Lawhorn & Associates Mortgage Company has purchase mortgage products for property types for a primary residence, investment property or second/vacation home.

Conventional loans (Fannie Mae and Freddie Mac) terms on fixed rate products are for periods of 10, 15, 20, 25 and 30 years.

Click here for current mortgage rates in Huntsville, Al.

Adjustable rate products are on terms of 3/1, 5/1, 7/1 and 10/1 terms that are amortized over 30 years but can be adjusted according to the term product length.

The minimum FICO credit score required on conventional loans is 620.

The minimun down payment on a primary residence property conventional loans is 5% of the purchase price.

The minimun down payment on a second home/vacation property conventional loans is 10%.

The minimun down payment on a investment property conventional loans is 20%.

The maximun loan amount on conventional loas is $424,100.

Jumbo loans Loan amounts greater than $424,100 are Jumbo loans.

The minimum FICO credit score required on Jumbo loans is 620.

The minimun down payment on a primary residence property Jumbo loans is 5% of the purchase price.

The minimun down payment on Investment and second home/vacation property Jumbo loans is 25%.

FHA

FHA loan terms on fixed rate products are for periods of 15 and 30 years.

FHA also has an adjustable rate product on a 5/1 term.

The minimum FICO credit score required on FHA loans is 620.

The minimun down payment on a primary residence property FHA loan is 3.5% of the purchase price.

The maximum loan amount on FHA loans in Alabama is $275,665.00.

VA

VA loan terms on fixed rate products are for periods of 15 and 30 years.

VA loans do not require a down payment. VA loans do require mortgage insurance.

Minimun credit scores on VA loans are considered on a case-by-case basis. Maximum loan limits on VA loans is $424,100.

VA Jumbo loans amounts are for loans greater than $424,100.

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