W. Leslie Long

NMLS #1368562

Cell: 254-722-4940

USDA

Fannie Mae loan programs are best used when a borrower has good credit scores and some down payment money saved. It provides for the lowest amount of closing costs in a transaction. This program normally requires monthly mortgage insurance, but can be avoided or bought out in certain circumstances. This is the most popular of all mortgage programs and is available for purchase or refinance transactions. If you have down payment money and good credit, this is the loan program for you. 

These are referred to as "Government" loans and they are very widely used in today's mortgage market.

An FHA loan may be suited best for someone that does not have perfect credit or has limited funds for down payment and closing costs. FHA loans have upfront mortgage insurance as well as monthly mortgage insurance. The upfront mortgage insurance is normally financed into the loan amount.  

VA loans are for active duty or retired veterans and their families. Eligibility for a VA loan can be determined by your mortgage lender. This type of loan provides for minimal down payment, but it does require a Upfront Funding Fee that can be financed into the loan amount. It does not have any monthly mortgage insurance fees.

USDA loans are mortgages backed by the US Dept of Agriculture as part of its USDA Rural Development Guaranteed Housing Program. USDA loans require the subject property to be in specific areas deemed to be rural. This loan program provides for minimal down payment, but does require monthly mortgage insurance and an upfront 1% Funding Fee that can be financed into the loan amount. USDA also has relaxed guidelines concerning acreage and property type compared to other loan programs. You can search an eligibility map here. USDA Map

The SETH 5 Star Texas Advantage Program provides eligible home buyers several options for a loan program that meets their needs. Buyers can get a long term fixed rate mortgage and a grant to be used toward down payment and closing costs associated with their home purchase. Grants range from 3% - 6% and are not required to be repaid. They are also not 2nd liens. Income limitations do apply according to the location of the subject property. Click on the link below for more information.


SETH Info Video



Two little-known home loan programs offer solutions to buyers and home owners that want to renovate their property. Fannie Mae and FHA have home renovation mortgage programs that allow buyers to borrow based on what the house is expected to be worth after the home rehab is completed. Homeowners can use the programs to refinance their existing mortgage plus the renovation costs into one loan. FHA's 203(k) program and Fannie Mae's Homestyle program have been around for years, but not many lenders offer the programs. However, we have access to them both and they can be the perfect solution to your home rehab project.


SETH Down Payment Assistance

W. Leslie Long SMP Mortgage Waco Texas

FHA / VA

Loan Depot Programs

SMP Mortgage Waco Texas W Leslie Long

​Fannie Mae

"Fixer Upper" Renovation Loans

820 Lake Air Dr

Waco, TX 76710

USDA Eligibility Map of McLennan County

​The areas in yellow are ineligible for USDA financing.