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Mortgage Types

kansas city conventional loan

Freedom Loan

The Freedom loan exclusive at A1 Mortgage can pay your home off in less than 10 years all without changing your spending habits. Pay your principal first and save thousands in interest!

kansas city conventional loan

Conventional

A conventional mortgage loan, also called a conforming loan, is a traditional loan that follows the guidelines set by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.

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  • Loan Amount: 1 unit $453,100, 2 unit $580,150, 3 unit $701,250, 4 unit $871,450
  • Terms: 1 – 30 Years
  • Financing (Purchase or Refinance): up to 97% of loan value
  • Financing (Cash Out) Option: up to 80% of loan value
  • No mortgage insurance options on all conventional programs
  • No appraisal required on special conventional programs
kansas city va loan

VA Loans

VA loans have low or no down payment options available and do not have a mortgage insurance requirement resulting in lower monthly payments compared to other options.

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  • Loan Amount: up to $1,000,000
  • Terms: 1 – 30 Years
  • Financing (Purchase or Refinance): up to 100%
  • Financing (Cash Out) Option: up to 100% of loan value
  • No mortgage insurance required
  • No appraisal required (VA Interest Rate Reduction loans)
  • Zero closing cost option
  • Interest rate reduction loans (VA Refinance)
kansas city FHA loan

FHA

FHA mortgages offer down payments as low as 3.5%, which can include the use of gift funds. You do not need to meet low-to-moderate income requirements to qualify for this government insured loan.
 

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  • Loan Amount: (Metro) 1 unit $318,550, 2 unit $407,800, 3 unit $492,950, 4 unit $612,600
  • Loan Amount: (Non-Metro) 1 unit $275,650, 2 unit $352,925, 3 unit $426,600, 4 unit $530,125
  • Terms: 1 – 30 Years
  • Financing (Purchase): up to 96.5% of loan value
  • Financing (Refinance): up to 97% of loan value
  • Zero closing cost option
  • Financing (Cash Out) Option: up to 85% of loan value
  • No appraisal required (Streamlines and HUD homes)
  • $100 cash investment program on purchase
kansas city usda loan

USDA

A USDA loan is special type of a zero down payment mortgage that eligible homebuyers in rural and suburban areas can get through the USDA Loan Program, which is backed by the USDA.

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  • Loan Amount: Max loan amount based on income
  • Terms: 30 Years only!
  • Financing (Purchase or Refinance): 100%
  • No appraisal required (Refinance)
  • Zero closing cost option
kansas city jumbo loan

Jumbo Loans

Financing is available up to 97% Financing of your home’s value with no mortgage insurance for a purchase or refinance with no cash back and up to 80% on a cash-out refinance.

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  • Loan Amount: $453,101 – $2,500,000
  • Terms: 1 – 30 Years
  • Financing (Purchase or Refinance): up to 90% of loan value
  • Zero closing cost option
  • No mortgage insurance option
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At A1 Mortgage in Kansas City, there is never an application fee and rest assure that your information is 100% secure and private on our website. The application does not take long.

Glossary Of Terms

 

Purchase

is an agreement or contract to buy a property from an individual known as a seller.

Home Improvement

is a type of loan in which the borrower uses the equity in their home to make future improvements which can also improve the value of the home.

Debt Consolidation

is a popular way to consolidate debt from your homes equity. This option usually saves borrowers hundreds or even thousands per month and is generally tax deductible.

Cash Out

is the process of refinancing your existing mortgage plus additional cash from your homes equity. Use this cash to eliminate debt,  deposit into  your checking or savings account, take a vacation, etc.

Refinance

is the process of paying off your existing mortgage with a new mortgage. Typically, you refinance your mortgage to reduce your interest rate and monthly payment or change the length (or term) of your mortgage.

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