A Federal Housing Administration (FHA) loan is a home mortgage that is insured by the government and issued by a bank or other lender that is approved by the FHA agency. FHA loans require a lower minimum down payment than most conventional loans, and applicants may have lower credit scores than what is usually required with other programs.The FHA loan is designed to help low- to moderate-income families attain the dream of homeownership and are an incredible resource for First Time Home Buyers. Speak with one of our Mortgage Professionals for guidance on which loan program is the right choice for you.
A conventional loan is a mortgage loan that is not backed by a government agency like the Federal Housing Administration (FHA) or the U.S. Department of Veterans Affairs (VA). Conventional loans fall into two main categories: Conforming Loans and Non-Conforming Loans.
Conforming Conventional loans follow lending rules set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) and have maximum loan limits that are set by the government.
Non-conforming Conventional Loans are less standardized, and allow for higher loan limits. Ask your mortgage professional for more information on which loan program is right for you.
The VA loan is a no money down mortgage option available to Veterans, active duty Service Members, and select military spouses. VA loans are issued by private lenders, like a mortgage company or bank, and guaranteed by the U.S. Department of Veterans Affairs (VA). By far one of the best mortgage programs available, and an invaluable home ownership tool for our U.S. Armed Forces members. Ask your mortgage professional for more information on VA loans and if they are the best choice for you.
A USDA home loan is a mortgage option that makes purchasing a home more affordable for low-income individuals living in designated rural areas. Borrowers need to meet certain USDA eligibility requirements that include adjusted gross income limits, U.S. residency status requirements, and rural or edge of suburbia property location requirements. Speak with one of our USDA mortgage professionals for more information.
A jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the conventional conforming loan limits set by the Federal Housing Finance Agency (FHFA). What loan value qualifies as a Jumbo loan will vary from county to county across the U.S., and these types of loans are designed to finance Luxury Real Estate Properties and homes in extremely competitive local markets. Inquire below for more information and one of our Luxury Lending Professionals will be in contact with you shortly.
Down payment assistance (DPA) programs help first time home buyers with loans or grants that reduce the amount they need to save for a down payment. Provided you qualify, you could receive an outright grant or a low– or no–interest loan to cover your down payment. Some DPA funds can even be used for closing costs. There are various DPA programs from state to state and we have options available to help you. Typically, you will see a higher interest rate on most DPA programs. Please speak to your mortgage professional if you need more information regarding DPA programs and if they are the right fit for you.
Considered Self Employed? Considered Non-Bankable? There are still programs available to assist you with buying a home. These types of programs are considered Non-Qualified mortgages, and allow for alternative means of presenting income beyond traditional Tax Returns, W2s, and pay stubs. Here are three, just to name a few:
Bank Statement Loans - A bank statement mortgage program allows you to verify your income using documented original bank deposits instead of tax forms. Typically, this would require 12 or 24 months of consecutive bank statements to show proof of your self-employed or business income. This is a great option for business owners with significant write-offs at the end of the year.
1099 Only – Are you a private contractor that receives only IRS form 1099s from various contracts throughout the year? We can help you get approved for a mortgage loan with qualification that is solely determined by your 1099 income.
Asset Depletion – Asset Depletion loans are a great option for Self-Employed business owners or retirees with significant liquid assets. With this program you can use your assets as collateral in place of income from employment. With asset depletion mortgages, your monthly “income” is calculated by dividing your total liquid assets by the term length of your mortgage loan. In doing so, you can prove you have enough money to cover the loan even without regular income from employment.
Ask your mortgage professional which loan program is right for you.
An ITIN Mortgage Loan Program uses an Individual Tax Identification Number (ITIN) instead of a Social Security Number to secure a mortgage loan. An ITIN number is issued to a qualifying foreign individual for taxpaying purposes who is not eligible for a social security number or is without proper documentation. Contact us for more information on ITIN loans and their requirements.
If you’re 62 or older and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses - you may consider a reverse mortgage. These loans are backed by the U.S. Department of Housing and Urban Development (HUD) and are called Home Equity Conversion Mortgages (HECM). These types of mortgages allow you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. The key benefit to these loans is that you are able to reside in your home with the flexibility of having no monthly mortgage payment.
You can even perform a “Reverse Purchase” using cash assets to purchase a home with a down payment between approximately 45% and 62% of the purchase price, and reside in the home with no mortgage payment required. There are restrictions to this program and we encourage you to speak with one of our reverse mortgage specialists to determine if this program is the right choice for you.