VA Home Loans – This mortgage is for qualified veterans who can buy a home with no money down (100% financing), and the veterans can even get the seller to pay most or in some cases all of the closing costs and/or prepaid items. The VA Mortgage has an upfront funding fee for most veterans, but some qualify to have it removed. The owner, Phil Stevenson, is a veteran of the wars in Afghanistan and Iraq. Therefore, we go by the slogan “From one veteran to another”!
Programs within VA include but are not limited to;
VA IRRRL (refinance to lower your rate)
VA Refinance (to cash out, not necessary to lower rate)
FHA Mortgages – The most basic form of FHA Mortgage is for a buyer who has a down payment of 3.5% or more. There is a common misconception that FHA Mortgages are only for first time home buyer. This is not the case, as you can buy more than once using a FHA Mortgage. The stipulation is that you cannot have more than 1 FHA Mortgage at a time, so you must pay off the previous one at or before closing. All FHA Mortgages have a Mortgage Insurance Premium (MIP).
Within FHA Mortgages there are various programs, including but not limited to;
Reverse Mortgages (for those who are 62 years of age and better)
Renovation Mortgages 203(k) & 203(b)
Disaster Victims 203(h)
Good Neighbor Next Door (Nurses, Police, etc.)
Conventional Mortgages – These are Fannie Mae and Freddie Mac mortgages, and usually require a larger down payment than the Government Insured mortgages above, but you can still bring less money to close and have Private Mortgage Insurance (PMI) added if you have less than 20% down payment. There are a slew of programs association with Fannie and Freddie conventional mortgages. They also offer renovation mortgages.
1% Down Mortgage – This is an exciting conventional mortgage in which the buyer needs 1% down, the lender adds 2% more on behalf of the buyer to get the buyer up to the 3% down needed, and the seller can pay the closing costs and prepaid items. So the buyer can save 1% of the purchase price and that is all that is needed to make the purchase (plus other qualifications).
USDA – No, we are not butchers selling you steak, haha. The USDA Mortgage is for rural areas, and offers the Guaranteed Rural Housing (GRH) Loan Program is designed to assist households in obtaining adequate but modest, decent, safe and sanitary dwellings and related facilities for their own use in rural areas. Loans are limited to applicants with incomes that do not exceed state and local Rural Development (RD) median income limits and property that is designated as rural by RD.
One Time Close (OTC) – This is a construction loan and can be used with FHA/VA/USDA. You close only once, as the name implies, instead of one closing to start construction and another closing after construction is completed. This means you can lock in your rate from the very beginning. There are also no mortgage payments during construction.
Repair Escrow Programs – These are offered by various mortgage programs above, so if you are looking at home with varying degrees of work needed after purchase, we can find the right fit for you.
Jumbo Mortgages – For those with higher values and higher loan amounts. The program limits vary by location, and are usually for loan amounts above $400,000, but some of the programs above offer loans at that loan amount without going to the Jumbo programs.
*All of the mortgage programs above have their guidelines, which must be adhered to for us to be able to qualify you for the mortgage. We will need to review the following, including but not limited to; income, credit, assets, verify work, verify mortgage payments, review details on all properties owned, etc. Not everyone qualifies for the programs above, and you would need to speak to one of our licensed professionals.