Unlock Your Dreams to Homeownership

Benefits of homeownership include:

check-mark Pride of Ownership
check-markAppreciation Potential
check-markMortgage Interest Deductions
check-markProperty Tax Deductions
check-markPotential Equity Growth

Financing Options

FHA

Loan Details

FHA Loans

The Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD), provides various loan programs that make getting a home loan easier for those with limited credit experience, a small down payment, limited funds to make monthly payments and/or for those who may not qualify for other types of loans.

These loans are offered through Omniscient, and are insured by the FHA. FHA loans typically offer more flexible underwriting guidelines than conventional loans.

ATTENTION: The federal government just reduced Mortgage Insurance Premiums on FHA loans. You may be able to qualify for more home, or enjoy reduced payments on a mortgage for the same home. Contact a loan officer today.

Features:

  • Lower credit scores are acceptable
  • Owner occupied properties only
  • Up to 30-year fixed rate term
  • Down payment as low as 3.5%
  • Refinance with limited equity
  • 100% gift funds may be used for down payment and closing costs
  • No pre-payment penalties
  • An effective refinancing option for current high-cost mortgages
  • Non-occupant co-borrowers acceptable

FHA 203K

Loan Details

FHA 203K

  • FHA 203k Streamline – The FHA 203k Streamline allows borrowers to finance the purchase or refinance an existing home and make improvements or upgrades up to $35,000 ($5,000 minimum repair costs required.)
  • FHA 203k Full – The FHA 203k Full program allows borrowers to finance the purchase or refinance an existing home and complete major renovations, rehabilitation or improvements, including structural repairs.
    • Make improvements or upgrades up to 50% of the “subject to” appraised value*
    • The minimum total repair cost is $5,000
    • Considers the “after improved” value of the property
    • Work is completed after loan closing
    • An escrow account holds the funds until repairs are completed

Check with your Omniscient Loan Officer for more information. The following may be excluded: manufactured homes, cash-out refinance, non-traditional credit, non-occupant co-borrower and down payment assistance programs.

*Requires a HUD-approved Consultant on all transactions.

Conventional

Loan Details

Conventional Loans

Omniscient Real Estate Finance has a variety of conventional loan programs available with features, terms and benefits to meet our customers’ specific needs.

Features:

Maximum loan amounts (may vary by location):

  • One family  $510,400

Terms:

  • 30-year fixed rate*
    • Monthly principal and interest payment never changes
    • Safety and security in knowing what your payment will be in the future
  • 15-year fixed rate*
    • Monthly principal and interest payment never changes
    • Safety and security in knowing what your payment will be in the future
    • Loan will be paid off in half the time as a 30-year fixed-rate loan
    • While the monthly payment is higher than a 30-year fixed rate loan, the interest rate is typically less

*Note: An Omniscient Fixed-Rate Loan may be the right choice for a refinance if:
– The interest rate on your current loan is higher than what is available now
– The interest rate on your current loan is adjustable and a fixed rate loan is preferred

Jumbo

Loan Details

Jumbo Loans

A Jumbo Mortgage is a mortgage with a loan amount above conventional loan limits established by Fannie Mae and Freddie Mac.

The current limit on Fannie Mae and Freddie Mac jumbo is $729,750 depending on the location of the property.

Highlights:

  • Loan amounts from $510,400 up to $2.5 million
  • Finance up to 80% of the value of your home
  • Purchase, rate/term refinance, and cash-out refinance options for primary residences
  • Purchase and rate/term refinance options for second homes

Eligible Property Types:

  • 1-2 unit properties
  • high rise condos

VA

Loan Details

VA Loans

Veterans Administration (VA) loans are guaranteed by the U.S. Department of Veterans Affairs and are designed to provide housing assistance for armed services members, veterans and their families who are looking to purchase homes. The guarantee allows active duty military, veterans, service personnel, some members of the selected reserve and certain categories of spouses to obtain home loans with favorable terms, usually without a down payment.

Features:

  • No down payment is required in most cases
  • No mortgage insurance required
  • Owner-occupied properties only
  • Terms: 30-year fixed-rate
    • Limit on the amount of origination fees, appraisal fees and closing costs
    • No pre-payment penalties

USDA

Loan Details

USDA Loans

USDA loans are primarily used to help low-income individuals or households purchase or refinance homes in rural areas.

USDA Loan Program features:

  • No down payment  for qualified borrowers
  • Specifically for low-income client looking to purchasea home in elgible rural areas.
  • Funds can be used to build, repair, renovate or relocate a home

For USDA Refinances:

Low minimum credit score requirements:

  • Minimum 550 credit score

Program detail:

  • Available only in certain states*
  • Maximum loan amount is determined by county maximum limits and pay off amount.

Down Payment
Assistance Programs

Down Payment Assistance (DPA) programs help home buyers fund the down payments and closing costs associated with their home loans. Down Payment Assistance programs are available in conjunction with many state housing authorities to help meet borrowers’ needs for affordable housing.

These programs may be useful for first-time home buyers, borrowers with moderate incomes and those attending homeowner counseling.

Highlights:

  • The DPA programs assist with the greatest barrier to owning a home, the down payment

Eligible Property Types:

  • Eligibility varies by city and county

Mortgage Calculator

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NMLS#796590
OH#804061.000

Office Address:
2602 Oakstone Drive
Columbus, OH 43231
Office: 614-934-1104
Mobile: 614-578-1623
Fax: 614-474-8436