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Products
 
FHA Loans
30 Year Fixed Rate Loan Program
VA Loans - Purchase and Refinance
USDA
Home Ready Mortgage
Home Possible Mortgage
FHA 203K
Reverse Mortgage

FHA Loans

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments

FHA Low Down Payment (3.5%) Purchase Programs and Refinance programs including FHA Streamline Refinance Program (up to 97.75% LTV) . Please call for restrictions.

 
Choosing the Best Mortgage for You Today there is no one-size-fits-all mortgage that is best for everyone. Only an honest discussion with your trusted mortgage loan originator can answer which program(s) are best for you. Factors to consider in choosing a mortgage: Your current financial situation Fixed and adjustable interest rates Your short-term and long-term goals How long you expect to be in your home Keep in mind that these pages were created to provide you with some quick, basic info on available mortgages today. However, if you’re looking for specific information regarding your current needs, nothing can replace a face-to-face discussion with your loan officer! Your home is likely the biggest investment you’ll ever have and the answers you can obtain from a personal consultation are invaluable.

30 Year Fixed Rate Loan Program
The 30 year fixed rate mortgage is one of the most desirable loan programs available. Borrowers like the low monthly payments and the stability of the 30 year fixed rate over a variable rate. The term of a 30 year fixed rate mortgage is long and consequently you pay more interest over the life of the loan. However, the 30 year fixed rate mortgage is recommended for borrowers who intend to stay in their house for a long period of time. It is indeed the most common and easiest fixed-rate loan to qualify for. Advantages: Low monthly payments. Can be refinanced if the interest rates drop. Monthly payments and interest rate are fixed for 30 years and can't increase. Disadvantages: Higher interest rates than shorter term mortgages. Mortgage payments do not drop if interest rates drop.

Term: 30 years   Maximum Amount: $100,000
 
Conforming Loans Conforming loans typically refer to loan amounts that conform to government service standards as determined by Fannie Mae & Freddie Mac. These two government agencies, set up in the early 1940's, were established to help people finance new homes. The Conforming loan limit is $417,000 for single family homes. However, not all conforming loans are serviced by these government agencies. Below are the current conforming loan limits for 1-4 unit/condos, primary residences, and second homes: • 1-unit: Up to $417,000 • 2-unit: $533,850 • 3-unit: $645,300 • 4-unit: $801,950

VA Loans - Purchase and Refinance

The VA Loan became known in 1944 through the original Servicemen's Readjustment Act also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans. The GI Bill contributed more than any other program in history to the welfare of veterans and their families, and to the growth of the nation's economy.

 



USDA

USDA Loans offer 100% financing to qualified buyers, and allow for all closing costs to be either paid for by the seller or financed into the loan. USDA Home Loans have Maximum Household Income Limits which vary by the County you purchase a home


Home Ready Mortgage

Home Ready Mortgage program allows up to 97% financing for home purchase with many borrower flexibilities. Flexible sources of funds can be used for the down payment and closing costs with no minimum contribution required from the borrower's own funds (1-unit properties). Conventional home financing with cancellable monthly MI; reduced MI coverage requirement above 90% LTV supports competitive borrower payment. Homeownership education helps buyers get ready to buy a home and be prepared for the responsibilities of homeownership. The required training offers an easy-to-use, online course provided by Framework.


Home Possible Mortgage

Home Possible Mortgage program is geared towards first-time homebuyers, move-up borrowers and retirees; families in underserved areas; very low and low- to moderate-income borrowers. It provides stable monthly payments with fixed-rate mortgages. Flexible sources of funds can be used for down payment and closing cost. Reduced mortgage insurance coverage levels for LTV ratios greater than 90 percent. Minimum down payment of 3 percent allowed for Home Possible Advantage


FHA 203K

Combine repairs and home financing into one loan. The FHA 203k Streamline allows borrowers to finance the purchase or refinance of an existing home and make improvements or upgrades up to $35,000. $5,000 minimum repair costs required.


Reverse Mortgage

A reverse mortgage lets you tap into the equity of your home, but includes ongoing responsibilities to maintain the property and pay expenses like taxes and insurance. If you’re age 62 or older, you can receive money from your mortgage company by borrowing against the value of your home through a reverse mortgage. The payments you receive along with accrued interest and other charges increase the loan’s balance and decrease your equity in the property. Most reverse mortgages are insured by the Federal Housing Administration (FHA), as part of its Home Equity Conversion Mortgage (HECM) program. As long as you live in the home as your primary residence, maintain the home, and pay homeowner’s insurance, property taxes, and homeowner’s (sometimes referred to as “HOA” fees) and/or condo association dues (if applicable), the loan does not have to be repaid. If the property is sold or the last surviving borrower no longer occupies the property or passes away, the loan becomes due and payable. Usually, the home is sold to repay the loan and, if FHA-insured, FHA pays for amounts not fully covered by the sale proceeds.




Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.