Programs Offered

Here are a few programs available in todays market:

The FHA Government Loan
The VA Government Loan
The Rural Development Loan
The Streamlined 203(k) Program
The Reverse Mortgage
The Conventional Loan
Conforming (and Non-Conforming) Loans
The Jumbo Loan
The Fixed Rate Mortgage
The Adjustable Rate Mortgage (ARM)
The Balloon Mortgage
The HomePath Mortgage Financing

	The FHA Government Loan An FHA loan is backed by the Federal Housing Administration FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. Some of the other benefits of FHA financing: Only 3.5% investment is required 100% gifts are allowable Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium. More flexible underwriting criteria than conventional loans FHA limits the amount lenders can charge for some closing cost fees (e.g. the origination fee can be no more than 1% of mortgage). Loans are assumable to qualified buyers. FHA streamlining re-finance programs require less documentation. FHASecure refinances allow you to refinance out of Conventional or Subprime Adjustable Rate programs to lower FHA Fixed Rates. Purchase a current HUD owned home and your down payment can be as low as $100
	The VA Government Loan A VA loan is a benefit for someone in the military. VA stands for Veteran Administrative Loan. Other benefits of a VA loan include: No down payment Negotiable interest rates Closing costs are comparable and sometimes lower than other financing types No private mortgage insurance requirement Right to prepay loan without penalties The mortgage can be taken over (or assumed) by the buyer when a home is sold. Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount. The VA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA. Veterans can apply for a VA loan with a any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan.
	The Rural Development Loan The Rural Housing program is dedicated to the preservation of rural communities. We partner with Rural Development, a division of the US Department of Agriculture, to help home buyers throughout the state realize the American dream of home ownership. This program, administered through the US Department of Agriculture, features 102% financing for qualified moderate-income families looking to purchase single-family homes. For borrowers with little or no cash, it's ideal since no down payment and no funds are needed for closing. Click for link here
	The Streamlined 203(k) Program FHA's Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.
	The Reverse Mortgage Reverse mortgages (also called home equity conversion loans) enable elderly (age 62 or older) homeowners to tap into their equity without selling their home. The lender pays you money based on the equity you've accrued in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until the borrower sells the property, moves into a retirement community or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender.
	The Conventional Loan Some borrowers may qualify for as little as 5% down. A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) and the Department of Veterans Affairs (VA). It is typically fixed in its terms and rate.
	Conforming (and Non-Conforming) Loans A conforming loan is any loan that meets the criteria and limits set forth by the two largest buyers of loans, Fannie Mae and Freddie Mac. In order to fully understand the difference, you first must know a little bit about Fannie Mae and Freddie Mac.
	The Jumbo Loan A jumbo loan is a loan with a loan amount larger than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Currently the limit is set at $417,000 for most areas. Special areas such as Alaska, Hawaii, Guam, and the U.S. Virgin Islands have a higher limit of $625,000. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate; usually .25% to .50% higher than that of a conforming loan.
	The Fixed Rate Mortgage A common type of mortgage loan is the fixed rate mortgage.  With this loan, your payments and interest do not change for the term of the loan.  Fixed rate mortgages come in different packages.  The most common is the 30-year fixed.  However, other terms are available.
	The Adjustable Rate Mortgage (ARM) An Adjustable Rate Mortgage, or ARM, is a mortgage where the interest rate is adjusted periodically based on an index. It is also known as the renegotiable rate mortgage, the variable rate mortgage or the Canadian rollover mortgage.
	The Balloon Mortgage A balloon mortgage is usually a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment for the remaining amount of the principal at a specific time. For example, if a buyer obtains a seven-year balloon mortgage to purchase a home, he has seven years of equal monthly payments at a fixed interest rate. This rate is often lower than what the buyer would otherwise be able to secure under a traditional mortgage loan. At the end of the seven years, the balloon payment of the remainder of the balance of the loan is due, and the borrower must either pay it in full, refinance with the same or a different lender, or sell the home.
	The HomePath Mortgage Financing This special financing is available on Fannie Mae homes with the HomePath logo. Several benefits include low down payment and flexible mortgage terms, qualifying if your credit is less than perfect plus down payment (at least 5 percent) can be funded by your savings; a gift, a grant, or a loan from a nonprofit organization, state or local government, or employer. This unique financing also requires no mortgage insurance or appraisal fees.

If you don't see what you're looking for or to get the latest information, send us an email lisa@loansapprovedbylisa.com or call me at (586)243-7716