WE OFFER A FULL MENU OF MORTGAGE PRODUCTS DESIGNED TO FIT ALL OF YOUR MORTGAGE FINANCING NEEDS.
We will work with you one-on-one to tailor a financial solution specifically suited to meet your financing needs. Whether you are purchasing your dream home, refinancing an outstanding loan, or consolidating debt, our highly experienced team can help you find the right loan program. Be sure to consult with your Mortgage Loan Officer for specifics regarding each program.
PURCHASE & REFINANCE LOAN TYPES
RENOVATION LOAN TYPES
Fixed-rate home loans are the most common type of home loan in the mortgage industry. This option is low-risk and gives you predictable monthly principle and interest (P&I) payments for the next 15 or 30 years, depending on which loan term you choose. Fixed-rate loans are reliable for long-term owners ready to settle in one place for a long period of time.
30-YEAR FIXED RATE
The main attraction of a 30-year fixed rate home loan is security. The terms protect you from changes in the market, while still having the flexibility to refinance during improved market conditions. The benefits of a 30 year fixed-rate home loan include:
15-YEAR FIXED RATE
The 15-year fixed rate home loan works well for people who are looking to save money in the long run, but also looking for security and simplicity. The 15-year also gives more power to move. With a shorter loan term, the monthly payment will likely be higher than a 30 year fixed-rate loan, but with a lower interest rate and a lower amount of total interest over the duration of the loan. With a higher monthly payment, equity in the house will build up sooner which means the proceeds from a house sale can be used to make a bigger down payment on a future purchase.
An adjustable rate mortgage (ARM) is ideal for borrowers who plan to move within five years. ARMs take advantage of a low “introductory” interest rate so the loan stays at the same rate typically for 5, 7 or 10 years. Once the introductory period expires, the interest rate changes with the movement of an “index” (major interest rate). Following this movement, the amount of monthly interest either increases or decreases. The advantages of ARMs include:
Federal Housing Authority (FHA) loans are government assured and are ideal for people with limited income or money for a down payment. These loans typically help first-time homebuyers, seniors or others with limits on what they can afford. Some benefits of FHA home loans include:
Conventional home loans are not backed by a federal agency, such as the U.S. Department of Veteran Affairs, U.S. Department of Agriculture or Federal Housing Administration. Conventional loans are idea for people with a stable job, income and good credit. Conventional home loans are more flexible in their terms and have fewer restrictions compared to government-backed products. Some benefits of conventional home loans include:
Jumbo home loans are considered non-conforming mortgages. They are for purchases with a loan value above the federal standard of $417,000, although that number varies based on location. For a home with a purchase price above this limit, a jumbo loan is needed.
FHA 203K RENOVATION LOAN
The FHA 203K renovation loan gives eligible homeowners the power to turn a place with potential into the home of their dreams by financing major upgrades in their homes while keeping the costs as low as possible. With access to a large amount of funding for repair and renovation, borrowers can escape duplicate costs of taking out more than one loan. By going with a single loan, borrowers can skip paying the extra expenses that a second loan would require and avoid the higher interest rates associated with short-term lending. The advantages of an FHA 203K Renovation loan include:
HOMESTYLE RENOVATION LOAN
A HomeStyle® Renovation loan rolls two loans into one allowing homeowners to repair, improve or create the house they desire. With a HomeStyle Renovation loan (with 5 percent down), the money to finance (or refinance) the house and complete repairs is rolled into a single home loan. This method can free borrowers from certain fees and processing costs. While other loans focus on cosmetic upgrades, such as remodeling, HomeStyle fixed rate and adjustable rate opportunities are available to fix or upgrade the structure of a borrower’s home. The areas of improvement must be attached to the structure and add value. Possible renovations include: interior and exterior renovations, fences, decks, landscaping or in-ground pools. The advantages of the HomeStyle Renovation loan include:
SELF EMPLOYED LOANS
Self Employed Loans
POOR CREDIT LOANS
Poor Credit Loans
Veterans Affairs (VA) home loans are a great benefit to military personnel during and after their service. These loans are partly guaranteed (typically a quarter of loan value) by the U.S. Department of Veterans Affairs and offers the following advantages:
The United States Department of Agriculture (USDA) home loan helps borrowers with low or moderate household incomes, low credit scores or a thin credit history. The borrower must meet eligibility requirements based on income, location, property size and other factors. Eligible borrowers can receive the following benefits from their USDA government-insured loan:
STATE BOND PROGRAMS
State Bond Programs are funded by the issuance of Mortgage Revenue Bonds (MRB) and designed to provide eligible homebuyers a below-market interest rate. These programs are available throughout the United States and sponsored by state or local Housing Finance Agencies (HFA). The HFAs sell tax-exempt mortgage revenue bonds to investors with the proceeds from the sale of these bonds used to make below-market rate loans to eligible homebuyers. The benefits of a State Bond Loan from your State or local Housing Finance Agency (HFA) include: