FHA Loans

The FHA loan program was created to help increase homeownership. The  FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Some highlights of the FHA loan program are:

• Downpayment less than 3.5% of Sales Price
• Gift for downpayment and closing costs permitted.
• Reserves not required.
• FHA regulated closing costs.
• Seller can credit up to 6% of sales price towards buyers costs.
• Minimum FICO credit score of 560.
• FHA will allow a home purchase 1 day after a Bankruptcy 13.
• FHA will allow a home purchase 2 years after a Bankrupty 7.
• FHA will allow a home purchase  3 years after a Foreclosure.
• Higher Debt Ratio's than other home loan programs.
• Less than two years on the job is permitted in some instances.
• Self-Employed individuals permitted.

100% Financing Loan

The 100% financing loan allows more families and individuals to become homeowners. Through our 100% programs (VA and USDA) more families can qualify for a mortgage without a down payment or closing cost.

Advantages to 100% financing is that no cash is needed for down payment. You do not need to liquidate stocks and other investments. You may want to finance as much as possible for tax deduction purposes. It is required that the property is owner occupied.

Adjustable Rate Mortgages (ARM)

Adjustable rate mortgages, or ARM, is much different from a traditional fixed rate mortgage because the interest rate fluctuates during the life of the loan in accordance with movements in the index rate. Adjustable rate mortgages generally have lower initial interest rates than fixed rate mortgages and can end up saving you a substantial sum if rates are to remain steady or drop. On the other hand, when financial markets are unstable, adjustable rate mortgages can increase with little notice.

Balloon Mortgage

A balloon mortgage, which is amortized for a longer period than the term of the loan. Usually this applies to a thirty-year amortization and a five-year term. At the end of the loan's term, the remaining outstanding principal on the loan is due. This remaining payment is known as balloon payment.

Fixed Rate Mortgages

Fixed rate mortgages means that your interest rate and monthly loan payments remain the same for the life of your loan. This option is preferred if you plan for long-term and don't like taking risks. The advantages of this mortgage is that the rate for the term is guaranteed. You are protected from rising interest rates. You are guaranteed to pay fixed monthly payments. You should take this mortgage into consideration if your income is consistent and reliable.

Full Doc and Stated Income

Full Doc

A Full Doc loan is generally less risky for lenders because the borrower is required to present all necessary documents for verification. This type of loan usually offers lower rates because it is less risky for the lender.

State Income

Stated Income Mortgage Loans are generally used by those self-employed borrowers who do not have documentation of earnings. Although income is not verified, employment is verified using a CPA letter, business license and/or article of incorporation. Assets are also required as part of our stated income program.

No Income Verification

Our unique No Income Verification Loan is your solution to verifying your Income. This program allows borrowers to obtain financing for a refinance or a new home purchase when their income is difficult to verify. Assets and employment are required and verified.

Reverse Mortgage

Turning your home into your saving account

Seniors across the country are learning about how reverse mortgages can help them live the retirement they have always dreamed of. Receive cash, a tax-free* monthly income, and/or credit line by tapping the equity in your home with a reverse mortgage. Call us now to find the reverse mortgage that best meets your needs.

A reverse mortgage can assist you with:

Paying off your Existing Mortgage

Make Home Improvements

Travel

Assist with College Tuition

Pay for healthcare, bills, etc.

To learn more about reverse mortgages, click on the following link; http://www.hud.gov/offices/hsg/sfh/hecm/hecmabou.cfm

Home Affordable Refinance Options

As part of the Making Home Affordable program, Fannie Mae is offering refinances of existing Fannie Mae loans. The goal of the refinance initiative, as announced by the President, is "to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices." The expectation is that refinancing a Fannie Mae loan will put responsible borrowers in a better position by reducing their monthly principal and interest payments or moving them from a more risky loan structure (such as interest-only or short-term ARM) to a more stable product.

Home Affordable Refinance provides two options for Fannie Mae lenders to provide Fannie Mae to Fannie Mae refinance solutions to eligible borrowers: 1) Refi Plus™, which requires manual underwriting, and 2) DU Refi Plus™ for loans underwritten through Desktop Underwriter® (DU®).

Highlights

Expanded opportunities for Fannie Mae to Fannie Mae refinances through Refi Plus, which requires manual underwriting, and DU Refi Plus for loans underwritten through Desktop Underwriter (DU) 

• A solution for borrowers with LTVs above 80 percent who currently may not be able to refinance because of existing MI coverage requirements
• LTVs up to 105 percent on the new loan and additional underwriting

The Fannie Mae Loan Lookup helps borrowers determine whether Fannie Mae is the investor on their mortgage. http://loanlookup.fanniemae.com/loanlookup/

The Freddie Mac Loan Lookup helps borrowers determine whether Freddie Mac is the investor on their mortgage. https://ww3.freddiemac.com/corporate/

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Platinum Rates for Platinum Clients:

• Credit level >740
• Down payment or equity >= 20%
• Verifiable income with 2 year history
• Conforming loan amounts up to $417,000
• Super conforming  loan amounts up to $729,000