Loan Type

Details of Loan

Fixed-Rate Loans

  • 30-, 25-, 20-, 15- and 10-year terms are all available at a fixed rate.
  • Buy a home with as little as 5% down (primary home).
  • Refinance up to 95% of your primary home’s value.
  • Monthly mortgage payments remain the same for the entire loan term.

Adjustable Rate Loans (ARM)

  • 3/1, 5/1, and 7/1 ARM‘s. Monthly payments based on a 30-year repayment schedule.
  • Provides veterans with flexible lending options and loan security.
  • The rate stays fixed for the first 3, 5, or 7 years (depending on chosen term), and then adjusting annually thereafter.

FHA Loans

  • 3.50% down payment required on purchase.
  • The minimum credit score required is usually 620.
  • Post-bankruptcy qualifying – 2 years after.
  • Post-foreclosure qualifying – 3 years after.

VA Loans

  • Competitive interest rates are routinely lower than conventional rates.
  • Sellers can pay up to 6 percent of closing costs and concessions.
  • Higher allowable debt-to-income ratios than for many other loans.
  • 0% down payment required on purchase.

Reverse Mortgage Loan

  • Specialized loan for seniors 62 and older.
  • A reverse mortgage allows seniors to access a portion of the equity in their home.
  • No Monthly Mortgage Payments Ever.
  • Borrowers maintain title and ownership of their home.
  • The borrower must continue to pay for taxes and insurance, home maintenance, and otherwise comply with the loan terms.

Non QM Loans

  • Specialized loans for non-qualifying borrowers.
  • Typically, do not need to provide income or employment verification
  • Ideal loans for folks with bad credit, or business owners who do not qualify dye to business tax write-offs
  • Most Non-QM loans are best suited for investment type properties
  • Can be based on portfolio, asset or bank balances to get qualified