LOAN PROGRAMS

Conventional loans are the most common and widely available mortgage option. For borrowers with good credit, balanced income, debt and some down payment, they are often the least complicated way to get the most flexible mortgage options.

• Fixed Rate for the life of the loan
• 10, 15, 20 and 30 year terms
• Loan Amounts up to $726,200
• Can Finance Primary, Second Homes, and Investment Properties
• Low Down Payment Options Available for Qualified Borrowers
• Available for Purchase and Refinance Transactions
• Gift funds are acceptable

FHA Loans are insured by the Federal Housing Administration (FHA), a branch of the U.S. Department of Housing and Urban Development, or HUD. FHA is often the best option for people who need a little extra flexibility when qualifying for a new home mortgage. You do NOT need to be a first time buyer - anyone who is buying a new home to use as their Primary Residence is eligible.

• For Primary Residence
• A minimum of 3.5% down payment required – May be a gift!
• Seller can contribute up to 6% of borrower’s closing costs
• Flexible Mortgage Guidelines
• Available for Purchase and Refinance Transactions

The Department of Veterans Affairs (VA) offers financing on primary residences for Veterans. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.

• Must be a Veteran, Active Duty Military, or member of the Reserves.
• Up to 100% Financing – No Down Payment
• Cash out refinances up to 100% of appraised value
• No Monthly Mortgage Insurance
• Closing costs and pre-paids may be a gift or paid by the seller
• Available for Purchase and Refinance Transactions

The US Department of Agriculture USDA provides zero down payment options to qualified borrowers, with very low mortgage insurance premiums. If you are buying a home in a Rural Development -eligible area, and meet the program requirements, this loan is perfect for you.

• For Primary Residence
• 100% Financing Available
• 10, 15, 20 and 30 year terms
• House must be in a Rural Development-eligible area.
• Income eligibility applies

Jumbo Loans exceed the maximum loan amounts established by conventional loan limits, currently $726,200. A Jumbo Loan is right for you if you are looking to buy a high priced or luxury home.

• Financing above Conforming Loan Limits of $726,200.
• Convenience of One Loan versus having Multiple Mortgages
• Fixed and Adjustable Rate Mortgage Options

A Reverse Mortgage is a loan for those age 62 and older (Certain states allow for 55 and older) that allows homeowners to convert their home’s equity into cash with no monthly mortgage payments.

• Primary Home
• For those 62 and older (Certain states allow for 55 and older)
• No Monthly Mortgage Payments
• Receive Money Monthly
• Borrower must maintain property, pay homeowner's insurance and property taxes, and comply with loan obligations