American Bancshares Mortgage is an FHA approved lender. FHA is a government agency that was created in 1934 to help facilitate growth in loan opportunities, by allowing an alternative to purchase a home with as little as 3.5% down payment and less than perfect credit.
As little as 3.5% down payment- funds can be a gift from a family member.
Less than perfect credit score.
Flexible debt to income ratios.
Seller contribution to closing cost is allowed.
American Bancshares Mortgage is a Fannie Mae and Freddie Mac seller/servicers. We offer a variety of conforming mortgage loan products.
No upfront mortgage insurance.
No mortgage insurance with 20% down payment or lender can pay for your monthly mortgage insurance.
Competitive interest rates.
Allows for higher loan amounts.
American Bancshares Mortgage is a qualified VA Lender. In 1944 the US government created a military loan guarantee program to help qualified service member’s purchase a home.
Zero down payment.
No mortgage insurance.
Competitive interest rates.
Easy qualification criteria.
American Bancshares is a USDA guaranteed approved lender. USDA loans provide low to moderate income borrowers affordable housing options, must meet certain eligibility guidelines.
Zero down payment.
No cash reserves.
Finance closing cost.
American Bancshares offers jumbo loans. Discuss your financing options with one of our mortgage professionals.
American Bancshares Mortgage offers reverse mortgages to those that are 62 or older. HECM works like an annuity and can help you tap into the equity and enjoy a better quality of life through retirement.
Take out your equity now.
Eliminate mortgage payments.
American Bancshares mortgage is an FHA approved direct endorsed mortgage lender, we offer Fha rate and term refinance and streamline refinances.
Rate term refinance available up to 97.750%
Streamline refinance does not require and appraisal.
Cash out available depending on type of refinance.
American Bancshares Mortgage is a FNMA seller servicer, we offer conventional rate term refinance and also cash out refinance.
Maximum loan amount $484,350.
LTV restrictions depending on type of refinance.
Eliminate PMI if your home has appreciated in value.
Cash out of the property if you have enough equity.
American Bancshares is a VA approved mortgage lender, we offer Interest rate reduction loans known as IRRL and and cash out loans as well.
American Bancshares Mortgage is here to help you make your dream of homeownership a reality; it all begins with our online stress-free mortgage application.
Buying or refinancing a home does not have to be stressful, we have taken out the stress and replaced it with joy- at American Bancshares the mortgage application process is joyful!
The best way to start the process is to gather all your financial documents, for the borrower and co-borrower, speak to your Mortgage Loan Originator and complete the online mortgage application. Additional documents may be needed later in the process.
Copy of your Social Security card
Copy of your Driver’s License
Copy of your Resident Alien Card, if not a US Citizen
Your IRS 1040 Tax Returns for the most recent two years, include all schedules and attachments
If self-employed- year to date profit and loss statement, plus signed returns for the last two years
Your IRS Form W2's and/or 1099's for the most recent two years
Most recent consecutive 30 days’ pay stubs (if applicable)
If you receive any other income provide information- pension, social security, child support, stocks, bonds, dividend
Name, address, telephone numbers for all employment held during the past two years. If a gap of employment greater than 30 days exists, detail dates and reason for gap.
Bank statements for the most recent two months be sure to provide all pages front and back
Provide source of funds for any large deposits not part of your employment income
Investment account statements for the past two months (if applicable)
Retirement account statements for the past two months (if applicable)
Copy of escrow check pursuant to a Purchase and Sale Agreement (if applicable)
Copy of Bankruptcy Discharge (if applicable)
Copy of Divorce Decree and Settlement Agreement (if applicable)
Copy of Child Support document (if applicable)
Copy of Litigation (if applicable)
Mortgage account information
Home insurance policy information
Home equity account information (if applicable)
Copy of most recent Survey (if applicable)
Owners Title Policy
Copy of fully executed Purchase and Sale Agreement with all addendums and copy of earnest money deposit
Certificate of Eligibility, if you are applying for a VA loan
Letters of explanation for any derogatory credit events such as foreclosure, short sale, judgments, collection and / or late payments
Landlord information for the past two years: Name, Mailing address, Phone Number, Email Address
Paper Trail for Gift funds: Talk about down payment with your mortgage loan originator- if part of the money for your down payment or closing cost is coming from a gift discuss with mortgage loan originator. There are specific rules and instructions on how to handle gift funds
Additional monthly debt that is not reported on your credit report: IRS payments, child support, private loans, etc
When asked for documents always provide them promptly, provide all pages front and back,never cross out or alter the documents in any way
Documents often expire, therefore you might be asked for upated documents during the process
Do not apply for new credit, or make huge purchases during the loan process
Start shopping around for Homeowners and Flood insurance quotes if applicable
All bank statements will be scrutinezed and any funds outside of employemnt income will be questioned and an explanation of the souce will be requested
Your Social Security Number
Address of the home being purchased or refinanced
An Estimate of the home’s value
The loan amount you want to borrow