Every borrower is different. That's why we have lots of options.

LOAN PROGRAMs

CONVENTIONAL LOANS

Fixed Rate Loans - 15 year, 30 year

Balloon Mortgages and Pledge Asset Loans

Jumbo / Construction Loans

Reverse Mortgage

FHA

FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.

FHA loans are an attractive option, especially for first-time homeowners:

  • Generally easier to qualify for than conventional loans.
  • Lower down payment requirements.
  • Cannot exceed statutory loan limits.

VA LOANS

Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.

Here's how it works:

  • 100% financing without private mortgage insurance or 20% second mortgage.
  • A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan amount is paid to the VA.
  • When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.
  • When refinancing a home, veterans may borrow up to 90% of reasonable value in order to refinance where state law allows.

CONFORMING LOANS 

Conforming loans are conventional loans that meet bank-funding criteria set by Fannie Mae and Freddie Mac. Both of these stock-holding companies buy mortgage loans from lending institutions and secure them for resale to the investment community. Every year, form October to October, Fannie Mae and Freddie Mac establish limits on what constitutes a conforming loan in a mean home price.

Buying back mortgage loans allow these agencies to provide a continuous flow of affordable funding to banks that reinvest their money back into more mortgage loans. Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market - effectively decreasing the demand for non-conforming loans.

Number of Units Maximum       Conforming Loan Limits
                  1                                            $417,000
                  2                                            $533,850
                  3                                            $645,300
                  4                                            $801,950

JUMBO LOANS 

 Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on Jumbo Loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive houses and high-end custom construction homes, and usually require a higher down payment than traditional loans. 

RHS LOAN PROGRAM 

The U.S. Department of Agriculture offers a variety of programs to help low to moderate-income individuals living in small towns or rural areas achieve home ownership. The Rural Housing Service (RHS) helps qualifying applicants, who cannot receive credit from other sources, purchase modestly priced homes as their primary residence.

RHS Loans are an attractive option because:

  • Minimal closing cost
  • Low or no down payment

RHS loans can be used toward the purchase and renovation of a previously owned home or a new construction. Families must be able to pay their monthly mortgage, homeowner's insurance and property taxes

STATE AND LOCAL HOUSING PROGRAMS

 Many state, county and local government Programs offer financing for qualifying low-to-moderate income families wishing to  purchase their first home. Loan assistance programs like Mortgage Credit Certificate (MCC) offer a partial tax credit for the interest on the loan.

B/C LOANS

B/C Loans do not meet the credit requirements of Fannie Mae and Freddie Mac. They are known as B, C and D paper loans. Loan applicants typically have a bad credit history, have filed for bankruptcy, or have had a property in foreclosure.

B/C Loans are often issued as temporary loans until the applicant can restore credit and qualify for conforming "A" loans. Interest rates on B/C Loans are generally higher than for conforming "A" loans.

 

Apply for a LOAN

If you would like to discuss your situation or get pre-qualified for a mortgage, fill out the form below and we will be in touch right away.