PURCHASING
Conventional Loan
A conventional loan is available in fixed rate and adjustable rate. A conventional fixed rate mortgage can be assured with terms from 30 years down to an 8 year option. With just 5% down at closing for a primary residence, you can qualify for a conventional loan. FHA Loan FHA home loans are one of the easiest loans to qualify for, especially if you have faced financial difficulty in the past, have less than perfect credit, or lack equity or cash for closing. These government insured loan programs enable lenders to take more risk with qualifying people for a loan, which opens up the opportunity for more Americans to own their own home. Your credit score can be as low as 580 to qualify. VA Loan A VA fixed rate loan is offered to active military men and women, veterans, and to surviving spouses. An exclusive perk for all VA loans is that a down payment is not required. You can also refinance up to 120% of your home’s value. Even if you have used your VA loan benefits in the past, you can take advantage of this special program. Home Path The HomePath mortgage allows home buyers and investors to purchase move-in ready Fannie Mae owned properties, lowering housing inventory, while providing long term perks for new owners. Rural Housing The United States Department of Agriculture created a single family housing program to provide homeownership opportunities for low to moderate income individuals and families in select rural areas. Your Term Mortgage With a fixed mortgage rate, you can pick the years of the term, anywhere from 8 to 30. (In the past you were locked into a 5-year ARM, 15-year, 20-year, 25-year or 30-year.) Jumbo Any home loan amount over $510,400 is considered a jumbo loan. Available in a conventional fixed-rate or adjustable rate. Homebuyer Resources
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REFINANCE
FHA Streamline FHA streamline refinance is a program designed for homeowners who have an FHA loan, whose homes have depreciated in value since they closed on their loan, or who are currently paying a higher interest rate than is presently offered. You can choose an arm or 15-year or a 30-year fixed term. You are not required to have your home re-appraised. You do have to meet debt to income requirements. VA Streamline A VA fixed rate loan is offered to active military men and women, veterans, and to surviving spouses. An exclusive perk for all VA loans is that a down payment is not required. You can also refinance up to 100% of your home’s value. Even if you have used your VA loan benefits in the past, you can take advantage of this special program. If your payments are up to date on your current VA loan, with no more than one 30-day late payment in the previous 12 months, you can qualify for a VA streamline refinance, known as the Interest Rate Reduction Refinance Loan (IRRRL.) Once you have been approved for a VA loan, VA streamline refinancing is simple. HARP If you are one of the millions of home owners who home faced massive home value depreciation, and you have continued to make timely payments, you could qualify for a home program known as HARP (Home Affordable Refinance Program). Home Path The HomePath mortgage allows home buyers and investors to purchase move-in ready Fannie Mae owned properties, lowering housing inventory, while providing long term perks for new owners. Rural Housing The United States Department of Agriculture created a single family housing program to provide homeownership opportunities for low to moderate income individuals and families in select rural areas. Reverse Mortgage An insured loan program that gives senior citizen, 62 and older more financial options to eliminate their monthly expenses, access cash, or move into a home that better suits their life style needs. Jumbo Any home loan amount over $510,400 is considered a jumbo loan. Available in a conventional fixed-rate or adjustable rate. Your Term Mortgage With a fixed mortgage rate, you can pick the years of the term, anywhere from 8 to 30. (In the past you were locked into a 5-year ARM, 15-year, 20-year, 25-year or 30-year.) |