Brooke Benson
Loan Officer
NMLS#
409893
Branch Address
601 West Northwest Highway, Suite 100B Grapevine, TX 76051
Phone
Cell: (210) 861-0303
Social
In 2019, Brooke’s marriage ended and she bought a small home. She started thinking about divorce lending since many people – even successful CEOs – may not have been through the homebuying or refinance process alone.
Prior to joining MiMutual Mortgage as a Divorce Lending Specialist, Brooke had worked for a large national lender for almost 10 years in positions including Private Mortgage Banker, Home Mortgage Associate, and Reverse Mortgage Consultant. “Divorce lending” was not a concept there. She and her colleagues were advised to wait until a divorce was final before offering to help.
She knows now most divorcing homeowners don’t want to wait. Or they can’t afford to wait! Once Brooke started assisting divorcing clients, she knew she had found her calling. In 2022, she earned the Certified Divorce Lending Professional (CDLP™) accreditation.
In addition to mortgage lending, Brooke has worked in her family business (in the hospitality industry) and in the public relations/marketing field. She has written articles for magazines and authored a newspaper column for nine years. She enjoys speaking to family law attorneys, financial planners and Realtors in both English and Spanish.
A graduate of The University of Texas at Austin (MA) and Vanderbilt University (BA) in Nashville, Tennessee, Brooke has raised five children. She is a native San Antonian and a fifth generation South Texan. In addition to chasing her grown kids around, Brooke likes to read, cook, play tennis and travel. She is the administrator of the Facebook group called “Texas Divorce Support Network” and is an active member of several bar associations, the Divorce Lending Association, ProVisors, Financial Women in Texas, and Collaborative Divorce Texas.
Brooke enjoys speaking to family law attorneys, financial planners and Realtors in both English and Spanish.
Mortgage Programs Explained
There is no one-size-fits-all when it comes to mortgage lending. MiMutual has numerous loan options to fit every budget and situation. At MiMutual Mortgage, you can expect a one-on-one consultation to determine the right loan program for your unique situation.
A Conventional loan is a mortgage not guaranteed by the government. However, most conventional loans will follow the guidelines established by Fannie Mae (FNMA) and Freddie Mac (FHLMC). This type of loan is good for borrowers with a favorable credit score and allows more flexibility in loan terms and higher loan limits.
Unlike FHA, VA or RD loans, conventional loans do not require private mortgage insurance (PMI) unless the borrower has less than 20% down. 20% down however, is not a requirement and some conventional loans allow as little as 3% down! Once the loan reaches 20% equity, PMI can be canceled.
In addition to standard conventional loan programs, MiMutual Mortgage also offers the following niche conventional loan programs:
- Fannie Mae HomeReady
- Freddie Mac Home Possible
- Freddie Mac HomeOne
- Freddie Mac Refi Possible
Government loans are backed by the federal government. The loan is funded or originated by the mortgage company, but has a guarantee from either the Federal Housing Administration (FHA), USDA Rural Development (RD), or US Dept of Veterans Affairs (VA).
Government loans open the door for borrowers that have little to no money saved for a down payment, a challenging credit history or have lower credit scores. Government loans offer easier qualifying requirements and are widely used in the industry.
Government-insured loans can be used for purchase, renovation (through the FHA 203(k) loan), or refinance transactions.
Government loan programs include:
- Federal Housing Administration (FHA)
- USDA Rural Development (RD)
- Veterans Affairs (VA)
The Federal Housing Finance Agency (FHFA) sets a limit on the dollar amount a conventional loan must conform to. Any loans beyond this limit are known as a Jumbo loan. With a Jumbo Loan from MiMutual, you can expand your options and find your dream home that will meet your needs now and in the future.
MiMutual Mortgage offers a number of Jumbo Mortgage Programs to fit a variety of situations. These include Purchase loans, Asset-Qualifier, Rate and Term and Cash-Out Refinance loans.
Highlights include:
- As little as 10% down
- Loan amounts up to $4 Million
- Primary residence, second homes, and investment properties are eligible
Don’t have much saved for a down payment?
We can help with that!
Down Payment Assistance (DPA) can:
- Reduce out of packet cash to close
- Put cash savings to work by improving the home and growing equity
- Free up cash to pay down student loan debt or other bills
- Save cash to start investing for the future
MiMutual Mortgage offers a number of down payment assistance programs including:
- Chenoa Fund DPA for FHA financing
- The National DPA for Conventional financing
- State Housing Finance Authority DPA and MCC
MiMutual Mortgage is a Renovation Loan specialist. We were even featured on the Lifetime Network “Designing Spaces” home design television show! With a Renovation loan, you can bundle the cost of purchasing or refinancing with the cost of renovation into one single loan!
MiMutual Mortgage offers the FHA 203k and Conventional HomeStyle renovation loans. These allow for the same qualifying factors as a traditional FHA or Conventional loan with the ability to lend up to the estimated after-improved value of the home!
Eligible renovations include:
- Small repairs with a minimum renovation cost of $5,000
- Kitchen remodels including appliances
- New roof
- Additions
- New flooring
- Installation of an in-ground pool
Still not finding what you are looking for?
MiMutual Mortgage has a number of unique loan programs including:
- Qualifying on assets without income
- Real Estate Investor programs including DSCR
- Self-Employed financing options
- Bank statement qualifying
Start Your Mortgage Journey
You are about to begin the mortgage loan application
- Applying on the MiMutual Mortgage Online Loan Application is quick, easy, and secure! The loan application will take about 25 minutes to complete.
- Once your application is submitted, you can log back into the MiMutual Mortgage Online Loan Application to securely upload requested documents, view your loan status, and communicate with your mortgage team.
- If you have questions, reach out to your MiMutual Mortgage Loan Officer.
Your guided mortgage journey starts here!
Start Application