Loan Programs

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This is a 30 year loan which offers fixed, stable payments for the life of your mortgage and allows you to plan your financial life without the need to ever worry about rising interest rates. This is one of the most popular types of mortgages being offered and may be the most manageable for you and your family.

Benefits and Highlights:

• Fixed mortgage payments (principal and interest) every month that will never increase.
• For people who prefer predictable payments when budgeting their expenses.
• Experience increased financial freedom by saving more of your income when compared to lower term mortgages, so you can use it towards other unexpected expenses when you need it the most.
• A feeling of security and peace of mind knowing that your mortgage payments will never increase.
• An ideal fit for people who plan to stay in their home for many years.

This is a 15 year loan which offers all the features and benefits of the 30 year fixed rate mortgage with stable payment schedules so you never have to worry about fluctuating interest rates. If you are looking for predictable monthly payments, long-term payment security, and you would like to be free of your mortgage obligation in half the time of a 30 year mortgage, then this is the option for you. Start owning your home today and plan your retirement early with a 15 Year Fixed Rate Mortgage.

Benefits and highlights:

• Same monthly mortgage payments (principal and interest), which allows you to plan your finance more easily.
• Enjoy the financial freedom and peace of mind you get from predictable mortgage payments.
• A feeling of security that if interest rates rise in the future, your mortgage interest rate will always be protected for the life of your loan.
• Enjoy all the benefits of the 30 year fixed rate mortgage, but with a lower eligible interest rate because of the shorter loan term.
• Attain home equity and payoff your mortgage earlier.
• Suitable for people who prefer fixed rate mortgages, but would like to direct more of their savings towards other things later on in life, such as college tuition for their children, acquiring a second or vacation home, planning for future investments, or simply retiring      early and enjoying life.

FHA loans are insured by the Federal Housing Administration and can be a great option for people who would normally find it difficult to qualify for a mortgage due to their income level, credit history, or their ability to put down a sufficient amount of down payment. For borrowers with a credit score of 580 or higher, these loans allow a down payment of just 3.5% of the total cost of the home. For those with a credit score between 500 and 579, a 10% down payment is likely required.

What are the benefits?

An FHA loan is one of the most attainable home loans on the market. Geared towards helping first-time home buyers, these loans offer affordable down payments and less-strict credit score requirements for those who qualify. Whether you’re in the market for a new home or seeking financial assistance to help renovate your current one, FHA loans can offer funding for your residential goals.

• Same monthly mortgage payments (principal and interest), which allows you to plan your finance more easily.
• Low Down Payment Options available
• Can likely be used with a DAP program (Down Payment Assistance Program)
• Allows for lower credit scores
• Sometimes allows for higher debt to income ratios

Created by the U.S. Department of Agriculture (USDA) to assist borrowers with lower income qualifications, the USDA program guarantees mortgages to Americans wishing to establish homeownership in rural communities. USDA provides 100% financing to those who qualify.

Qualifications & Features of USDA Loan:

• No down payment required.
• Low monthly mortgage insurance (MI).
• Does have max income requirements for the borrower.
• Can be used with credit scores down to a 600
• Up to 100% of the property value can be financed.
• Income and geographical location eligibility requirements apply.
• Property must be owner-occupied.

Guaranteed by the U.S. Department of Veteran Affairs, the VA loan program is designed to assist both current active duty military members and veterans achieve homeownership. Eligible borrowers for this program are allowed to borrow at a higher percentage of the home value and the loan is guaranteed by the government against default.

Qualifications & Features of VA Loan:

• Property must be owner-occupied.
• There is no down payment required and no monthly mortgage insurance payments.
• The minimum credit score required is as low as 500.
• Can normally only have one VA loan at a time
• Properties generally must clear a pest inspection
• Can allow for higher debt to income ratios
• Tends to have some of the lowest rates available

Eligibility

Active members of the military, veterans, and members of the National Guard are qualified to apply for VA loans. Spouses of service-connected disability or deceased military members may also apply for these types of loans.

A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible. (Please consult your tax advisor regarding interest deductibility as tax rules may have changed.)

Benefits:

• Borrowers can leave their largest debt (Their 1st mortgage) alone and not loose their lower rate while accessing equity in their home.
• Most have a draw period were the line can be accessed later when funds are needed again.
• Loan processing time can be much shorter than a first mortgage and potential have less paperwork involved.
• Some options allow for fixed or variable rates
• You can typically borrow a higher percentage of your homes equity, up to 89.99% in some cases.