FHA - Purchase or Refinance
Current FHA loan requirements allow up to 96.5% financing on a home Purchase or Refinance on an Owner Occupied property.
FHA loans have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. Over time, private mortgage insurance (PMI) companies came into play, and now FHA primarily serves people who cannot afford the larger conventional down payment requirements or otherwise do not qualify for PMI.
FHA is now the leader in originations throughout the United States.
Conventional - Purchase or Refinance
Conforming Loan – Up to 95% Financing for Purchase or Refinance on an Owner Occupied Property. Conventional Financing is available on second home or Investment Property. For Loan to Value, debt ratios and credit requirements on second home and investment properties it is recommended that you contact one of our Mortgage Consultant Professionals.
A conforming mortgage is one which meets the established rules and procedures of the two major government-sponsored entities in the housing finance market (Fannie Mae & Freddie Mac).
USDA – Purchase
Unites States Department of Agriculture– Rural Development (RD) - Up to 102% financing on the Purchase of an Owner Occupied property in select rural communities. Seller can pay for all closing costs or if the home appraises for more than the purchase price you have the ability to finance the closing cost up to the appraised value. Just recently USDA has implemented a monthly premium of 0.3% much similar to that of Mortgage Insurance for FHA Loans.
HomePath – Purchase
Up to 97% financing on a home purchase with NO Mortgage insurance and No Appraisal and allows up to 90% financing for investors. This program is great for buying a “fixer upper” that could not be finance with conventional financing because of condition.
Fannie Mae DU Refi Plus
The ability to Finance up to 105-125% of the properties appraised value. If you are upside down on your current home and looking for options to lower your rate and payments with your conventional mortgage, this loan program may be for you.
VA Loans
Used to assist our Veterans and helping them acheive home financing up to 100%. Seller Concessions (assting in buyer's closing costs) is becoming the norm today, making it very easy for veterans to acheive financing with almost nothing out of pocket.
