|
|
 |
|
|
|
Mortgage - Home Loans - Refinance - Mortgage Refinance - Home Equity
All Housing Types Welcome...Single Family Homes, Townhouse, Condo's, Manufactured, Modular and Mobile Homes
|
|
|
|
 |
|
|
|
Privacy Statements
|
|
|
|
|
|
As you can see, most of these
mortgages can fall under three
main categories: fixed, adjustable,
two-step and balloon. The terms
and length of the mortgages are
negotiable, so ask for assistance
in finding the best loan for your
financial situation.
|
|
|
|
|
|
 |
|
|
|
 |
|
|
|
 |
|
|
|
|
 |
|
|
|
|
|
|
|
|
|
|
|
1. Manufactured, Modular and Mobile Homes (Chattel Loans)
This type of home loan is for financing or refinancing the home only without land
attached by way of deed or mortgage. Chattel is a term used for personal property,
such as a vehicle, RV or boat. We have excellent rates for
Purchase, Refinance (with or without cash out), and Home Equity Loans.
2. Manufactured, Modular and Mobile Homes WITH LAND (real property)
These homes are considered real property just like a stick built home, provided the
home is affixed to a permanent approved foundation. Also, such homes qualify
for conventional financing, FHA, VA and Reverse Mortgage for Seniors.
3. Conventional Mortgages
A conventional loan is traditionally defined as a fixed-rate mortgage with equal
monthly payments, a 15-year or 30-year term, and a fixed interest rate established
when the mortgage is created. Conventional loans are driven by credit score and equity
in the home, and they typically do not apply for loan amounts above $416,000.
4. FHA loans for Purchasing or Refinancing
FHA loans are designed for low to moderate income borrowers who are unable to
make a large down payment. FHA loan limits vary based on a variety of housing types
and the state and county in which the property is located. Low to zero down payment
is the most attractive feature of this U.S. government-backed loan. Double wide or
triple wide manufactured homes and land loan packages qualify if the home is on
a permanent FHA approved foundation.
5. Streamline Refinancing for existing FHA or VA Loans
There is a little known refinance program available these days called a Streamline
Refinance and it is gaining popularity. You will have had to have been paying on your
mortgage for more than 6 months. FHA requires you to have a clear pay history over
the last 12 months with no 30 day lates while VA does allow you to have one 30 day
late over the same time period. No Appraisal, No Out Of Pocket Expense, No Income
Verification, No Employment Verification, Lower Interest Rate, Lower Payment.
The nice part of a Streamline Refinance is that you could need very little documentation
to qualify. In fact, it is a much easier process to experience than when you purchased
our home. However, you cannot cash out any of your equity with Streamline.
6. Jumbo Loans versus Conforming Loans
Jumbo Loans are different from normal conforming loans basically because of the loan
amount. Due to the higher amount (more than $417,000 depending on the state), they
are considered a different risk factor and are bought and sold in a different category.
Qualifying for jumbo loans is usually a little different but sometimes even easier
depending on the credentials of the borrower(s). Some lenders charge more interest
for a jumbo loan, but we do not. In fact, we can usually get you a lower interest rate
than a conforming loan for purchase or refinance. The benefit to you is a
lower monthly payment than with a conforming loan.
7. VA Jumbo Loan
Qualifying customers can now apply for a VA Jumbo Loan up to $1,000,000.
You can apply for a home loan with no money down under new VA Loans Maximum
Guaranty Amount guidelines: No money down for qualified borrowers for home loans
up to a maximum of $417,000 or the higher limits for certain counties, the VA
guarantees the loan up to a maximum guaranty amount of 25% of the loan,
but manufactured homes are excluded from this program.
8. USDA Rural Development Home Purchase Loans
0% down payment, no PMI. Your loan officer can help you determine if the home you
wish to purchase lies in a designated rural area. Often these areas are in larger
population fringe areas. Step-by-step assistance is needed to take advantage of this
excellent 100% financing for home purchases. There are two types, the first is intended
for higher income individuals and families, the second for low income persons--perfect
for a single mom with her children. In any case, you may not presently own a home.
9. Reverse Mortgage for Seniors
If you're approaching retirement and want to unlock the equity in your home, but don't
want to have to rely upon loan payments that may dilute your lifestyle, then you should
consider a reverse mortgage. With a reverse mortgage you can get a monthly or lump
sum payment as a function of your home value, which is repaid only after you leave
the home. Depending on your situation, there may be many benefits to choosing a
reverse mortgage. Under the right conditions, a reverse mortgage may be the
right decision for you. Ask your loan officer for more details.
10. Home Equity Line of Credit
Home Equity Line of Credit or HELOC is a revolving credit line which comes with an
adjustable interest rate. The main difference between a HELOC and the home equity loan
is that the home equity loan has a fixed interest rate.
|
|
|
