Loan Programs
Which Mortgage is Right for You?
There are a number of different types of home loans available to you, and it can pay to familiarize yourself with them. Luckily we're here to help you choose the best type of home loan for your needs.
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Mortgage Rate Options
Fixed Rate
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan's lifetime.
Adjustable ARM
Adjustable-rate mortgages include interest payments which shift during the loan's term, depending on current market conditions. Typically, these loans carry a fixed-i...
Interest Only
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specif...
Graduated Payments
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and...
Loan Program Options
FHA Home Loan
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
VA Loans
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no ...
USDA Loans Rural Housing
If you're looking to buy a home in a rural or suburban area with no down payment and minimal investment, you might consider the USDA Rural Development Loan.
Jumbo Loans
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $766,550 in...
Conventional Loans
A conventional loan is a type of loan that is not insured by the government. Conventional loans offer more flexibility and fewer restrictions for borrowers, especially those borrowers with good credit and steady income.
Flex Investor DSCR
A borrower who has owned 2 or more properties for 12 months during the most recent 36-month period. One property must be an income producing property (commercial or residential).
HELOC
Are you a homeowner in need of cash? A Home Equity Line of Credit, or HELOC, may be good option for you. HELOCs allow you to convert your home equity into cash, up to a loan amount of $400,000. Here are some things to keep in mind about HELOCs:
HOMEREADY™
FNMA has introduced a new Affordable Lending Product, HomeReady™. This program is designed for creditworthy, low-to-moderate income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities...
FHA 203k Loan
The FHA 203(k) is a Rehabilitation Loan Program that provides funds for both the purchase and renovation of a home. There are two types of FHA 203(k) loans. The first is a standard 203(k) which is used for properties that need major remodeling or structural repairs. The second is the Limited 203(k) which is commonly used for new roofing, new appliances, or cosmetic repairs such as painting. The minimum Loan Amount is $5000.
Mortgage Refinance
Refinancing a mortgage is when a borrower gets a better interest rate and or loan term. A borrower can achieve lower monthly payments and if they qualify, use their equity to obtain money that can be spent by the borrower. There are several pros and cons of refinancing a mortgage and we can help determine if this is right for you. For more information on refinancing contact us today at (702) 580-5069.
Fixed vs. Adjustable
One of the first choices a homebuyer will need to make is whether you want a fixed-rate or an adjustable-rate mortgage loan. The bulk of loans will fit into one of these two categories, however, there is a third option that will allow you to “hybrid” the two.