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Cornerstone home lending plus#

The loan converts to a regular mortgage near the end of the construction process.Īlthough Cornerstone doesn’t have special home loans for first-time homebuyers, its loan officers will investigate whether you qualify for assistance from a state program. Construction-to-Permanent (C2P): Cornerstone’s construction-to-permanent loan begins as a construction loan to finance the cost of building your new home.Although the “conforming” limit varies somewhat by location, it generally refers to loans up to $50,400. Jumbo: Cornerstone offers jumbo loans for buyers who need to borrow more than a conventional loan allows.You can buy with $0 down once you have your Certificate of Eligibility. VA: Veterans Affairs-backed loans are a good choice for vets and their qualified family members.

Cornerstone home lending plus#

Although you can buy with no money down, you’ll have to pay an upfront guarantee fee plus an annual fee. It’s a loose definition that includes many suburban locations. Department of Agriculture guarantees loans for lower income buyers purchasing a home in locations the USDA designates as being rural. This loan piggybacks your mortgage loan to cover the cost of renovations.

203(k) Rehab: The 203(k) rehab loan is another FHA-backed product Cornerstone offers.

If you go the FHA route for a Cornerstone loan, you’ll pay an upfront funding fee, which you can roll into the loan, plus a mortgage insurance premium.

FHA: Buyers with less than 5% to put down and those who don’t qualify for conventional funding might get financing from a loan backed by the Federal Housing Authority.

Putting 20% down lets you avoid mortgage insurance premiums.

Conventional: You’ll need a 5% down payment and a credit score of 640 for a conventional mortgage from Cornerstone.

Here are the different types of loans Cornerstone offers: They also offer many types of mortgage loans for home purchase.

Buyers purchasing a home in need of repairsĬornerstone has offices in 22 states and is licensed to operate in 41 states.

Tech-savvy buyers comfortable with online transactions.

Cornerstone mortgage refinancing review.

You’ll also need to determine whether the lender has a loan product that meets your needs.

But positive reviews aren’t the only factor to consider when you’re looking for a mortgage lender. They also offer special assistance to first-time buyers.Ĭornerstone’s reviews from Google and Facebook are mostly positive, too. NMLS # 1681276, is referred to here as "Credible."Ĭornerstone Home Lending offers the usual roundup of mortgage purchase loans, plus a construction-to-permanent loan that you won’t usually find at other mortgage companies. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Our goal is to give you the tools and confidence you need to improve your finances.