FHA mortgage loans are issued by federally qualified lenders certified by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.
FHA loans are an attractive option, especially for first-time homeowners.
FHA Streamline Refinance Program
This program is available to home owners who currently own a home secured by an existing FHA mortgage.
Conforming loans, otherwise known as conventional loans, are mortgages that meet bank-funding criteria set by Fannie Mae (FNMA) and Freddie Mac (FHLMC). Both of these stock-holding companies buy mortgage loans from lending institutions and secure them for resale to the investment community. All year round, Fannie Mae and Freddie Mac are working for you, establishing limits on what constitutes a conforming loan in a mean home price.
Buying back mortgage loans allows these agencies to provide a continuous flow of affordable funding to banks that reinvest money back into additional mortgage loans. Fannie Mae and Freddie Mac exclusively buy loans that are conforming, to repackage into the secondary market and effectively decreasing the demand for non-conforming loans.
Because the loans need to be attractive on the wholesale market, convnetional loans have higher minimum credit scores and other criteria that can make it more difficult to qualify for than government run programs. One benefit, however, is that you typically see a lower interest rate.
While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options.
We can help you buy your dream home with a no down payment mortgage loan.
USDA Loans are Available 36 Months From a Bankruptcy, Short Sale, or Foreclosure
This 100% loan program For PRIMARY HOMES ONLY requires NO second mortgage. In order to finance the full 100%, there is a 2.75% funding fee that is financed into your home loan. This loan will allow the borrower to finance up to 102.75% of the appraised value.
There is a very Low Monthly Mortgage Insurance payment included in your payment.
Let our expert staff help you, we have un-rivalled expertise and success rate in securing USDA loans for our clients
Also referred to as Rural Development Loans, these federally backed and funded loans are the last true No Money Down option on the market.
We are approved to do USDA loans but we are not a government agency
Are you eligible? It takes only 2 minutes to see if you qualify
Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.
Here's how it works:
VA Interest Rate Reduction Loan IRRRL
Veterans who currently own a home secured by a VA mortgage can refinance with this special loan that simplifies the process and reduces the cost of a normal refinance.
If you cannot qualify for any of our traditional loan programs then a Non-Traditional Mortgage could be the solution for you.
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The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without paying for mortgage insurance. Originally, only those with an LTV of 105% could qualify. Later that same year, the program was expanded to include those with an LTV up to 125%. This meant that if someone owed $125,000 on a property that is currently worth $100,000, they would still be able to refinance and lock in a lower interest rate.
In December 2011, the rule was altered once again to state there would be no limit on negative equity for mortgages up to 30 years and now individuals owing more than 125% of their home value could refinance without PMI.
Certain criteria must be met to qualify for HARP. While there may be additional criteria imposed by the mortgage servicer, the government requirements are as follows:
Another feature of HARP is that applicants can forgo a home appraisal if a reliable automated valuation model is available in the area. This can save the borrower time and money, but is subject to the discretion of the mortgage servicer.
HARP is scheduled to end on December 31, 2013.
With a fixed rate mortgage, the interest rate does not change for the term of the loan; the monthly payment is always the same. Typically, the shorter the loan period, the more attractive the interest rate will be.
Payments on fixed-rate fully amortizing loans are calculated so that the loan is paid in full at the end of the term. In the early amortization period of the mortgage, a large percentage of the monthly payment pays the interest on the loan. As the mortgage is paid down, more of the monthly payment is applied toward the principal.
A 30 year fixed rate mortgage is the most popular type of loan when borrowers are able to lock into a low rate.
A 15 year fixed rate mortgage allows you to pay off your loan quicker and lock into an attractive lower interest rate.
Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans.
Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes. Typically Jumbo Loans require a higher down payment than traditional loans.