ACMC Financial Corp

ACMC Financial Corp offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide:
 
Conventional / Conforming 30 years fixed rate
Conventional / Conforming 15 years fixed
Conventional / Conforming 5/1 ARM
FHA Streamlined 203(k)
FHA
VA
USDA

Rates last updated on Friday, February 25, 2011

Conventional / Conforming 30 years fixed rate
 
The 30 year fixed mortgage is a great loan for the borrower looking for long-term home ownership with low monthly payments. But since the mortgage is long, you will pay more in interest over the life of the loan.
 
One of the key features of a 30 year fixed mortgage is its fixed interest rate.  When you acquire the loan, the interest rate that you get at that time is the interest rate that you keep for the duration of the loan. Your only option to change the interest rate is if you choose to refinance. So if you purchase when rates are low, you are set for 30 years.

Another attractive characteristic of a 30 year fixed mortgage is its relatively low monthly payment. Since repayment of the loan is stretched out over 30 years, it keeps the monthly payment from getting too high.



Term: 30 years   Maximum Amount: $417,000

Conventional / Conforming 15 years fixed
 
The 15 year fixed mortgage is a great loan for the borrower to develop equity quickly and carry and lower interest rate over the life of the loan.
 
The 15 year fixed mortgage is a fully amortized loan, meaning that your payments combine the principal and interest so that the loan is paid off in 15 years. Half the time of the more typical 30 year fixed. 
 
Because of the borrowers commitment to higher monthly payments, the interest rates offered for the product are significantly lower than the 30 year fixed. This opportunity allows for larger amounts of principal to be paid more quickly, letting the borrower build their equity in the home faster. The savings off interest can be very significant.
 
As with every loan option, knowing how long you intend to stay in the home plays a dramatic role in the mortgage program you choose. The 15 year fixed may not be the best option for someone likely to move within a few years as the higher monthly payments may not equal the equity built on the property by the point of sale. 


Term: 15 years   Maximum Amount: $417,000

Conventional / Conforming 5/1 ARM
 
Built for borrowers with short term plans, a 5/1 Adjustable Rate Mortgage allows a borrower to have a fixed rate for the first five years at a lower interest rate and an adjustable interest rate based on market for each year after. Because the interest rate can change after the first five years, the monthly payment may also change.

An ARM is a mortgage loan that has an interest rate that adjusts, or changes, usually once a year. The benefit of an ARM is that it tends to give the borrower a lower interest rate initially. The risk is that the interest rate most likely will go up. The change in interest rate is tied to an index. An index is a published interest rate based on the returns of investments such as U.S. Treasury securities. The rates for these investments change in response to market conditions, so an index tends to track to changes in U.S. or world interest rates. An ARM is adjusted up or down based on the index it is associated with.

If you plan to move or refinance prior to the end of the first five years of your mortgage, a 5/1 ARM may be right for you.


Term: 30 years   Maximum Amount: $417,000

FHA Streamlined 203(k)

The FHA Section 203(k) insurance program enables borrowers to finance the purchase or refinance of a home and the cost of its rehabilitation through a single mortgage.

The Streamlined 203(k) program is intended to facilitate uncomplicated and cosmetic rehabilitation and/or improvements to a home for which plans, consultants, engineers, and/or architects are not required. Due to the rehabilitation amount limitation of $35,000, eligible improvements are limited and can not include any major rehabilitation or remodeling, new construction such as room addition, repairs to structural damage, or site amenity improvements.

The first draw will be 50% of the cost of repairs and it will be disbursed to the homeowner and the contrator at closing.  

Term: 30 years   Maximum Amount: $417,000
 

 


FHA

The Federal Housing Administration (FHA) was created to increase home construction, reduce unemployment and operate various loan programs.

Today, FHA loans provide borrowers with the opportunity to purchase or refinance homes with lower total down payments and competitive interest rates in comparison to the standard conventional loan.

At ACMC Financial Corp we are able to offer a wide variety of FHA Loans: 15 and 30 year fixed as well as ARM programs. FHA loans are great for borrowers with small amounts of capital, blemished credit or lower income.


Term: 30 years   Maximum Amount: $417,000

VA
 
With more than 25 million veterans and service personnel eligible for VA financing, this loan is attractive and has many advantages. Eligibility for the VA loan is defined as Veterans who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime.
 
There is a two-year requirement if the veteran enlisted and began service after September 7, 1980 or was an officer and began service after October 16, 1981. There is a six-year requirement for National guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses.


Term: 30 years   Maximum Amount: $417,000

USDA
 
USDA loans are the only current mortgage plan to have a zero money down program available to borrowers that have not served in the military. Eligible borrowers are hard pressed to find a loan program that offers more favorable terms.

Just about anyone looking to purchase a home outside a major metropolitan area can qualify for a USDA Loan. Some of the eligibility standards that determine if you qualify for a USDA loan for your home include what county and zip code the home resides in, your current income and credit history.


Term: 30 years   Maximum Amount: $417,000



Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $424,100 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,170. Jumbo Loans (whose maximum loan amount exceed $424,100 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $14,000. Your actual APR may be different depending upon these factors.