Mortgage Programs

last modified: 13 Oct 2010
page manager: Deb Webb

FHA MORTGAGE-- Backed by the Department of Housing and Urban Development this mortgage offers the borrower the ability to put as little a 3% down payment and they can even finance allowable closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.
203K FHA MORTGAGE-- Same as FHA above but with the ability to finance home improvements that are needed. One mortgage is given based on the value plus improvements up to 115% of the future value. These improvements must be over $5000 and can be for a new kitchen, new bathroom, to add a garage or to structurally improve the property. They cannot be to add a swimming pool, etc.

VA MORTGAGE-- Backed by the Veterans Administration and the federal government it is similar to FHA except that you have to be a qualified Veteran or military person.
JUMBO LOANS-- Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.  Cash out and No cash out refinance are allowable.  Single family detached, Condos, PUDs and single-family second homes can be financed with no prepayment penalty. 
REVERSE MORTGAGES--A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash.  The equity that built up over years home mortgage payments can be paid to you.  Unlike traditional mortgages, no repayment is required until the borrower(s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage.  You can also use a reverse mortgage to purchase a primary residence.
SECOND MORTGAGES-- Subordinate to the first mortgage, these loans offer the borrower the ability to get money for home improvements, debt consolidation or many other reasons without disturbing their first mortgage. Convenient when you have a low interest rate on the first mortgage
ADJUSTABLE RATE MORTGAGES-- These programs are exactly what they sound like.  The borrower takes on some interest rate risk.  Depending on the program, the interest rate will change based on a pre-determined time frame.  This is explained at the time of application in the Adjustable Rate Mortgage Disclosure.
SPECIALTY PROGRAMS FOR FIRST TIME HOME BUYERS-- Generally, a First time Home Buyer is someone who hasn't owned a home in the last three years.  These programs vary by location, but they take the form of grant money available to assist with the costs involved in obtaining the financing.
CONSTRUCTION LOANS-- Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that's overly complicated and time consuming. With this loan we will finance up to 90% of the cost of land plus the costs of construction. We offer a one time fixed rate closing or the traditional ARM products.
INVESTOR LOANS-- Used to finance 1-4 family properties that will be for investment. Today these programs generally are requiring  20% down payments to as much as 30%. These programs require you to shop very carefully to insure you have the most cost effect program for the property you are planning to purchase

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