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Loan Options

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.

  • You can utilitze thie streamline refinance program without the requirement of an appraisal so even if you owe more than the home is worth you can refinance to a low fixed rate.
  • Lower your exisitng mortgage insurance and reduce your payments.
  • Most of these loans will be done with very little costs to you. They are easy to qualify for. Ask one of our loan originators for more information.

FHA loans are an attractive option, especially for first-time homeowners.

  • Generally easier to qualify for than conventional loans.
  • Lower down payment requirements only 3.5% down payment.
  • Seller caqn pay up to 6% of purchase price towards buyer closing costs.
  • Credit scores accepted down to 580 with 3.5% down or down to 550 with 10% down.
  • Loan sizes vary based upon county limits.
  • Eligible for primary residence 1-4 family homes

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.

LOAN FEATURES

  • Finance up to 102.75% of appraised value (not the sales price). Primary Homes Only
  • Very Low monthly mortgage insurance
  • Middle credit scores at or above 620
  • Middle credit score below 620 for Co-Borrow is Acceptable
  • Minimum loan size $50,000
  • Finance your closing costs up to the appraised value of the home
  • Up to 6% seller concession to cover closing costs
  • Unlimited Gifts

Let our expert staff help you, we have un-rivalled expertise and success rate in securing USDA loans for our clients

  • All our loan officers are USDA loan experts
  • Fast easy loan application process - second to none
  • We have helped thousands of Americans buy a new home
  • We can even help people with low credit scores of 620 or above
  • If you live in a qualifying suburban town - generally with a population of less than 20,000 - a USDA Loan may be your answer to securing your dream of home ownership.

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:

  • 100% financing without private mortgage insurance or 20% second mortgage.
  • A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan amount is paid to the VA.
  • When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.
  • When refinancing a home, veterans may borrow up to 90% of reasonable value in order to refinance where state law allows.

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.

  • No appraisal required! Refinance even if you have no equity!
  • No Mortgage insurance required
  • minimal credit requirtements
  • Home does not have to be occupied by the Veteran if the Veteran occupied the home before
  • Very low interest rates save money or reduce your term or both!

If you cannot qualify for any of our traditional loan programs then a Non-Traditional Mortgage could be the solution for you.

  • One Day out of Short Sale, Foreclosure or Bankruptcy
  • 20% Down Payment Required
  • No Prepayment Penalty - Pay off Anytime
  • Self employed can use bank statements to verify income!
  • Credit scores down to 500 in case by case basis

Fast Closings for Investment, Primary or Second Homes

Apply Online Now

Program

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.

Qualifying Criteria

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:

  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. Many homeowners are unaware that their mortgages are linked to one of these organizations, since neither Freddie Mac nor Fannie Mae deals directly with the public.
  • The mortgage must have been completed on or before May 31, 2009.
  • The homeowner must not have a previous HARP refinance of the mortgage, unless it is a Fannie Mae loan that was refinanced under HARP during March-May 2009.
  • The homeowner must be current on their mortgage payments, with no (30-day) late payments in the last six months and no more than one late payment in the last twelve months.
  • The current loan-to-value ratio (LTV) of the property must be greater than 80%.
  • The homeowner must benefit from the loan by either lower monthly payments or movement to a more stable product (such as going from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage).

Appraisal Waiver

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.

Deadline

HARP is scheduled to end on December 31, 2013.

Click here to see if you qualify

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.

Benefits:

  • Lower monthly payments than a 15 year fixed rate mortgage
  • Interest rate does not go up
  • Payment does not go up, it stays the same for 30 years

Drawbacks:

  • Higher interest rate than a 15 year fixed rate mortgage
  • Interest rate stays the same even if interest rates go down

A 15 year fixed rate mortgage allows you to pay off your loan quicker and lock into an attractive lower interest rate.

Benefits:

  • Lower interest rate
  • Build equity faster
  • If interest rates go up, yours is fixed

Drawbacks:

  • Higher monthly payment stays the same if interest rates go down
  • Interest rate stays the same even if interest rates go down

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.

HAVE QUESTIONS?

If you're feeling lost and don't know what to do, no worries. That's why we're here. Get in contact with us and we'll get you on the right track for the future you!

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