Licensed Mortgage Broker
Serving the state of Florida

 

Swiftly move from prequalification to closing with a home mortgage
tailored to your personal needs and situation. From first time buyers
to one time closing home construction, Glory Mortgage has the loan
you need and the service you deserve.

 

Step one: Apply now.

Step two: Authorize a Credit Report.

Step three: Say hello!

Contact us any time, before during and after.
The best mortgage for you is one you understand.

Featured Mortgages

Conventional Conforming Home Mortgage

Every mortgage is as unique as the borrower and home we bring together, yet all follow appropriate
guidelines to ensure the financial health of the borrower. Conventional Conforming Mortgages
are standard bearer home loan. These mortgages offer the most favorable terms to well qualified buyers.

Qualifying terms are determined by Fannie Mae and Freddie Mac, who have developed specific criteria for
underwriting these home loans. FICO Credit Scores qualify starting at 630, with Debt-to-Income ratios under 50%.
The best terms and rates are reflected by higher FICO scores and lower debt. Conforming loans
are those which stay within locally determined pricing guidelines. As a national rule, Conforming Loans may
cover mortgages up to $548,250 per Fannie Mae’s 2021 guidelines.

Key mortgage terms:

  • Debt-to-Income (DTI): Debts due to be paid, usually monthly. Can include car payments, student loans, credit cards, and other installment payments.

  • Front end DTI: This breakdown looks at how much of the borrower’s income goes to paying housing expenses (mortgage, rent, insurance etc.) every month. A typical ratio will be 28% of your income.

  • Back end DTI: This ratio includes all possible debt payments due each month in the interest of securing your future financial health. This ratio is typically 50% of a borrower’s income to leave sufficient income for life’s other expenses.

  • Loan-to-Value (LTV): This is the ratio of the loan taken out as a mortgage and the appraised value of the home. This value is determined by a certified, third-party appraiser and reflects the condition of the house and the market. LTV changes based on the amount of the down payment and how much the loan principle has been reduced by monthly payments.

  • No ratio is fixed! Each pair of home and buyer is unique, and each set of circumstances can be evaluated on their own. These guidelines are in place to protect both borrower and lender, but with good reason and proper documentation a wide range of possibilities are open. Don’t be
    discouraged from pursuing your home before contacting a Licensed Mortgage Loan Originator!

 

Know your score!

Knowledge is power, and the key to home ownership. Check your FICO score
for free at CreditKarma.com

FHA Insured Mortgage Loans

The U.S. Department of Housing and Urban Development (HUD), via the Federal Housing Administration (FHA)
works to promote home ownership throughout the United States by insuring home mortgages. This insurance allows lenders to offer home loans to those who may not qualify for a conventional home mortgage. First time home owners frequent this mortgage program thanks to its lower requirements for down payments and established credit.

Working with select lenders, the FHA has established guidelines that allow borrowers to qualify for a home mortgage with as little as 3.5% down payment, or a credit score as low as 500. Those working to reestablish credit after bankruptcy may qualify after two years, or even as little as only one year with extenuating circumstances.

These programs are targeted at helping everyone! While many believe these programs are limited to first time home buyers, or those with financial needs, any borrower may qualify for an FHA loan.

Key FHA mortgage terms:

  • Mortgage Insurance Premium (MIP): This FHA program is able to continue helping provide this service to homeowners through the MIP. This premium is calculated on an annual basis, varying between 0.45% to 1.05% of the LTV, but divided into the mortgage monthly payments. Depending on the down payment and life of the loan, the insurance may be needed for the duration of the loan or may be terminated after 11 years.

  • Up Front Mortgage Insurance Premium (UMIP): Due at closing, the UMIP is calculated on the same basis as the annual MIP. This portion of the mortgage insurance may be rolled into the mortgage, or be paid separately.

 

Eliminate Guesswork!

Work with a Loan Originator who is willing to instruct and guide borrowers. Have confidence in your path home.

One Time Close Construction Mortgages

Building a new home is a phenomenal experience. Closing is an experience that should happen once. The typical construction mortgage process can involve multiple loans at different stages of construction, from ground breaking to moving in. A One Time Close mortgage allows you to utilize a single loan to cover the entire process of construction, allowing you to focus on what matters.

Select a One Time Close mortgage for the peace of mind that stability brings. Know your rates and terms before you ever break ground. Have the financing available to cover each step. And skip the head ache of applying for repeated loans for each phase of building your dream.