FHA Mortgages

FHA Loans offer many advantages. An FHA home loan is a government-subsidized loan that is not only popular with first time homebuyers, but with buyers who have already purchased a home before. FHA refinances are also very popular among home-owners who were initially placed in a high interest rate subprime loan. Subprime loans were initially created for home buyers with below than average credit scores. FHA home loans and refinances are not credit score driven and because of this, it is very attractive for people with not so perfect credit.

Many exciting things are happening with FHA home financing. FHA Modernization is under way and you'll want to stay up-to-date with changes coming up such as down payment requirements and large tax credits given to home buyers.

Conventional Mortgages

A conventional mortgage loan has a maximum loan amount of $417,000. It is not guaranteed or insured by the federal government and has several down payment options. After a 20% down payment, there is no monthly mortgage insurance premium. On a conventional purchase transaction, the seller is allowed to pay up to 3% of the buyer's costs. After a down payment of 10% or more, the seller can contribute up to 6%.

Conventional loans are very popular with investors that are looking to buy investment properties, as it is uncommon with other financing types. Please
contact us to learn more details about this.

VA Mortgages

We also specialize in servicing first time home buyers utilize their VA benefits each and every day. A VA mortgage offers many advantages, as it is very popular with first time homeowners. Because a VA Loan is guaranteed by the U.S. Federal Government, you should expect lower interest rates and less down payment in relation to a conventional residential home loan.
 
VA is only 1 of only a few options left for true 100% financing and you'll want to stay up-to-date with changes in loan limit increases, and VA Mortgage news.

USDA Mortgages

If you are one of those home buyers who does not have the minimum down payment requirement with Conventional and USDA financing, then a USDA home mortgage loan may be for you. USDA home mortgage loans are offered to help lower to moderate income households purchase homes in rural areas and in some cases on the outskirts of a city or in a medium sized town as determined by the United States Department of Agriculture (USDA) with NO DOWNPAYMENT requirement! USDA home mortgage loans offer many advantages to qualified borrowers looking to buy or refinance (no cash out) including:

Eligible USDA property types include single family homes and condominiums (primary residence only). USDA does have some income and property eligibility requirements. Please contact us to find out these limits in your area of interest.

Jumbo Mortgages

For the calendar year 2008, a Jumbo loan is a residential mortgage where the amount loaned to purchase or refinance a home exceeds $417,000. Each year the loan limits are adjusted to meet current market conditions. These Jumbo loans are also called nonconforming loans because the loan amount exceeds Fannie Mae and Freddy Mac’s underwriting guidelines. The Jumbo loan limit in 2008 is the same as it was in 2006.