Address

2602 Oakstone Drive Columbus, OH 43231
NMLS#376247, NMLS#796590

Phone Number

Office: 614-578-1623

OREFC will finance credit scores in the 500's on FHA,VA and USDA.

OREFC will finance credit scores in the 500's on FHA,VA and USDA.

Address:

2602 Oakstone Drive Columbus, OH 43231
NMLS#376247, NMLS#796590

Phone:

Office: 614-578-1623

UNLOCK YOUR DREAMS TO HOMEOWNERSHIP - 25 YEARS OF EXPERIENCE

Make Home Ownership a Reality

Over 100 Mortgage programs, Unmatched customer service and competitive rates and fees.

LOANS

Let Us Get The Best Loan For you.

Innovative lending portfolio, with access to over 100 mortgage programs.
Unmatched customer service with our 24-hour guarantee Competitive interest rates and fees Quick closing times Make sense financing vs. Strict guideline lending 25 Years of Experience. Licensed Mortgage Navigators

Six Common Types of Loans

FHA Loans
Conventional Loans
Jumbo Loans
VA Loans
USDA Loans
Other Loans

FHA Loans

Loan Details

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. Apply Now.

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

Conventional Loans

Loan Details

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 Loans

Loan Details

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 $647,200 up to $3 million
  • Finance up to 89.9% 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 Loans

Loan Details
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 Loans

Loan Details
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.

Other Loans

(DSCR) Investor program utilizes the property income to qualify the transaction. DSCR is available to investors purchasing or refinancing investment properties for business purposes. Available products include fully amortizing 30-Year Fixed Rate and 40-year Fixed Rate Interest Only. Products are offered with or without prepayment penalties subject to state limitations. Loan amounts from $100,000 to $3,500,000 are available.

A reverse mortgage is an increasingly popular consumer loan for senior homeowners age 62+. It allows these senior homeowners to tap into the home equity that has been built up. There are no monthly mortgage payments, but homeowners are still responsible for paying property taxes, insurance, and maintenance. The repayment of the loan is deferred until the homeowner dies, sells, or moves out of the home. Because there are no monthly mortgage payments and homeowners can generally receive their home equity as tax-free cash this particular type of loan has seen over 1,000,000 seniors take advantage.

Bank Statement Loans, allows qualified borrowers to provide their personal or business bank statements, instead of tax returns, to qualify for a loan up to $3M. And our Bank Statement Loans enable borrowers to go up to 90% LTV without having to pay MI, allowing them to keep their monthly payments lower.

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

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    Maximum Loan Limits for 2022 – Conventional and FHA Programs

    Conventional Loans
    FHA Loans

    Conventional Loans

    As low as 3% down payment, Owner occupied and Non-owner-occupied financing. The Federal Housing Finance Agency (FHFA) has issued the following maximum first mortgage loan limits that will apply to conventional loans for acquisition by Fannie Mae / Freddie Mac with a note date on and after January 1, 2022.

    2022 Conventional Loan Limits

    Units One
    Conforming Amount - Contiguous States and District of Columbia
    $647,200
    Conforming Amount - Alaska and Hawaii
    $970,800
    Units Two
    Conforming Amount - Contiguous States and District of Columbia
    $828,200
    Conforming Amount - Alaska and Hawaii
    $1,243,050
    Units Three
    Conforming Amount - Contiguous States and District of Columbia
    $1,001,650
    Conforming Amount - Alaska and Hawaii
    $1,502,475
    Units Four
    Conforming Amount - Contiguous States and District of Columbia
    $1,244,850
    Conforming Amount - Alaska and Hawaii
    $1,867,275

    FHA Loans

    For calendar year 2022, the Department of Housing and Urban Development (HUD) announced the following maximum first mortgage loan limits that will apply to FHA loans with case numbers assigned on and after January 1, 2022 through December 31, 2022:

    2022 FHA Loan Limits

    Units One
    Low Cost Areas
    $420,680
    High Cost Areas
    $970,800
    Alaska and Hawaii
    $1,456,200
    Units Two
    Low Cost Areas
    $538,650
    High Cost Areas
    $1,243,050
    Alaska and Hawaii
    $1,864,575
    Units Three
    Low Cost Areas
    $651,050
    High Cost Areas
    $1,502,475
    Alaska and Hawaii
    $2,253,700
    Units Four
    Low Cost Areas
    $809,150
    High Cost Areas
    $1,867,275
    Alaska and Hawaii
    $2,800,900

    Please Note: These new limits apply to FHA loans with case numbers assigned on and after January 1, 2022 through December 31, 2022. will accept loan submissions with a 2022 higher loan amount and loans will be conditioned for the case information to be opened on or after January 1, 2022. This may cause delays in ordering the appraisal as there will not be a case number for you to provide the appraiser until after the case is ordered.

    Questions and Answers

    What is the difference between an Interest Rate & an Annual Percentage Rate?
    Your interest rate is the “Promissory Note Rate” which is reflected as the monthly borrowing cost you pay on the unpaid balance of your home loan. While similar, an Annual Percentage Rate (APR) reflects both your interest rate and the timing and effects of any certain additional costs or prepaid finance charges such as the origination fee, points, private mortgage insurance, underwriting and processing fees. (Your loan may not include all of the items above.)

