Below is a brief description of your mortgage options and ways to get the process started:
Conventional Home Loans
A conventional mortgage is a loan that conforms to the guidelines set forth by Freddie Mac and Fannie Mae, the two government sponsored enterprises (GSEs)
Jumbo Mortgage Financing
A jumbo mortgage is a mortgage with a loan amount above conventional conforming loan limits. This standard is set by the two government-sponsored enterprises
VA Mortgage Loans
The basic intention of the VA direct home loan program is to help supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans
FHA Mortgage Loans
The FHA’s goals are to improve housing standards and conditions, provide an adequate home financing system through insurance of mortgage loans and to stabilize the mortgage market.
Reverse Mortgage Senior Loans
A lifetime loan available to seniors, and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner’s obligation to repay the loan is deferred until the owner leaves the home.
203k Rehab Loans
The financing for this loan will include the purchase price, as well as the improvements you are either required to do to be able to live in the home, or that you want to do, such as upgrade the kitchen, new roof or structural repairs. A 203k Rehab Streamline is available for repairs <$30-35k.
How Much Can I Afford?
One of the most important items to remember when looking into financing is there is sometimes a difference in the amount a borrower can qualify for vs what’s comfortable in their budget
Whether you are purchasing, doing a rate/term refinance or taking equity out of your property through a cash out refinance, occupancy type is a major factor in determining the amount of down payment
What is Mortgage Insurance?
Mortgage insurance (also known as mortgage guaranty) is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan.
FHA Mortgage Insurance
FHA insurance is required for any FHA mortgage, irrespective of the size of the down payment provided. The premiums for both insurances get cancelled at a certain point
Credit Do’s and Don’ts
How can a fully approved loan get denied for funding after the borrower has signed loan docs? Simple, the underwriter pulls a new credit report to verify that there hasn’t been any new activity especially new purchases (car, furniture, etc.).
VA Funding Fee
The VA Funding Fee is an essential component of the VA home loan program and is a requirement of any veteran taking advantage of this zero down payment government loan program.
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Michael Alvarez, nmls 257246