Purchase

There is a vast spectrum of home financing options available on the market today. When you are ready to apply for mortgage for purchase, the team at Nickel City Funding is here to help you find the financing that makes sense for you. Once we understand your priorities - whether it's a low down payment, fixed rate or otherwise - our mortgage professionals will help narrow your options. We work with clients in North Tonawanda, Hamburg, Amherst, West Seneca, Lancaster and all residents of New York. Check out an introduction to mortgage for purchase below and contact us to get started.

We offer conventional and nonconventional financing solutions. Conventional financing describes loans that are fully funded and insured through private lenders. They differ from non-conventional loans, which are insured through the federal government. Conventional loans traditionally have more stringent eligibility requirements than nonconventional loans and may require a larger down payment, but can save money over time. There are two main divisions of conventional loans: Conforming and nonconforming "jumbo" loans.

Conforming loans are repurchased through mortgage giants Fannie Mae and Freddie Mac. These government-sponsored entities (GSEs) are not government agencies, but they do set mortgage limits for conforming loans. In Niagara and Erie Counties, that limit is $424,100. Nonconforming loans exceed $424,100 and are known as jumbo loans. Jumbo loans typically require a larger down payment and often have adjustable rates (ARMs).

Nonconventional loans, like conventional loans, are fully funded through private lenders. However, they are insured through government agencies. This backing encourages lenders - like us - to approve a wider range of applicants. In the case of default, the government agency reimburses part of the loan. Common nonconventional loans include:

• FHA Loans - These loans have as low as 3.5% down payment and minimal credit requirements. They are sponsored through the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development. Nickel City Funding is an FHA-approved lender.
• USDA Loans - These loans are available through the U.S. Department of Agriculture for rural development. They have 0% down payments and are only available to qualifying low- and middle-income borrowers willing to purchase in designated rural or suburban areas.
• VA Loans - VA loans allow also have as low as 0% down payments. They are only available to clients who have served the country in certain arenas, including veterans, servicemembers, certain reservists, surviving spouses of veterans killed during service, and certain others.

When you are ready to look at mortgage for purchase, the team at Nickel City Funding is here to help. We have long-term experience helping local clients in North Tonawanda, Hamburg, Amherst, West Seneca, Lancaster and all residents of New York find mortgage for purchase that works for their unique needs. Contact us for a fast quote and start the journey to own a home.