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Loan
Programs
As a mortgage broker, we have lots of programs. But in stead of giving you lots of details, we'll just provide some highlights. This is NOT an ALL INCLUSIVE LIST.
Loan Programs
With many programs comes great responsibility
You would be shocked at how often programs change and how lender policies affect loan programs. We suggest talking with a licensed loan officer for the best possible loan options for you!
One Time Close: Construction Loans
A one-time close construction loan is a streamlined financing option designed for those seeking to build a new home from the ground up. This unique loan combines the construction phase and the permanent mortgage phase into a single closing process, saving you time and money. The loan covers the construction costs of your home and then transitions into a regular mortgage once the construction is complete, with the interest rate locked in from the start. This eliminates the need for multiple applications and closing costs. While the loan does require a detailed project plan and budget, its simplicity, convenience, and potential cost savings make it a preferred choice for home construction. Discover the benefits of one-time close construction loans today, and take the first step towards building your dream home
Home Equity Loans (HELOC)
A home equity loan is a versatile financial tool that empowers homeowners to capitalize on the value they've built in their homes. This type of loan, often called a "second mortgage," enables you to borrow a lump sum based on your home's equity, i.e., the difference between your home's current market value and the remaining mortgage balance. Home equity loans typically have fixed interest rates, providing predictable monthly payments and a set repayment timeline. They're a popular choice for homeowners seeking funds for large expenses, such as home renovations, education costs, or debt consolidation. While your home serves as collateral, the advantages of potentially low rates and the ability to convert home equity into cash make it an appealing option. Discover the benefits of home equity loans today, and leverage your home's value to your advantage.
Conventional Fixed Rate Mortgages
Conventional purchase loans, not backed by a government entity, are a well-established route to homeownership. These loans demand higher credit scores and stable income, making them suitable for borrowers with solid financial standing. With conventional loans, you can often enjoy lower interest rates, diverse term options, and the potential to avoid private mortgage insurance with a 20% down payment. They can also accommodate a variety of property types, including vacation homes and investment properties. While these loans have stricter requirements, the benefits such as potential equity building and lower overall costs can be substantial. Discover the benefits of conventional purchase loans today and step confidently into homeownership.
Down Payment Assistance
A purchase loan with government-provided down payment assistance is a beneficial path to homeownership for many potential buyers. These loans, often combined with FHA, VA, or USDA loans, provide financial aid to help cover initial costs, making home buying more attainable. Down payment assistance programs, offered at federal, state, or local levels, can come in the form of grants, second mortgages, or tax credits. These programs often cater to first-time buyers or low-to-moderate income individuals, although specifics vary by program. While credit score and income requirements apply, these loans offer a significant advantage to those who qualify by reducing the financial burden of a down payment. Explore the potential of purchase loans with down payment assistance today, and take a step closer to your dream home.
Jumbo Loans
A jumbo purchase loan is a unique financial solution designed to finance high-value properties that exceed conforming loan limits set by Fannie Mae and Freddie Mac. Ideal for luxury homes or high-cost areas, these loans offer substantial borrowing amounts but often come with more stringent requirements regarding credit score, debt-to-income ratio, and cash reserves. Despite these stricter criteria, jumbo loans provide the necessary flexibility for high-value property purchases, and competitive interest rates are available for those who qualify. Note that these loans typically require larger down payments to secure. Explore the potential of jumbo purchase loans today, and set your sights on a high-value property that fits your lifestyle.
Refinance Mortgage Loans
Conventional refinance loans, Not backed by a government entity, offer a path to better mortgage terms for homeowners with strong financial health. These loans typically require higher credit scores and a steady income, making them an excellent option for borrowers in a stable financial position. A conventional refinance loan allows homeowners to secure lower interest rates, reduce their monthly payments, or alter their loan term. If you've built up 20% equity, you may even eliminate the need for private mortgage insurance. Ideal for a variety of property types, these loans offer potential savings and increased financial stability. Explore the benefits of conventional refinance loans today to enhance your financial wellbeing and homeownership experience.
FHA Mortgage Loans
FHA purchase loans, backed by the Federal Housing Administration, offer a more accessible path to homeownership. Known for lower down payments (as low as 3.5% with a credit score of 580 or higher) and lenient credit qualifications, FHA loans cater to diverse financial situations. Even borrowers with higher debt levels may qualify, due to permissible higher debt-to-income ratios. Although mandatory mortgage insurance is required, the benefits of FHA loans often outweigh this cost, making them an ideal option for first-time buyers, those with limited savings, or those recovering from financial hardship. Explore the potential of FHA purchase loans today and make your dream home a reality.
