Tempe, AZ (PRWEB) October 26, 2009
Arizona mortgage lender, Merchants Home Loan merges with Amtec Funding Group, LLC of Costa Mesa, CA. Merchants Home Loan becomes the first branch of Amtec in the greater Phoenix area. Merchants, which was previously part of Mortex Lending Ltd, will originate residential mortgage loans in the local Phoenix market as well as California, Texas, and Colorado.
Merchants Home Loan specializes in working with first time home buyers looking to take advantage of record low interest rates combined with record low home prices. As a direct FHA/VA lender, Merchants Home Loan works with borrowers that wish to put down as little as 3.5% and may not have the high fico scores required to obtain conventional financing. An FHA loan not only provides borrowers with less than perfect credit the opportunity to qualify, but also borrowers with low to moderate income.
The Merchants - Amtec alliance provides Merchants with greater credit capacity and more direct access to the secondary mortgage markets, specifically to additional FHA funding. "With the anticipated extension of the first time home buyer tax credit through 2010, Merchants felt the need to align themselves with a powerhouse lender like Amtec Funding," according to Chad Hartman, the Branch Manager of the Tempe office. "In addition to extensive credit capacity, Amtec brings decades of experience on the management team" says Hartman. "The top folks at Amtec have been through all the cycles and have not only survived, but thrived even in the recent year's struggles - that's why we chose them."
The merger is expected to be complete by November 15, 2009 with a Grand Opening on Dec 1, 2009.
Merchants is widely known for being the first in America to offer a no questions asked 1st Rate Service Guarantee.
For additional information on Merchants Home Loan, its products or programs please visit http://www.merchantshomeloan.com.
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