Do you know about Residential Loan Options?
30 Year Fixed Rate Mortgages
30 Year Fixed-Rate mortgages are designed to give lower monthly payments and a fixed interest rate that are ideal for individuals or families looking to stay in a home for seven years or more. This means you’ll always know exactly how much your mortgage is, with keeping payments low a priority.
15 Year Fixed Rate Mortgages
15 Year Fixed-Rate Mortgages are designed to seek lower interest rates and be paid down as soon as possible. While there are advantages and disadvantages to 15- and 30-year loans, the basic intent is that 15 Year mortgages will guarantee a higher monthly payment with a somewhat lower interest rate if the borrower is qualified. Whatever level of commitment you’re looking to make on your mortgage, we’ll help identify your need and the best plan that works for you.
Adjustable Rate Mortgages
Adjustable Rate Mortgages, or ARMs, can seem daunting at first. An ever-changing interest rate over the life of your loan may seem like misstep, but there are definite advantages. There are times when the fixed rates are consistently higher than adjustable rates, depending on the market and other factors. ARMs are typically easier to qualify for as well. For borrowers intending to own the home for only a short amount of time (seven years or less) may seek ARMs instead of a fixed rate. Whatever the case, we’ll help you navigate the options available to make the right lending choice for your purchasing needs.
The Federal Housing Administration provides loan programs that are insured for approved lenders. The FHA loan program is designed to stimulate the housing market and protect lenders.These loans are easier to qualify for, come with a lower down payment, and are insured by the FHA. These affordable loans are accessible and are lower risk for lenders. We’ll help you determine if an FHA loan is right for your needs and income.
The United States Department of Veteran Affairs offers mortgage programs for Veterans. These mortgage programs provide financing for military veterans or their surviving spouses. Qualified lenders will be able to assist with this financing for all the brave American veterans and their families. We’d be happy to help provide access to these programs for all qualifying borrowers.
There are loan limits set forth by Fannie Mae and Freddie Mac. Depending on where you are lending in the United States, these loan limits can be between $484,350-$726,525 as of the rates posted by the Federal Housing Finance Agency in 2019. If you are seeking to go above and beyond those limits, a Jumbo Loan may be right for you. These loans typically are associated with a higher risk, which in turn leads to a higher interest rate. Determining your need for a Jumbo Loan is easy, and we can help assist figuring out if a Jumbo Loan is right for your needs.
Are you seeking renovation to a current home, or are buying a home in need of renovation? Look no further than our 203K loans. The Federal Housing Administration backs loans for just these types of repairs and you may qualify today.
The benefits of Renovation Loans are designed to help the borrower in their endeavors. These loans often include the possibility of up to six months of mortgage payments in case you need to live somewhere else during remodeling as well as a 20% contingency reserve, so financing will be available to complete remodeling even if you go over estimate. If you’re looking to remodel, renovate, or buy a home in need of repair, our team of experts will be happy to assist.
The United States Department of Agriculture provides several types of loans that are designed to help finance buying, repairing, or renovating a home or residence in a rural area. Low- and moderate- income families have access to these due to their low interest rates and lack of down payment requirement. Typically, the only requirement for qualification is a good credit history. If you qualify and are seeking a residence in a rural area, you’ll have access to a variety of loans.
We will help guide you through these steps whether you’re seeking a Rural Repair or Rehabilitation loan or grant, a Mutual Self-Help loan, a Single-Family Direct Homeownership loan, or a Single-Family Guaranteed Homeownership Loan. There are many options through USDA Loans and our experts will guarantee you get the loan you need.