Mortgage Mario


Home Purchase Financing

Whether you are a first time buyer or an experienced home owner, purchasing a new home can be a stressful process. I will walk you through the process every step of the way and find options and programs for your specific needs.

I will take into account all of your needs, finances and history to help you choose the right home loan for you. My experience and expertise in the industry will assist you in finding the home loan financing that is best for you.

Pre Qual VS Pre Approval

Loan Programs

Conventional Loans

Conventional mortgage Loans are not insured or backed by a government agency such as the FHA or the VA.  Also known as a conforming mortgage, the conventional loan complies with the parameters set by Freddie Mac and Fannie Mae. You may obtain either an adjustable or fixed rate while your maximum loan amount is determined by the county and state of the home. Certain Georgia mortgages, such as the Georgia conventional loan, are limited to $548,250. The word “conforming” is commonly used when discussing mortgage amounts. This is why conforming and conventional mortgages are considered interchangeable. A loan that exceeds the limit discussed above is considered a “jumbo” or non-conforming mortgage.

Ideally suited for:
• Those with good credit scores.
• Those who are comfortable with a slightly higher down payment.

FHA Loans

The Federal Housing Administration offers private loans for existing or new home purchases as well as programs for home repairs if you’re seeking an FHA Loan in Atlanta. 

The FHA is a government agency inside the U.S. Department of Housing and Urban Development. An FHA loan is a type of mortgage that is insured by the Federal Housing Administration. Borrowers with FHA loans are required to pay for mortgage insurance so the lender is protected from a loss if the borrower happens to default on the loan itself. Due to the credibility of this insurance, lenders offer borrower-friendly FHA mortgage rates. Like the VA Loan, the Federal Housing Administration in Georgia allows lenders to be flexible when considering applicants. 

With this type of loan, you are only required to pay 3.5% of the total loan towards a down payment. When comparing this aspect to other loans, this amount is significantly smaller and more affordable for most buyers, especially young first-time home buyers. With an FHA loan, you are able to make the down payment with your own monetary savings or other forms of income. Borrowers can also use cash gifts from relatives, grants from the government, or down payment assistance programs to help them make this payment, which is not always an option with other types of loans.

Ideally suited for:
• Those with lower credit scores.
• Those with down payments of less than 5% of the purchase price.

VA Loans

VA mortgages in Georgia are labeled as the best mortgage option for an eligible veteran or active duty military personnel looking to buy a home.  The VA loan is a type of mortgage that is guaranteed by the U.S. Department of Veterans Affairs (VA) and offers long-term financing to eligible veterans in all parts of the country where private financing isn’t necessarily available. How Much Can I Borrow? It doesn’t get much better than 100% financing. Not only does this offer an easier path to home ownership, it also benefits you throughout. When compared to conventional rates, the Veteran Affairs mortgage possesses competitive interest rates that are typically lower, along with less stringent underwriting requirements. As a qualified borrower, you will receive no repayment penalties and sellers are able to pay up to 6% of your closing costs.

Ideally suited for:
• Veteran or active duty military personnel.

Jumbo Loans

Jumbo loans are larger than most conventional home loans, but are still considered a “traditional” loan program.  If you are looking to apply for a Jumbo Loan then you are typically considering a property that is above the market’s average. Having the ability to borrow this amount of money is very beneficial, but getting approved for a jumbo loan is becoming more difficult each year. When beginning this process, you will want a mortgage broker on your side.

In the metro Atlanta market, the conventional loan limit is $548,250 which does cut out financing for a large number of higher priced properties. The maximum amount for federal home loans is determined by Fannie Mae and Freddie Mac, who work diligently year-round to determine what “regular” loan limits should be. The government-sponsored mortgage entities set the limits around these averages and classify the conforming loan limit as a Jumbo Loan.

Ideally suited for:
• Those with down payments of at least 25%.
• Those with a higher credit score.

Not sure which program is right for you?

Contact me today, call or text 678-920-2747. I can get you pre-qualified and find you the loan that meets your needs.

Why Choose Mario Cardenas with Affinity Home Lending?

    • I put YOU first.
    • We offer some of the most competitive rates in the state!
    • Fast and Efficient. I close most of my loans in 7 days.
    • I can offer you a variety of loans. I can find you the loan that is right for you!