FHA - The
Federal Housing Administration (FHA), a wholly owned government
corporation, was established under the National Housing Act of
1934 to improve housing standards and conditions; to provide an
adequate home financing system through insurance of mortgages;
and to stabilize the mortgage market. FHA was consolidated into
the newly established Department of Housing and Urban Development
(HUD) in 1965. Since 1934, FHA has been extremely successful in
achieving these goals. An FHA loan allows you to put a very low
down payment on your home. The maximum loan limit is based on
the average cost of living in your area. The FHA program for homebuyers
is one of the most popular due to the ease of qualifying and low
down payments. back to top
FHA-EEM
- An FHA Energy Efficient Mortgage recognizes the energy savings
of a home. It allows the buyer (or homeowner who is refinancing)
to qualify for a larger mortgage to finance the construction or
installation of improvements that will increase the home’s
energy efficiency. Improvements might include insulation, new
energy efficient heating and air conditioning systems, new water
heaters, etc. The maximum amount is 5% of the property value (not
to exceed $8,000) or $4,000, whichever is greater. This loan can
be used on existing single family homes or two unit properties
(such as a duplex.) The home must be inspected by an energy
consultant. The fee for the inspection may be financed by the
loan. The rating report will determine if the cost of the improvements
(plus any maintenance costs) will increase the energy efficiency
of the home. If the improvements will save money on the utility
bills, the cost of the improvements may be financed in the loan.
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VA - The purpose of the VA-guaranteed loan program
is to provide loans to veterans to purchase or refinance a home.
Veterans can obtain up to 100% financing on purchases. The benefits
of a VA loan are: no down payment, no cash reserves, existing
home or new construction, manufactured homes or lots, can be used
for refinance, no monthly mortgage insurance, no need to be a
first time buyer, can repay without penalty. The limitations
are: co-borrower must be spouse or have own entitlement, only
open to veterans, active duty military or reservists, funding
fee is added to the loan. For loan limits click
here.
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Conventional - Conventional home loans have remained
the popular loan program. The 30 year fixed rate mortgage is still
the major standard in the industry, and adjustable rate mortgages,
jumbo loans, and other mortgage types are common. Conventional
financing can be used to fund a home purchase or mortgage refinance.
These loans are plentiful and offered by many lenders. Banks and
brokers often prefer to work with conventional borrowers, because
these loans typically present less risk than other loans. back
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JUMBO LOANS -
Offers 30 and 15 year fixed rate mortgage with full document.
This product is for our elite borrower’s, therefore, offers
higher loan amounts and very competitive pricing. Some FHA loans
are available as a jumbo loan and depending on where you live,
you could put as little as 3.5% down with your jumbo loan, or
get a cash-out refinance for up to 80%. Call our qualified home
loan experts at (800) 555-0150 to find out what kind of jumbo
loan you qualify for.
Cash out and No cash out refinance
are allowable. Single family detached, Condo's, PUD's and
1 unit second homes can be financed with no prepayment penalty.
Secondary financing is allowable on lower LTV's. back
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