| Loan Programs |
The Good |
Items To Consider |
 |
| Fixed Rate Mortgages | top^ |
30 year fixed
15 year fixed
|
- Monthly payments are fixed over the life of the loan.
- Interest rate does not change.
- Protected if rates go up.
- Can refinance if rates go down.
|
- Rate does not drop if interest rates improve.
|
| Adjustable Rate Mortgages | top^ |
10/1 ARM
7/1 ARM
5/1 ARM
3/1 ARM
|
- Rates and payments may go down if rates improve.
- May qualify for higher loan amounts.
- Fixed Rate period may fit financial term goals.
|
- More risk.
- Payments may change over time.
- Potential for high payments if rates go up.
|
| VA Mortgages | top^ |
30 year fixed
15 year fixed
5/1 ARM
|
- No downpayment required up to $417,000.
- Negotiable fixed interest rate that is competitive with conventional mortgage financing.
- Limitations on which closing costs may be assessed to the veteran.
- May be prepaid without penalty.
- May have forbearance extended to worthy VA homeowners experiencing temporary financial difficulty.
- Do not require mortgage insurance premiums.
- The seller may pay ALL of the veteran's closing costs, plus 4% of the purchase price towards escrow, points,
funding fee.
|
- VA home loans require the veteran to pay or finance a funding fee.
- Co-borrowers are restricted to qualifying veterans and spouses of qualifying veterans only.
- Primary Residence only.
|
| FHA Mortgages | top^ |
30 year fixed
15 year fixed
5/1 ARM
3/1 ARM
|
- Lenders look more favorably at the terms since the government is backing up the loans.
- Down payment as low as 3.5%.
- Sellers are allowed to pay up to 6% of the purchase price to cover the closing costs.
- Allows for non-owner occupied co-borrowers on the loan, with no penalty.
|
- Upfront premium can be financed or paid in cash and a monthly premium is required on all loans.
- Primary Residence only.
|
| First Time Buyer Programs | top^ |
| Select State Bond loans |
- Lower down payment.
- Easier to qualify.
- Sometimes you may get lower rate.
|
- May be subject to income and property value limitations.
- Some programs which have government subsidies may have a recapture tax if you sell the house too early.
|
Besides our standard loan programs, we also have a large number of unique programs to serve your needs:
- Purchase a house with 0 down with a USDA loan.
- Credit Enhancement Program.
- Refinances.
|
Equal Housing Opportunity