Reverse Mortgage Loans
A reverse mortgage purchase loan, also known as a Home Equity Conversion Mortgage for Purchase (HECM for Purchase), offers a unique route to home buying for homeowners aged 62 and older. These loans allow you to tap into your home's equity to fund the purchase of a new home without monthly mortgage payments. However, property taxes, insurance, and maintenance costs must still be met. The amount you can borrow depends on several factors, including your age, the home's value, and current interest rates. While the loan comes due when the last surviving borrower moves out, sells the home, or passes away, it offers seniors an opportunity to upgrade, downsize, or move closer to family without the burden of traditional mortgage payments. Discover the potential of a reverse mortgage purchase loan today, and redefine your golden years. *There are also Reverse Refinance Mortgages
VA Mortgage Loans
A VA purchase loan, backed by the Department of Veterans Affairs, offers an advantageous path to homeownership for eligible service members, veterans, and surviving spouses. These loans stand out with their unique benefits, including no down payment requirements and no private mortgage insurance. Additionally, VA loans often have competitive interest rates and more lenient credit requirements compared to conventional loans. These features make VA loans an exceptional choice for those who've served our country and are now seeking a home. While there are specific eligibility requirements to meet, the advantages offered by VA purchase loans can significantly ease the home buying journey. Discover the potential of VA purchase loans today, and turn your dream of homeownership into a reality.
Self-Employed Borrowers
A self-employed borrower bank statement purchase loan offers a unique path to homeownership tailored to the distinct needs of entrepreneurs, freelancers, and small business owners. Unlike traditional loans, these loans primarily use bank statements to verify income, making them an excellent choice for those with substantial income not fully reflected on tax returns. Over a period of 12-24 months, the bank statements give lenders a clear view of your cash flow and financial stability. While these loans may have slightly higher interest rates due to their perceived risk, they provide a valuable opportunity for self-employed individuals to secure a mortgage when conventional income documentation might not fully illustrate their earning power. Discover the potential of bank statement purchase loans today, and let your business's success pave your way to homeownership.
Borrowers With Considerable Assets
A no-income verification purchase loan offers a unique pathway to homeownership for borrowers whose income might be challenging to document traditionally. These loans, sometimes known as "no-doc" or "stated income" loans, require minimal income documentation, making them a suitable choice for self-employed individuals, freelancers, or investors with substantial assets but variable income. While these loans may come with slightly higher interest rates due to their perceived risk, they allow for faster approval processes and greater flexibility. Please note that credit score and down payment requirements still apply. Discover the potential of no-income verification purchase loans today and find an unconventional route to your dream home.
Real Estate Investors/DSCR
A Debt Service Coverage Ratio (DSCR) purchase loan provides a unique homeownership opportunity for real estate investors. This type of loan uses the ratio of a property's net operating income to its debt obligations to assess eligibility, making it a perfect choice for investors seeking financing for rental or investment properties. The focus on the property's income-generating potential, rather than the investor's personal income, allows for greater flexibility. Though these loans may carry slightly higher interest rates due to their perceived risk, the emphasis on property income rather than personal income can provide substantial opportunities for investors. Explore the potential of DSCR purchase loans today, and turn property income into a new real estate investment.
Foreign Buyers
An ITIN (Individual Taxpayer Identification Number) purchase loan offers a path to homeownership for foreign nationals and others who are ineligible for a Social Security number but pay US taxes. These loans are a viable choice for non-resident aliens, their spouses, or dependents who are looking to buy a home in the U.S. While the approval process might require additional documentation, such as proof of ITIN on tax returns, these loans often have competitive rates and varying mortgage terms. Although ITIN loans may come with slightly higher down payments and interest rates due to perceived risk, they provide an opportunity for those with an ITIN to invest in the American Dream of homeownership. Explore the potential of ITIN purchase loans today, and start your journey toward owning a home in the U.S.
203K Purchase Loan
A 203k purchase loan, backed by the Federal Housing Administration (FHA), is an ingenious financing solution for homebuyers looking to purchase a fixer-upper. This loan rolls the cost of the home and the funds needed for renovations into a single mortgage. There are two types of 203k loans: standard, which is best for properties needing extensive repairs, and limited (or streamline), ideal for homes that require less extensive improvements. While a 203k loan follows similar qualification guidelines to a regular FHA loan, it additionally requires a detailed proposal of the renovations. With its lower down payment requirements and inclusion of renovation costs, a 203k purchase loan can transform a property with potential into your dream home. Explore the possibilities with a 203k purchase loan today, and bring your vision to life.
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