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Purchase Options
Government Loans
If you are looking for a mortgage that offers smaller down payment options and relaxed qualifying criteria while still providing competitive interest rates, A Federal Housing Authority (FHA) or Veteran’s Authority (VA) mortgage may be right for you. Both FHA and VA mortgages offer the flexibility to choose between a fixed-rate and adjustable-rate options.
Conventional Loans
Conventional products require a slightly larger down payment than FHA and VA, but can be a viable solution for certain scenarios. Conventional guidelines are less stringent in regards to the condition of the property. The minimum down payment can be either 5% or 10% depending on the borrower’s credit score.
Rehabilitation Loans
Two loans in one. FHA’s 203k Rehab program will allow you to finance the costs of rehabbing a home into the mortgage. Regular FHA and Conventional guidelines cannot accept properties that are not in livable conditions. These properties can be bought at a discounted price and rehabbed exactly how you prefer.
Homepath Financing
For Fanniemae properties borrowers can finance the home with low credit requirements, no appraisal, low down payment requirements, and no Private Mortgage Insurance (PMI).
Other niche programs available upon consultation. |
Refinance Options
FHA Cash-out
The Federal Housing Administration (FHA) has revised underwriting instructions for cash-out refinances, allowing borrowers to take up to 85% of the appraised value of the their homes in cash.
FHA Streamline
FHA allows existing FHA borrowers to reduce their interest rate without having to jump through hoops. There is no verifying income and you have the option to refinance without an appraisal.
Relief Refinance (Open Access & DU Refi)
For Freddie Mac and Fanniemae owned loans, borrowers can refinance up to 125% of the appraised value of the house. Fees are regulated by the appropriate agencies to ensure you receive a beneficial refinance outcome.
Rate & Term Refinance
You may refinance to simply change the interest rate and loan term to save on your monthly payment or reduce the amount of interest you pay for the life of the loan.
Debt Consolidation
Consolidating your debt into your loan can help you mange it better plus turn the interest that you’re paying into a tax write off. (consult with your tax advisor).
HOMRTM
This program offered through a private investment company (IFI) offers homeowners who are currently upside down on their mortgage an option to refinance their loan at the current market value.
Home Equity Lines of Credit (HELOC) available. |
