CONVENTIONAL LOANS

Fixed Rate Mortgage

The most common type of mortgage program where your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable. Fixed rate mortgages are available for 30 years, 20 years, 15 years and even 10 years.

Adjustable Rate Mortgage

These loans generally begin with lower interest rate than fixed rate mortgage, and could allow you to buy a more expensive home, or to save monthly payment. However, the interest rate changes at specified intervals, depending on changing market conditions; if interest rates go up, your monthly mortgage payment will go up, too. However, if rates go down, your mortgage payment will drop also. Fixed rate for 3, 5, 7 or 10 years, then adjusts annually based on a financial index.

FHA LOANS

FHA's mortgage insurance programs help low and moderate income families become homeowners. FHA mortgage insurance also encourages mortgage companies to make loans to otherwise creditworthy borrowers and projects that might not be able to meet conventional underwriting requirements, by protecting the mortgage company against loan default on mortgages for properties that meet certain minimum requirements.

COMMECIALS

Commercial Financing is underwritten on a case by case basis. Every loan application is unique and evaluated on its own merits.

Unlike residential lending, commercial investment properties are viewed more conservatively. Nowadays, most lenders will require a minimum of 30% of the purchase price to be paid by the buyer. The remaining 70% can be in the form of a mortgage provided by either a bank or mortgage company. What a bank/lender will do is subject to their appetite and the quality of the buyer and the property. Loan to value is the percentage calculation of the loan amount divided by purchase price. Keep in mind that the purchase price must also be supported by an appraisal. In the event that the appraisal shows a value less than the purchase price, the lender will use the lower of the two numbers to determine the loan that will be made.

Fair Market Value and Fair Market Rent will be analyzed. Special use property may require additional underwriting. Age, appearance, local market, location, and accessibility are some other factors considered.

Our Loan Options

 

  • 3% Down Conventional Purchase
  • FHA Government Purchases & Streamline Refinance
  • FHA Rehab 203k Rehab
  • 1st Time Homebuyers Specials
  • Tax ID Programs
  • Bank Statement Program for Self-Employed Borrowers
  • Investor Cash Flow No-income program
  • Foreign National Program
  • Non-Prime Program for Borrowers with Recent Credit Issues
  • 100% Purchase Program Parameters