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. Contact us for details on down payment requirements.
Available terms generally range from 10 years, 15 years, 30 years and 40 years.
Refinance Mortgage Loans
Homeowners looking to decrease their interest rate may consider refinancing. A refinance calls for the homeowner to obtain another mortgage loan. Those funds are then used to pay off the original mortgage loan and the homeowner is then bound by the terms of the new mortgage. Depending on your situation a refinance loan could be a great option.
Along with decreasing your interest rate, refinance loans can also help you switch from an ARM to a FRM, and in some cases reduce your loan term.
FHA Mortgage Loans
FHA loans are private loans insured by the federal government. These loans are popular with borrowers who don't have enough funds to pay a traditional 20 percent down payment because they only require 3.5 percent down to qualify. Those who choose these loans are required to pay mortgage insurance which slightly increases their monthly payments.
Lenders who wish to offer these loans must be approved by the Department of Housing and Urban Development. Please contact us today to find out if a FHA loan is right for you.
The loan limit for 2021 is $548,250.
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 $484,350 loan limit.
For information on qualifying for this loan program please give us a call today.
203(k) Rehab Loan
The FHA 203(k) allows homeowners to finance rehab costs within a single mortgage — rather than having to obtain a separate
loan to finance the cost of repairs or walking away from a home because you don’t have the cash for home improvements. This
program covers one- to two-family homes as well as FHA-approved condominium projects, planned unit developments (PUDs),
and manufactured housing.
VA Renovation Loan
The VA Renovation Loan Program is a government-backed initiative designed to help active duty military personnel, reservists,
veterans, and surviving spouses. Purchase and refinance options are available — with either option providing funds for minor
alterations, repairs, and improvements as part of the same mortgage. It’s perfect for those looking to do repairs such as
repainting, fixture swaps, or accessibility upgrades such as ramps and rails. And as with other VA loan products, borrowers can
take advantage of a “no money down” option along with traditionally low interest rates.
Down Payment Assistance/ First-time Home Buyer
Down payment assistance (DPA):
Grant - Up to 3 percent of your first mortgage loan amount
• No repayment required.
0% Interest second mortgage loan - Up to 4 percent of your first mortgage loan amount
• Repayment of loan balance deferred until certain
events, such as payoff of your first mortgage, or the
sale or refinance of the home.