About lender
DHI Mortgage is a company that provides a seamless homebuying experience. The company is a relatively small lender that offers assistance with buying a home or refinancing.
DHI Mortgage Company, Ltd was established in 1977 by Donald R. Horton in Fort Worth, Texas. Initially, the company was engaged in the construction of houses. Then the company had a subsidiary company DHI Mortgage, which began to finance houses. The company intends to help people get their housing in a simple and fast way. The company believes that buying your own home changes people's lives.
The company's main office is in Fort Worth, Texas. DHI Mortgage Company, Ltd also operates in 32 more states. Unfortunately, you cannot use D.R Horton financial solutions online.
Pros and cons
Pros
A big number of D.R.Horton financial solutions for homebuyers
Help from a personal mortgage loan originator
The company allows several payment methods
The company gives equal housing opportunities since the company is an Equal Housing Lender.
Cons
The exact interest rate is not specified
Your loan is likely to be transferred to another company
You cannot go through the entire application process online.
Terms and conditions
The company's loans have a feature. The company practices transferred loans. DHI Mortgage sells or transfers most of its issued loans. The company's website states that the mortgage sale allows the company to issue loans to more customers. Your transferred loans will become the property of other lenders, and you will be able to find out which company will become your lender 15 days before the day of transfer of your loan. You can calculate your monthly DHI Mortgage payment using the DHI Mortgage calculator. Along with the mortgage payment, you will also pay taxes. Taxes are paid the same as monthly mortgage payments.
Conventional loan
Conventional loans are provided by private lenders, not government organizations. Due to this, this mortgage has a higher maximum loan amount. The maximum loan amount depends on the state in which you purchase a house, but it usually amounts to more than $ 500,000. The minimum down payment for this loan is 5% of the loan amount. You also need to pay homeowners' insurance if your down payment is less than 20%. Exact figures are not specified, but the conventional loan interest rate is higher than for government-backed loans.
FHA loan
These loans are insured by the Federal Housing Administration (FHA). The minimum down payment for this mortgage is 3.5% of the loan amount. This loan is designed for people with low-to-moderate annual income. Therefore, the maximum amount that you can take is less.
VA loan
VA loan is guaranteed by the U.S. Department of Veterans Affairs. This mortgage is suitable for active military personnel, veterans, and eligible surviving spouses. This loan provides 100% financing. This means that you are not required to make a down payment and pay PMI. Also, the interest rate for this loan is lower than for other loan options.
USDA loan
The U.S. Department of Agriculture (USDA) helps families who buy a house in rural areas to get financing. This loan provides 100% financing without necessarily a down payment and PMI payments.
ARM loan
An Adjustable Rate Mortgage (ARM) is a mortgage with a fluctuating interest rate. The rate varies depending on market conditions. The rate is usually lower than in fixed-rate credit options.
Jumbo loan
A jumbo loan is a conventional loan with higher limits on the loan amount. This loan is regulated by the Freddie Mac and Fannie Mae program. This loan has an interest rate higher than other mortgage options. This loan requires a 20% down payment. Depending on the lender you will be working with, you may or may not have PMI payments.
Funding a loan
You will receive your funds from the D.R. Horton mortgage to the bank account that you link to your company account. You can link several of your checking and savings accounts and choose which account is more convenient for you to receive money. Usually, for other landers, this period is about one week.