    While your interest rate is the rate reflected on your Promissory Note, the APR is a universal measurement that can assist you in comparing the differing costs of mortgage loans offered by different mortgage lenders.

    What are “pre-payment penalties” and why would I have to pay them?
    A pre-payment penalty is a fee charged to the borrower for paying off their mortgage early. A pre-payment penalty is often attached to a loan in exchange for a slightly lower rate. Pre-payment penalties can benefit lenders by, among other things, discouraging refinancing if rates fall.

    We recommend you think twice before agreeing to mortgage containing a pre-payment penalty. No matter how enticing a lower rate or other terms may be, in the long run you may very well be better off paying the higher rate. Why? Because if you refinance or move during the pre-payment penalty period, such fees can be steep. It is Omniscient Real Estate Finance policy to not make mortgage loans that carry a pre-payment penalty.

    Are Omniscients Loan Officers licensed?
    Yes. Omniscient Real Estate Finance requires every loan officer and home buying specialist to be state and “SAFE Act” licensed and registered and has established measures to ensure that all personnel meet applicable state and federal licensing requirements as they are signed into law. Omniscient is committed to staying at the forefront of federally and state mandated changes that affect how lenders conduct business. We are able to adapt quickly to new requirements to ensure we are 100% compliant with lending requirements. We are highly supportive of our government’s efforts to protect consumers and reduce fraud in the mortgage industry and we are doing our part to put transparency back into lending.
    Should I refinance?
    To determine whether or not it is a good idea for you to refinance, you should look at your specific situation and your motivation for refinancing. The most common reasons to refinance are to reduce your rate and/or payment, convert from an adjustable to a fixed rate, or take cash out of your equity to payoff or consolidate debt or improve your home. If your objective is to reduce your rate and payment, you should review your current interest rate and see how much you can save with a zero point loan and then determine if it makes sense to pay points to reduce your rate further. If you are converting your adjustable rate into a fixed rate, you may actually see an increase in your rate and payment, but you’ll have peace of mind knowing your rate can never increase again. Though “cash out refinancing” requirements are more strict than they used to be, if you qualify to use the equity in your home to pay off or consolidate debt, your mortgage loan balance and monthly payment may go up, but you can save monthly because you will eliminate the other monthly obligations that you are paying off. Contact an Omniscient Real Estate Finance Professional who can help you determine whether or not refinancing makes sense for you.
    What if I have a second mortgage on my home? Can I still refinance?
    Typically, any second mortgages are paid off through the refinance. Omniscient will consolidate both loans into one new first mortgage and you will only have one payment each month. If you’d prefer to keep your second mortgage intact, we may be able to ask your second mortgage lender to remain in second position and allow us to refinance the first loan. This process is called subordination. Some second mortgage holders charge a fee for their subordinating their loan to a new one. Call one of our Mortgage Professionals today to see if you qualify for a refinance loan.
    How much can I afford?
    There are several factors that determine the home purchase price and loan amount that you can afford. For qualification purposes, lenders look at income, debt, assets (how much money you have for the down payment, closing fees, points, and other funds necessary to close your loan), as well as your credit standing and history. There are many different loan programs that offer different terms and rates, and some require lower down payments than others and offer more flexibility in dealing with your particular credit history and income. The best thing to do is to get pre-qualified so that you know what loan programs you qualify for, the price range you can afford, and what your monthly payments might be. Omniscient will pre-qualify you at no cost.
    How much of a down payment will I need to buy a home?
    Traditional conventional financing requires a down payment of 10% to 20% of the purchase price of the home. However, there are other loans available such as our FHA Program that allow you to buy a home with as little as 3.5% down payment. In addition to the down payment, you should be aware that there may be other costs and fees associated with purchasing a home. For example, there are closing fees, pre-paid interest, and paying items such as property taxes and homeowner’s insurance. Call and speak with one of our Mortgage Professionals to get all the details.
    Will I have to pay Private Mortgage Insurance (PMI)?
    PMI is usually required for any conventional loan that exceeds 80% of the value of your home. This is a standard Fannie Mae and Freddie Mac guideline, although there are programs available that do not require PMI. Call and speak with a Mortgage Professional to discuss your options.

    WHAT WE DO

    Ominiscient Out of the Box Real Estate Financing

    Omniscient real estate finance is a true “make since” mortgage broker versus a strict guideline lender. Everyone’s situation is different. Omniscient will provide tailored made financing or game plans for perfect or less than perfect credit within 24 hours. Whether it’s today or the near future you will receive unmatched customer service, rates, fees and the most innovative lending portfolio in the country guaranteed!

    100 mortgage programs

    We provide an innovative lending portfolio

    Competitive rates

    We partner with the top wholesale lenders in the country

    24 hour guarantee

    We provide phone calls, loan options and or game plans within 24 hours,

    Get Started Today!

    Beginning the loan application process? You're in the right place! Get started by setting up an account.

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