The following is a partial list of programs offered, with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 800-823-0206. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
Other
Loan Programs
FHA
An FHA loan is a type of mortgage geared toward borrowers with lower credit scores, or who otherwise don’t qualify for a conventional loan. If you take out an FHA loan, you’ll pay mortgage insurance premiums along with your mortgage payments.
CONVENTIONAL
A conventional loan is any mortgage loan that is not insured or guaranteed by the government. Conventional loans can be conforming or non-conforming.
REVERSE
A reverse mortgage is a type of home loan that allows homeowners ages 60 and older to borrow against part of their home’s equity. Unlike a regular mortgage in which the homeowner makes payments to the lender, with a reverse mortgage loan, the lender makes regular payments to the homeowner, hence the name.
Home Equity Loans
Home equity loans call for the borrower to acquire a new loan on an already mortgaged property using the equity you’ve built as collateral. Home equity loans are typically reserved for those looking to pay down medical or consumer debt, start a business or pay tuition. Please contact us directly if you’re interested in a home equity loan. Most states restrict the amount of money one can borrow against their home. Interest rates on home equity loans are generally higher than conventional loans.
Construction Loans
Construction loans are used to finance the construction of a new structure. Whether you’re interested in building a brand new home for you and your family or you’re looking to construct a commercial property we can help craft a terrific lending solution. Each loan is as unique as the property you’re looking to construct.
Conventional Fixed Rate Mortgages (FRM)
A popular loan type, conventional fixed rate loans feature a constant interest rate for the life of the life. Generally speaking, monthly payments remain constant. Traditionally borrowers are expected to provide a 20 percent down payment though this is not necessarily required.
Adjustable Rate Mortgages (ARM)
Adjustable rate mortgages are loans where the interest rate is recalculated on a yearly basis depending on market values. As interest rates are adjusted so is the borrower’s monthly payment. While interest rates on ARM loans are generally lower than fixed rate loans they can eventually become higher. Various types of ARM loans include Hybrid ARMs such as 10/1 year, 7/1 year, 5/1 year and 3/1 year programs. Contact us for more information on adjustable rate mortgage loans.
Jumbo Loans
A jumbo loan, or non-conforming loan, usually means any home loan for amounts higher than $766,550. Jumbo loans feature similar loan programs to fixed rate and adjustable-rate programs. There are even FHA jumbo loans. The main difference between jumbo loans and conforming loans is the interest rate. Because jumbo loans are riskier for lenders, they usually have higher rates. Learn more about jumbo loans by contacting us today.
VA Mortgage Loans
Like a FHA loan, VA loans are private loans insured by the federal government. VA loans are only available to qualified military veterans and their families. These loans are only available to these individuals for their own primary residences and cannot exceed a $766,550 loan limit. For information on qualifying for this loan program please give us a call today.