Spectrum Mortgage Services
Aaron Campbell
President I have been in the mortgage business since 1998, and co-founded Spectrum Mortgage Services in 2003. Being an independent broker allows for extremely competitive pricing and access to loan programs from multiple lenders, which means the best rate and program for you. Spectrum has access to a number of programs that include VA, FHA, Conventional, Jumbo, and USDA. Down payment assistance programs are also available. In some cases, you can get into a home for zero down.
It is my mission to give personalized service by staying in good communication throughout the loan process, and by ensuring that you have a clear understanding each step of the way. It is important to me that everything makes good sense to you, and that you are happy with your terms. Over the years, I have grown my business by treating my clients as friends and family, and by getting word-of-mouth referrals from happy customers. I look forward to working with you!
Financing Program Guideline Quick Reference Guide
|
Guideline |
FHA |
USDA |
VA |
Conventional |
HomeReady Conventional |
Within Reach FHA |
Within Reach Conventional |
|
Credit Score |
500/No Score |
620/No Score |
500 |
620 |
620 |
620 |
620 |
|
Max Loan Amount |
$322,00 |
N/A |
$453,100 |
$453,100 |
$453,100 |
$322,000 |
$453,100 |
|
Down Payment |
3.5% |
$0 |
$0 |
3% Min. |
3% |
3.5% +1% toward closing costs and pre-paids |
3.5% +1% toward closing costs and pre-paids |
|
Mortgage Insurance |
1.75% upfront; .85% monthly |
1.0% upfront; ..35% monthly |
2.15% 1st time use; 3.3% subsequent use (can be lower w/ down payment or zero w/ VA Disability) |
Varies by credit score *MI buyout option* |
Varies by credit score *MI buyout option*
|
1.75% upfront; .85% monthly
|
Varies by credit score *MI buyout option*
|
|
Max Seller Concessions |
6% |
6%
|
4% (Can be higher) |
3%
|
3%
|
6%
|
3% |
|
Income Limits |
No |
By county |
No |
No |
By county |
By county |
By county |
|
Must be 1st Time Homebuyer |
No |
No
|
No
|
No
|
No
|
No
|
No
|
|
Additional Fee |
No |
No |
No |
No |
No |
1% + $500 Proc |
No |
|
Foreclosure/ Short Sale Eligibility |
3 Years (From sherrif's sale date) |
3 Years |
2 Years |
7 Yrs. Foreclosure 4 Yrs. SS |
7 Yrs. Foreclosure 4 Yrs. SS |
3 Years |
7 Yrs. Foreclosure 4 Yrs. SS |
|
Bankruptcy Eligibility |
Ch7=2 yrs; Ch13=1yr of pymts and trustee approval |
Ch7=3 yrs; Ch13=1yr of pymts and trustee approval |
Ch7=2 yrs; Ch13=1yr of pymts and trustee approval |
Ch7=4 yrs Ch13=2 yrs |
Ch7=2 yrs; Ch13=1yr of payments and trustee approval |
Ch7=2 yrs; Ch13=1yr of pymts and trustee approval |
Ch7=4 yrs Ch13=2 yrs
|
|
Gift Funds |
Acceptable |
Acceptable |
Acceptable |
Acceptable |
Acceptable |
Acceptable |
Acceptable |
|
Collections |
Follow DU |
Follow GS |
Follow DU |
Follow DU |
Follow DU |
Follow DU |
Follow DU |
|
Deferred Student Loans |
Must include in DTI/1% of balance |
Must include in DTI/1% of balance |
Can exclude payment if "deferred" longer than 12 months past closing |
Must include in DTI |
Must include in DTI |
Must include in DTI |
Must include in DTI |
*Program Guidelines are subject to change
"Thank you so much for your help & guidance with getting everything money-related ready for our new home! From the beginning we felt very comfortable with you & we trusted you, and you never let us down. We were very happy with the services & will recommend you to anyone!"
by Jacob & Melissa"I'm not sure a thank you is enough for you to understand how much we appreciate all you have done for us. Two years ago when we started our journey we knew it would be hard - but trusted that it would work out. I'm confident that you are the reason that it did! Our family would have a very different outlook right now without you and we will never forget that. From the bottom of our hearts, we appreciate you and your hard work."
by Rob & Lisa"We cannot thank you enough for helping us with our mortgage, and making our move so much easier. We feel so blessed! We couldn't have done it without you! Thank you!"
by Jason & Sara"Thank you so much for all your hard work with the appraisal, mortgage, and title companies. We are so excited to be moved in and begin making this place our home. You and your team have made the process so smooth and we are so thankful for your customer service."
by Nick & Ally"We so appreciate all of your hard work, patience, & detailed explanations for us first time homebuyers. We are so thankful for your awesome team!"
by Justine & Jordan"Words are simply not enough to express our gratitude for all your efforts!! We thank you for your kindness and support as we begin a new chapter in our lives..."
by Julie & Adam
