LENDING PROGRAMS - Click Here for a Glossary of Defintions

Conventional Mortgages
There are many options available to the homebuyer or homeowner through the conventional mortgage market. Conventional mortgages include fixed rate, adjustable rate, balloon mortgages and low-down payment mortgages.

Fixed Rate Mortgages
The standard fixed rate mortgage is a popular product with a range of loan term options from 10 to 30 years. A fixed rate mortgage appeals to borrowers who plan to remain in their homes for more than seven years and who want the stability of a fixed rate. Under this program, the interest rate and monthly payment is fixed at closing and does not change during the life of the loan.

Adjustable Rate Mortgages
An Adjustable Rate Mortgage (ARM) is a mortgage in which the interest rate and the monthly payments may be adjusted periodically to correspond with the changes in market conditions. Because of the flexible payments and the ability to adjust the interest rate periodically, ARM's are usually offered with initial start rates lower than fixed rate mortgages.

When shopping for an ARM, it is important to understand what type of ARM is being offered. We offer one year ARM's where the interest rate is adjusted annually, as well as 3-year, 5-year, 7-year and 10-year ARM’s where the initial adjustment comes at the end of a certain period, then adjusts annually thereafter.

Balloon Mortgages
A Balloon Mortgage is a fixed rate mortgage with a term of 5 or 7 years (depending on which program is chosen), in which the principal and interest payments are amortized over 30 years. At the end of the 5 or 7 years, the borrower may pay off the outstanding balance with a lump sum payment or exercise the option to refinance with a 23 or 25 year term if certain conditions are met. The initial monthly payment is usually lower than a 30-year fixed rate mortgage. This product is ideal for borrowers who plan to sell or refinance their home within 5 or 7 years and want a lower fixed monthly payment during that time.

Low (or Zero) Down Payment Mortgages
Traditionally, the standard conventional mortgage required at least a 5% down payment. Over the past few years, however, new programs have been developed that allow homebuyers to finance up to 100% of the purchase price of their home. Furthermore, flexibility in underwriting is provided to low and moderate income homebuyers who represent good credit risks but who might not qualify for home financing based on traditional underwriting criteria. These reduced down payment mortgages significantly lower the amount of money homebuyers need to close their loan.

FHA Mortgages
The basic FHA programs are designed to help provide home financing with a lower down payment than would be required for traditional 5% down conventional mortgages. The property must be an owner-occupied principal residence. There are limits on the maximum mortgage amount depending on the number of units and the county where the property is located. Fixed Rate Mortgages as well as Adjustable Rate Mortgages are available under the FHA program.

VA Mortgages
The VA Home Loan Guaranty program, guaranteed by the Veteran's Administration, is designed to provide financing for veterans with a zero down payment, if they have sufficient eligibility. A certificate of eligibility is obtained from the VA to determine the amount of eligibility available to the veteran. The property being purchased or refinanced must be an owner-occupied principal residence.

Down Payment Assistance Program
Ask yourself, the following question: you are in the market for a new home, you have a decent job, decent credit, and sufficient cash to purchase a house, now asked yourself this question: you are in the market for a new home, you have a decent job, decent credit, and don’t have the down payment? We have the solution for you; our down payment assistance program allows our clients to purchase there new home, in most cases as little or no cash.

* We have other special programs that may be designed for your unique situation. Call for your 15 minute personal mortgage consultation.