You’ve come to the right place to find out more information on mortgage programs available exclusively to Attorneys practicing in Houston.
A attorney mortgage is a specialized home mortgage financing program available only to attorneys, paralegals and select other professionals in the legal field for the purchase of their primary residence. It is not a conventional mortgage nor a jumbo mortgage.
A conventional mortgage is the most common type of mortgage. It is a conforming mortgage that is eligible for purchase on the secondary market, primarily by government entities Fannie Mae or Freddie Mac. The current limit for conventional mortgages in Houston is $417,000, as is the case in most of the country. Any mortgage over this limit is considered to be a jumbo mortgage.
For most borrowers, financing more than $417,000 means they are subject to jumbo mortgage approval.Due to the lack of conformity and government insurance, jumbo mortgages are a high risk for lenders and come with very strict credit, down payment and income requirements.
Attorney mortgage are portfolio mortgage products. This means that the lending institution making the mortgage is going to keep and service the mortgage. This allows the bank the flexibility to determine it’s own underwriting and risk thresholds. What does this mean for you? It results in more liberal mortgage guidelines for Attorneys, as your ability to repay your mortgage is higher than the average jumbo mortgage candidate.
Alternatively, conforming mortgages are typically sold on the secondary market, so the originating bank is not likely going to be the one who services the mortgage.
Attorneys, especially those who have been in their career for less than seven years, will see rapid and dramatic income increases. There are several mortgage programs that will allow you to make principle reductions without refinancing your mortgage as your income levels rise, and this specialized mortgage product may be the best fit for you.
Fill-out the quick form below and I will connect you with a trusted mortgage lender who specializes in Attorney mortgage. I will also send you my home buying guide so you know what to expect, every step of the way. You can also contact one of great Realtors, Mari Fair at 713-597-6881 or [email protected], if you’d like to talk with someone immediately.