A conventional home loan is one that is not insured or guaranteed by the federal government. This type of loans can be for conforming or non-conforming loan amounts. If you are looking for a conventional loan, contact our team today.
Non-QM is a term for loan types that do not fit into the restraints of government lending standards known as Prime, Agency, or A-Paper Lending and defined as Qualified Mortgages. Non-QM loans also known as temporary or fixer loans, for borrowers who are on their way to Prime but need a little help before they qualify. Non-QM loans characteristically are made to borrowers who have had a past credit event or events in the form of Foreclosure(s), Bankruptcy(ies), Short Sale(s), late payment(s), collection(s), charge-off(s), etcetera.
When you have a regular mortgage, you pay the lender every month to buy your home over time. In a reverse mortgage, you get a loan in which the lender pays you. Reverse mortgages use part of the equity in your home and convert it into payments to you. The money you get is typically tax-free. Most of the time, you don’t have to pay back the money for as long as you live in your home. When you die, sell your home, or move out, you, your spouse, or your estate would repay the loan.
FHA loans are mortgage home loans that are insured by the Federal Housing Administration (FHA). They are sometimes reffered to as government loan. FHA mortgage insurance protects the lender (not the borrower) if a borrower defaults on the FHA loan. This insurance enables a lender to provide loan options and benefits often not available through conventional financing.
This is a mortgage loan that’s not eligible for sale to Fannie Mae and Freddie Mac due to nonstandard features. These loans are often sold on the secondary market to private investors or held in the lender’s portfolio as an asset.
This program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may build, rehabilitate, improve or relocate a dwelling in an eligible rural area. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural home buyers.
VA loans are mortgages that are guaranteed by the Department of Veterans Affairs (VA) for qualified veterans of U.S. military forces. Also known as a government loan. If you are a veteran looking for a VA loan, our team is here to serve you.
Fixed rate Loans
A fixed-rate loan is a home loan with a predetermined fixed interest rate for the entire term of the loan. Right now interest rates are still very low and but they won't stay this low forever. To learn more about our fixed-rate loans, contact us today.
Adjustable Rate mortgages
An adjustable-Rate or home equity loan in which your interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. Lenders may charge a lower interest rate for the initial period of the loan. Most ARMs have a rate cap that limits the amount the interest rate can change, both in an adjustment period, and over the life of the loan.
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