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Conventional
Loans |
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Conventional
loans are the most common loan programs used for loan amounts up to
$275,000. These loans offer the lowest interest rates for those who qualify.
Typically conventional loan require a minimum down payment of 5% although
there are a couple of lenders who offer a 3% down conventional loan program.
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Jumbo Loans |
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Jumbo loans are essentially the same as
conventional loans aside from the actual amount of the loan itself. Jumbo
loans are needed for loans that exceed $275,000. Some lenders will lend up
to $2 Million for a single-family residence. Since these loans do not fall
under the same requirements as conventional loans, each lender has the
flexibility to create their own guidelines for debt to income ratios and
credit worthiness and do not require mortgage insurance. |
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100% - 107% Financing Loans |
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These no down-payment mortgages can help
reduce or eliminate nearly every cost associated with obtaining a home loan
These programs normally combine two loans: An 80% first mortgage, and a 20%
second mortgage. The interest rate is typically the weighted average of the
two loans. |
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Conforming Loans |
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Up to $275,000. Conforming long-term,
fixed-rate and adjustable loans that meet Fannie Mae and Freddie Mac loan
limits and property and borrower guidelines. Conforming loans typically have
higher loan limits than FHA and VA loans. |
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Imperfect Credit Loans |
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Allows borrowers with less-than-perfect
credit to qualify for competitive interest rates to buy a home, consolidate
debt, lower payments or make home improvements. |
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No Income Verification Loans
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No-Income/No-Asset/No-Job Verification loans
allow borrowers with good credit to secure a mortgage without proving income
and in some cases assets. This is especially helpful for self employed or
commissioned borrowers who write off large deductions to reduce their income
tax consequences. They also benefit those who can't or don't want to prove
where the down payment and closing costs are coming from. These loans can be
secured with as little as 5% down payment for those who qualify based on
credit history. Naturally these loans come with a slightly higher interest
rate due to the enormous amount of risk the lender assumes. |
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VA and FHA |
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Government
insured/guaranteed long-term, fixed-rate and adjustable loans that are good
bets for new homeowners who qualify. |
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Reverse Mortgage |
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Allows borrowers to retain ownership of
their property and receive cash or a monthly check representing a portion of
the equity in the property. No money is due until the property is sold, the
owner dies or vacates the property for 6 months, or an agreed upon date is
reached. |
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Land & Lot Loans |
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Lot or land loans up to 10/12 acres with as
little as 10% down. |
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Construction to Permanent Loans
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Secures financing to build a home and then
converts to permanent financing. |
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Texas Equity Cash Out |
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Up to $20 million on homestead or investment
property. 80% of appraised value of home less what is owed.
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Commercial Property Loans |
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From $500,000 |
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No Mortgage Insurance |
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With a 5-10% down payment. |
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95% Investor Loans |
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Secures funding for rental or other
investment properties. |
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Interest Only Loans
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Budgeting is one of the key factors in reducing
debt
burden. Get proper budgeting tips and repayment plan from qualified
professionals, consolidate your unsecured debts and enjoy a
debt free life. |
