Financing Your New Home

Learn More About Financing Your Home


Through our partnership with Silverton Mortgage, we’ve made the mortgage loan process even easier! Silverton Mortgage, a recognized leader in the mortgage industry, has a dedicated team of loan originators that specializes in Mungo home buyers and are experts in new home construction lending.

To give you peace of mind, Silverton Mortgage offers an On-Time Closing Guarantee that will give you up to a $2000* credit on your closing costs if they are responsible for a delay in your closing.


    Use our mortgage calculator to help you understand how much home you may be able to afford.

    • Estimate your monthly payment based on a specific loan amount.
    • Depending on interest rates, mortgage products and credit scores, you may be able to afford more home than you think!
    • The calculated Monthly Payment amount includes only the principal and interest amounts. Taxes and insurance are not included.
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    Mortgage Calculator

    Financing FAQs

    Q

    What is the benefit of using Silverton Mortgage to finance your loan?

    A

    Silverton Mortgage has a team of processors and underwriters specifically for Mungo Homes’ buyers, who are available for pre-approval and to answer questions seven days a week. A mortgage loan officer will do a free, confidential review of your financial situation and advise you on the home loan that best suits your needs. There are a wide variety of products (different types of loans) available specifically for Mungo buyers. Silverton is familiar with our sales team and closing coordinators, offers competitive rates. In addition, Mungo Homes will provide an exclusive closing cost contribution up to $3500 when using Silverton.

      Q

      What documents do I need to apply for a new home loan?

      A

      Items needed for a loan application may include W-2s and tax returns from the last two years, current pay stubs with year to date earnings, statements for checking, savings, other bank or investment accounts, proof of monthly rental or mortgage payments, and the names of current or past employers. There are also programs available for buyers with non-traditional careers; don’t let the fact that you don’t have access to some of these documents keep you from applying. Two years of employment history is required.

        Q

        What is a credit score?

        A

        Along with a credit report, lenders will request a credit score (FICO) to help determine whether or not you are eligible for a loan. The score is a credit overview and is weighed by the following:

        • 35% payment history
        • 30% amounts owed
        • 15% length of credit history
        • 10% new credit
        • 10% types of credit used
        • A median credit score (FICO) ranges from 690 to 740, though many loan programs consider scores as low as 580.
          Q

          Can you explain the mortgage process?

          A

          Silverton Mortgage has a team of processors and underwriters specifically for Mungo Homes’ buyers, who are available for pre-approval and to answer questions seven days a week. A mortgage loan officer will do a free, confidential review of your financial situation and advise you on the home loan that best suits your needs. There are a wide variety of products (different types of loans) available specifically for Mungo buyers. Silverton is familiar with our sales team and closing coordinators, offers competitive rates.

            Q

            Can you define basic mortgage terminology?

            A

            Annual Percentage Rate (APR) – the total yearly cost of a mortgage expressed as a percentage. It includes interest and other finance charges such as points, origination fees and mortgage insurance.

            Debt-to-Income Ratio – the ratio used as a factor in determining if you qualify for a mortgage. Compares your total monthly housing expense and other debt (the amount you pay out) with your total monthly gross income (the amount you earn).

            Deed – the legal document conveying title to a property.

            Down Payment – the difference between the sales price of the home and the mortgage amount. Buyer pays with cash and does not finance with a mortgage

            .

              All loans are subject to credit approval.

              *Silverton Mortgage closing cost credit is paid by Mungo Homes and is only available for borrowers financing the purchase of a new home from Mungo Homes with Silverton Mortgage. Closing cost credit will be limited to the amount of the actual closing costs, up to $3,500. Closing costs that exceed $3,500 are the responsibility of and must be paid by the buyer financing with Silverton Mortgage. Closing cost credit may not be available with all loan programs.

              Vanderbilt Mortgage and Finance, Inc., dba Silverton Mortgage, 1201 Peachtree St NE, Ste 2050, Atlanta, Georgia 30361, 855-815-0291, NMLS #1561, (http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616, Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act license, Georgia Residential Mortgage (Lic. #6911), MT Lic. #1561, Licensed by the N.J. Department of Banking and Insurance, Licensed by PA Dept. of Banking, Rhode Island Licensed Lender. All information is believed accurate and is subject to change without notice. Equal Housing Opportunity. Licensing information: https://silvertonmortgage.com/licensing/

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