Discover the Best Home Buying Programs
with Ambassador Mortgage
At Ambassador Financial Services, Inc, AKA Ambassador Mortgage, we understand that purchasing a home is one of the most significant investments you’ll make. That’s why we offer a variety of home-buying programs through our lending partner, UWM, designed to meet the unique needs of every borrower. Whether you’re a first-time homebuyer, an investor, or someone looking to refinance, our programs provide the flexibility and support you need to achieve your homeownership dreams.
Loan Programs We Offer
1. Conventional Loans
Conventional loans are ideal for borrowers with good credit and a stable income. These loans offer competitive interest rates and flexible terms, making them a popular choice for many homebuyers.
2. FHA Loans
Federal Housing Administration (FHA) loans are perfect for first-time homebuyers or those with less-than-perfect credit. With lower down payment requirements and more lenient credit criteria, FHA loans make homeownership more accessible.
3. VA Loans
If you’re a veteran, active-duty service member, or eligible surviving spouse, a VA loan can be an excellent option. These loans, backed by the Department of Veterans Affairs, offer no down payment and no private mortgage insurance (PMI) requirements.
4. USDA Loans
For those looking to buy a home in rural areas, USDA loans provide 100% financing with no down payment. These loans are backed by the U.S. Department of Agriculture and are designed to promote homeownership in less densely populated areas.
5. Jumbo Loans
If you’re looking to purchase a high-value property, a jumbo loan might be the right fit. These loans exceed the conforming loan limits set by Fannie Mae and Freddie Mac and are available for borrowers with strong credit and higher income.
6. Adjustable-Rate Mortgages (ARMs)
ARMs offer lower initial interest rates compared to fixed-rate mortgages. These loans are ideal for borrowers who plan to sell or refinance before the adjustable period begins.
Ongoing Programs You Should Not Miss
0% Down Purchase Program
Our exclusive 0% Down Purchase Program allows you to get into a home quicker without a down payment. This program follows Home Possible® guidelines, making it easier for underserved borrowers to achieve homeownership. The down payment is provided as a 2nd lien against the subject property, bearing a 0% interest rate.
Key Features of the 0% Down Purchase Program:
- Down Payment Assistance: Receive a 3% down payment assistance loan, up to $15,000, from UWM. This assistance is provided as a second lien mortgage with no monthly payment requirement and no interest accrual.
- Eligibility: You must have a minimum FICO score of 620 and meet Home Possible® guidelines. The loan must be an LPA Accept and meet Home Possible® guidelines with a minimum LTV of 95% and a maximum LTV of 97%.
- Income Limits: Your income must be at or below 80% of the Area Median Income (AMI) for the address of the property you are buying. For very-low-income borrowers whose qualifying income is at or below 50% AMI, you will receive a $2,500 credit as part of the 3% assistance. This credit does not need to be repaid and lowers your debt obligation from the second lien
- Repayment Terms: The second lien is due in full as a balloon payment upon refinance or final payment of the mortgage, or a payoff. Payments on the second lien can be made throughout the loan term, but are not required.
- Property Types: Eligible properties include 1-unit single-family homes, PUDs, and condos. Manufactured homes are not eligible for this program.
This program allows you to use additional funds for home repairs or emergency savings, making homeownership more accessible and sustainable.
RefiNow
RefiNow is designed to help you refinance your existing mortgage to a lower interest rate, even if you have limited equity in your home. This program can help reduce your monthly mortgage payments and provide financial relief.
Key Features of RefiNow:
- Eligibility: You must have a Fannie Mae-backed loan and income at or below 100% of the Area Median Income (AMI). The loan must be conventional and owned or securitized by Fannie Mae.
- Interest Rate Reduction: You must have a reduction in interest rate of at least 50 basis points.
- Monthly Payment Reduction: You must have a reduction in the monthly payment that includes principal, interest, and the mortgage insurance payment (if applicable) of at least $1.00.
- Loan Terms: 30-year fixed loans with an LTV up to 97% are available.
- FICO Requirements: You must have a minimum FICO score of 620.
- Mortgage Insurance: For loans over 80% LTV, mortgage insurance is required. The coverage varies based on the LTV ratio.
- Temporary Buydowns: Temporary buydowns are not available for this program.
- Fees and Costs: Cash-out is limited to less than or equal to $250. Excess proceeds may be applied as a curtailment on the new loan.
This program is an excellent option for homeowners looking to reduce their monthly mortgage payments and take advantage of lower interest rates
Why Choose Ambassador Mortgage?
At Ambassador Mortgage, we are committed to providing personalized service and expert guidance throughout the home buying process. Our team of experienced mortgage professionals will work with you to find the best loan program to fit your needs and financial situation.
Build Your Future with Ambassador Mortgage
