Loan Programs

 

From conventional to jumbo loans and everything in between, the Kevin BlairTeam has just the right program for your needs.

FHA LOANS

FHA Loans are geared toward hard-working families in low- to moderate-income brackets. Down payments are lower than conventional mortgages. And you can choose from various terms with fixed or adjustable rates. 

Requirements:

  • Allows you to purchase a home when you have limited resources

  • Ideal for first-time homebuyers from low- to moderate-income families

  • Purchase a home using a lower down payment

  • Down Payment: 3.5% of the final loan amount.

  • Terms: 10, 15, 30 years, fixed and ARMs.

  • Credit Score: 500 minimum.*

  • Mortgage Insurance: Yes, one-time, up-front and monthly.

  • Maximum Loan Limit: Yes, varies by county.

VA LOANS

 

We thank our military veterans by serving them and their families proudly.

Veterans and widowed spouses are eligible for special VA Loans that are tailored to make homeownership more attainable for those who have logged military duty serving our country.

We provide access to government-backed VA Loans because you and your family deserve a helping hand. You don't have to worry about a down payment or mortgage insurance. This mortgage keeps more money in your pocket every month. 

Requirements:

  • Choose from various term options and fixed or adjustable rates.

  • Enjoy lower monthly payments because you won't need to pay mortgage insurance.

  • Get 100% financing with no down payment requirements.

  • Down Payment: None.

  • Terms: 15, 20, 25, 30 years, fixed and ARMs.

  • Credit Score: 580 minimum.

  • Mortgage Insurance: No.

  • Maximum Loan Limit: Yes, varies by county.

Down Payment Assistance Programs

THDA | Great Choice Home Loan

If you qualify for a Great Choice Home Loan, you can apply for financial assistance with your down payment and/or closing costs.

Financial assistance comes in the form of a second mortgage loan on your home. There is no interest on this second loan, and you don't have to make any monthly payments on it either. You only have to pay it back when you sell, move out of, or refinance your home. And in certain circumstances, this second loan can be forgiven, meaning you don’t have to pay it back at all.

Requirements:

  • Available as a 15-year or 30-year option with a fixed rate.

  • Finance 100% of your home with no down payment requirement.

  • The loan's income eligibility cap varies by community.

  • Down Payment: none.

  • Terms: 15 or 30 years, fixed rate.

  • Credit Score: 640 minimum.

  • Mortgage Insurance: Yes.

  • Maximum Loan Limit: Yes, varies by county.

USDA | Rural Development

The United States Department of Agriculture (USDA) subsidizes qualified borrowers through the Rural Housing Loan. 

The USDA determines what "rural" means, and that varies widely by state. But if you're eligible, you can qualify for lower monthly payments and you don't need money for a down payment.

You'll also spend less time in traffic driving to the closing. 

Requirements:

  • Available as a 15-year or 30-year option with a fixed rate.

  • Finance 100% of your home with no down payment requirement.

  • The loan's income eligibility cap varies by community.

  • Down Payment: none.

  • Terms: 15 or 30 years, fixed rate.

  • Credit Score: 620 minimum.

  • Mortgage Insurance: Yes.

  • Maximum Loan Limit: Yes, varies by county.

JUMBO LOANS

 

Go big or go home. You don't do anything small. That includes your mortgage.

Jumbo Loans are the answer when you need to finance more than Fannie Mae's, Ginnie Mae's and Freddie Mac's conventional loan limits of $510,400. 

These mortgages come with stricter guidelines due to higher loan amounts. But you can handle it. You know what you want and how to get it.

That's why you have your eye on that king-size chalet in the first place. 

Requirements:

  • You can scoff at conventional loan limits and borrow some serious money.

  • Make sure you have your finances in order or you're not eligible.

  • Choose from 15- or 30-year terms with fixed or adjustable rates.

  • Down Payment: 20% of the final loan amount.

  • Terms: 15, 30 years, fixed and ARMs.

  • Credit Score: 720 minimum.

  • Mortgage Insurance: No.

  • Maximum Loan Limit: $2.5 million.

What Our Clients Think...

Element Funding is a Division of Primary Residential Mortgage Inc. PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval.  Terms and conditions apply. Programs, rates, terms and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend.  TN-Department of Financial Institutions 109282.  Alabama Banking Department Bureau of Banking MC 20316.

Element Funding | Branch 5383 | NMLS 1692728

5617 Highway 153, Suite 201

Hixson, Tennessee 37343

Phone • (423) 488-7571-7 days a week

Branch - (423) 451-4814

Email • KevinBlair@elementfunding.com

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