Look at the Loan Program We Offer Below....FHA Government Loans
An FHA loan is insured by the Federal Housing Administration open to all qualified home purchasers. An FHA loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won't have to write off a loan if the borrower defaults - the FHA will pay. Because of this guarantee, lenders are willing to make large mortgage loans.
(More) VA Government Loans
A mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. The Department of Veterans Affairs does not directly originate VA loans; instead, they establish the rules for those who may qualify, dictate the terms of the mortgages offered and insure VA loans against default. (More)
Streamlined FHA 203(k) Loan
FHA's Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.
(More) Conventional Loan
A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) and the Department of Veterans Affair s (VA). It is typically fixed in its terms and rate
Fannie Mae Homepath
This special financing is available on Fannie Mae homes with the HomePath logo. Several benefits include low down payment and flexible mortgage terms, qualifying if your credit is less than perfect plus down payment (at least 5 percent) can be funded by your savings; a gift, a grant, or a loan from a nonprofit organization, state or local government, or employer. This unique financing also requires no mortgage insurance or appraisal fees.
Conforming Loans
A conforming loan is any loan that meets the criteria and limits set forth by the two largest buyers of loans, Fannie Mae and Freddie Mac.
Most loans are underwritten according to their lending guidelines. USDA
A mortgage loan/grant program established by the United States Department of Agriculture to help low income people and their families obtain home financing. The Rural Housing program is dedicated to the preservation of rural communities. We partner with Rural Development, a division of the US Department of Agriculture, to help home buyers throughout the state realize the American dream of home ownership. This program, administered through the US Department of Agriculture. (More)
Jumbo
A jumbo loan is a loan with a loan amount larger than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Currently the limit is set at $417,000 for most areas. Special areas such as Alaska, Hawaii, Guam, and the U.S. Virgin Islands have a higher limit of $625,000. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate; usually .25% to .50% higher than that of a conforming loan.
Mortgage Pre-Approval
In today's real estate market, the Mortgage Pre-approval is necessary to begin more housing search. A pre-approved mortgage tells you exactly how much money the lender will let you borrow. A pre-approved mortgage occurs when a lender agrees to lend you a specified amount of money before you have found a home. (More)
Fixed Rate Mortgages
A common type of mortgage loan is the fixed rate mortgage. With this loan, your payments and interest do not change for the term of the loan. Fixed rate mortgages come in different packages. The most common is the 30-year fixed. However, other terms are available like 25, 20 and 15 and some higher like 40 year fixed.
Adjustable Rate Mortgages
An Adjustable Rate Mortgage, or ARM, is a mortgage where the interest rate is adjusted periodically based on an index. The name of the mortgage will indicate the number of years before the first adjusment. (3/1, 7/1 etc...)
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Ask Rocky for a Fee Quote ...Raquel “Rocky” Moore
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