my life as I still can recall the long nights he pulled to finish a thesis, or the sacrifices he made to make it to my games.
I think these characteristics helped form the superior customer service I try to exhibit in my career and my recent partnership with Grant Murray Homes. Together, our primary objective is to make the home buying process as stress-free and enjoyable as possible for you and your family first, let me introduce myself by providing a brief overview of my professional background.
For the first 6-years of my career, my days were spent learning the ropes and perfecting the “paperwork” side of the business. Working full-time by day, I spent my nights as a part-time student at North Carolina State University, Raleigh – even during the summer sessions – before graduating with a bachelor’s degree in business in 2009.
Somewhere in the middle of all this youthful exuberance, I also managed to obtain my professional mortgage license. Anxious to jump into the driver’s seat of the home sales industry, I transitioned to a new firm after about 4 years, American Home Mortgage, where I developed a whole new range of professional skills. Almost two decades later, I am still passionate about getting each client approved for a loan and the home of their dreams.
My company, D. Haley Mortgages was established in 2007, at the beginning of the recession, to generate commercial loans. This year I have had the privilege of expanding into the residential side as well. Partnering with Grant Murray Homes, we are able to offer an easier more fluid buying experience, along with an enviable support system.
Types of Mortgage Loans
FHA (Federal Housing Administration Loans): This government-insured mortgage is funded by an approved FHA lender in conformance with federal FHA lending guidelines.
Pros:
- Most lenders allow a super-low credit score of 580 or higher with only a 3.5% down payment.
- FHA loans can be obtained for up to $294,515.
- Other family members can gift the down payment for the home purchase.
- Loans can be approved 3-years after a previous foreclosure.
- Loans can be approved 2-years after a previous bankruptcy.
- Loans can be assumed by a new buyer if you decide to sell your home at a later date.
- Some FHA Loans allow you to borrow more than the new home’s purchase price to pay for repairs (203k loan).
- Up to 6% seller concessions can be written into the loan contract to pay for closing costs.
Cons:
- Mortgage insurance is required for this loan, and it doesn’t fall off the loan unless you refinance.
- The government charges a funding fee for FHA loans.
- Homeowners can only have one FHA Loan at a time.
VA (Department of Veterans Affairs): This government-guaranteed mortgage is designed for veterans looking to finance up to 100% of the sale price with no down payment.
Pros:
- Funding fees are automatically waived for disabled veterans.
- VA loans allow seller-paid closing costs to apply towards many different items, especially when required for the borrower to qualify for the loan.
- Up to 4% of the sales price can go towards closing costs.
- The only “money” in the deal is the earnest money and due diligence which could possibly be returned to the borrower’s pocket upon closing if the amount of the seller concessions and lender credits exceeds that of the closing costs.
- Veterans are not required to be first-time home-buyers to use this entitlement.
- Entitlement is restored once you sell the home.
- 100% Financing without mortgage insurance or PMI is available.
- VA loans can be obtained with 0% down payment and for 100% financing of the new home.
- VA loans can be obtained up to $484,350 for qualified borrowers.
Cons:
- The VA does not guarantee the full amount of the loan- which means that the borrower might be subject to additional requirements from the bank. The amount that the VA guarantees, which varies by county, might affect the amount that the bank is willing to lend.
USDA (Rural Development Guaranteed Loan Program): This federally-insured mortgage loan is offered to rural property owners by the United States Department of Agriculture.
Pros:
- Interest rates are traditionally the lowest in comparison to other government-insured mortgage products.
- No Down Payment is required.
- Mortgage Insurance Premium Rates are typically lower than that of an FHA loan.
- USDA loans can be obtained with 0% down payment and for 100% financing of the new home in qualified locations. Click Here to see if your area is eligible.
- Income limit for a family of 1-4 members is usually $82,700 (combined income) and lower than $109,150 for households consisting of 5+ members.
Cons:
- Normally, you will need a 640 or higher credit score to obtain approval.
- Lower Debt to Income (DTI) ratio qualifications are available.
- Closing takes about 30 to 45 days due to HUD standard practices.
- The property must be ELIGIBLE – which means that you are choosing to purchase a new home in a rural area.
- USDA loans have stricter qualification guidelines in comparison to other government-insured alternatives.
- Income limit for a family of 1-4 members is $75,650 and up to $153,400 in certain high-cost regions.
Conventional Home Loans: This is a standard mortgage that is not guaranteed or insured by any government agency.
Pros:
- Conventional loans typically have lower costs compared to most government-guaranteed programs requiring mortgage insurance.
- These loans are available for primary and secondary homes as well as investment properties.
- Fixed rate and adjustable interest rates are available.
- These loans have a wide range of down payment options, ranging from 3% down, 5% down, 10% down, and 20% down.
- With 20% down, mortgage insurance is not usually required.
- Approved applicants can receive up to $484,350 towards the purchase of their new home.
Cons:
- 2-Months of cash reserves are required.
- Higher credit score (minimum of 620) is required.
- Higher down payments are usually required.
- Qualifying is more difficult compared to other government-insured programs.
- Low-income borrowers may have difficulty in qualifying.
- A 45% Debt to Income (DTI) ratio is usually allowed unless compensating factors are involved.
If you would like more information please fill out the form below:
DISCLAIMER: ALTHOUGH FIRM MAY PROVIDE BUYER OR SELLER THE NAMES OF PROVIDERS WHO CLAIM TO PERFORM SERVICES IN ONE OR MORE OF THE LISTED AREAS, BUYER OR SELLER UNDERSTANDS THAT FIRM CANNOT GUARANTEE THE QUALITY OF SERVICE OR LEVEL OF EXPERTISE OF ANY SUCH PROVIDER. BUYER OR SELLER RESERVES THE RIGHT TO CHOOSE PROFESSIONAL SERVICES.
