Loan Programs

FHA

Simply stated, an FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan.

VA

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loanmay be issued by qualified lenders. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses.

USDA

USDA loans are mortgages backed by the U.S. Department of Agriculture as part of its USDA Rural Development program. This program provides 100% financing for properties located in USDA eligible areas. Borrowers are subject to household income limits, and the debt-to-income ratio tolerance is lower than other government loans.  The up-front guarantee fee can be financed into the loan.  Additionally, USDA loans require monthly mortgage insurance which is included with the loan payment.  USDA mortgages are only available to finance a borrower’s primary residence.

Conventional

A conventional mortgage is a loan for no more than 80% of the appraised value or purchase price of the property. To qualify for a conventional mortgage, your down payment, or the cash you provide for the purchase price, must be at least 20% of the purchase price.

Reverse Mortgage Refinance

A reverse mortgage, or HECM loan, is available to borrowers age 62 and older.  A reverse mortgage turns the home owner’s equity into tax-free monthly income or lump-sum cash.  The homeowner is not required to make a mortgage payment as long as they live in the home.  The homeowner is required to maintain the home and is responsible for paying property taxes and hazard insurance on the home.   Reverse mortgages are insured by the Federal Housing Administration.

Reverse Mortgage Purchase

A reverse mortgage can also be used to purchase a home.  A qualifying senior can purchase their next primary home with a reverse mortgage and never have to make a mortgage payment as long as they live in the home.  The homeowner is required to maintain the home, and is responsible for paying property taxes and hazard insurance on the home.

ARM Loans

An adjustable rate mortgage is a home loan with an interest rate that adjusts on a predetermined basis. Most ARMs begin with a fixed rate for a certain period of time and then adjust up or down according to the index on which it is based, after the fixed period expires.

Jumbo Loans

A jumbo loan is one way to buy a high-priced or luxury home. If you have a lower debt-to-income ratio, a higher credit score, and a larger down payment, a jumbo loan may be right for you. The limit on conforming loans is $417,000 in most areas of the country, however, jumbo mortgages can exceed these limits.

Foreign National Programs

If you’re a citizen from another country and you want to buy a home in the United States, to spend the holidays with your family, or as an investment: Speak with me! We have over 20 years of experience in the Mortgage Loan Business, and we’ve developed a unique program for you to buy a house in an easier and faster way.

Non-Traditional loans

Nontraditional mortgages are any mortgage that does not fall into the conventional or government category. These include bank statement programs, stated income programs, foreign national lending, loans to borrowers with recent bankruptcies or foreclosures, hard money loans, etc.  Private investors offer these loans.  The interest rates, closing costs, and down payments for these loans are higher than traditional mortgage programs.  However, nontraditional lending can be a great option for otherwise unqualified borrowers.