Loan Programs

CONVENTIONAL MORTAGE

FHA MORTAGE

FHA Loans are mortgages insured by the Federal Housing Authority. Due to this government backing, FHA loans typically have slightly lower interest rates, compared to Conventional loans. Here are some of the standard guidelines:

  • Minimum FICO of 500
  • Minimum down payment of 3.5% (10% for FICO scores 500-579)
  • Maximum Loan amount of $484,350- for a single family ( some counties have lower loan limits. Multi-family homes, up to 4 units, have higher loan limits)
  • Monthly Mortgage Insurance required on all loans, often for the life of the loan. A One-time Upfront Mortgage Insurance Premium of 1.75% on all loans
  • FHA has Minimum Property Standards, our loan officers are trained to spot potential issues so they’re known before the appraisal, but homes in need of major repair may not pass.

FHA Loans are available with both Fixed and Adjustable Interest Rates. Terms are available in 15 and 30-year lengths.
FHA 203k Standard & 203k Limited Construction Loans

VA MORTAGE

VA Mortgages are insured by the Veterans Administration and are reserved for veterans, active duty service members, members of the National Guard or Reserves, and the widows/spouses of veterans. This earned benefit from U.S. military service allows 100% financing for qualified veterans.

  • Minimum FICO score is 580
  • Minimum Down payment is 0% unless required (ie. When the purchase price exceeds the appraiser value)
  • One Time VA Funding fee is required on most VA loans, though this is waived for some
  • A Certificate of Eligibility is required, our loan officers can help you obtain this

VA Mortgages are insured by the Veterans Administration and are reserved for veterans, active duty service members, members of the National Guard or Reserves, and the widows/spouses of veterans. This earned benefit from U.S. military service allows 100% financing for qualified veterans. The renovation aspect of the loan is very similar to the FHA 203k LIMITED program. It is an ideal renovation loan for those looking to do minor non structural repairs

  • Minimum FICO is 580
  • Can finance up to 100% of the as completed value or purchase price + renovation costs, whichever is lower (with credit scores over 600)
  • Single Family Homes, Condos, and Townhouses allowed
  • No minimum renovation costs
  • Maximum renovation costs is $35,000- minor/non structural repairs only
  • FIRST TIME HOME BUYERS
    • Buying your first home can seem like an overwhelming step. There are dozens mortgage terms and even more loan options. Navigating through this new world can be challenging if you haven’t done it before. But with the right guidance and information, you’ll learn the home buying experience can be a fun, enjoyable, and quick process. Remember, never be afraid to ask a “dumb question” because we don’t believe they exist! Not once through the process will you feel alone or unheard. We take great pride in the trust hundreds of families have put in us over the years and we ensure it’s repaid in stellar service.

JUMBO MORTAGE

Jumbo Mortgage Loans refer to all loans that exceed Fannie Mae’s loan limits. Typically, these loans are sold to institutional investors and carry a higher interest rates over conventional loans. These program requires a larger down payment and are more commonly used to purchase or refinance single-family homes or condos.

Jumbo Fixed Rate Mortgages are available in 15-30 year loan terms. They have traditionally been the most popular choice for people who intend to own their property for 7 years or more. Due to the fixed interest rate, the monthly mortgage payment remains consistent over the life of the loan.

Jumbo Adjustable Rate Mortgages (ARMs) are based on a 30-year loan term, with the interest rate adjusting to market rates over the life of the loan. Adjustment periods can range from 1-10 years. These loans are attractive to borrowers who don’t plan to keep their property over the long term and can benefit from a lower initial interest rate. Typically, initial adjustable rates are lower than comparable fixed rates.

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