Conventional Fixed Rate Mortgage
A conventional fixed rate mortgage can be assured with loan terms up to 30 years. A minimum of 3% down payment is required for first time home buyers seeking to purchase a primary residence. If you have had ownership interest in a property in the past 3 years the minimum borrower contribution on a primary residence is 5%.
FHA Loans
It is a common misconception that an FHA loan is strictly for first time home buyers. An FHA loan is one of the easiest loans to qualify for especially if you lack the funds to qualify for a conventional mortgage, have faced financial difficulties in the past or you have less than perfect credit. These government insured loans will allow for more risk thereby making the qualification standards less stringent than conventional financing.
Jumbo & Super Jumbo, Portfolio Loans
- Loan amounts up to $10 Million
- Less than perfect credit
- Low credit scores
- Cash-out refinances
- Non-warrantable condo
- Fixed rate and ARMs
- Loans to US and foreign people with existing current Visa
- Asset based jumbo programs
- Light doc and bank statement programs
Reverse Mortgage
A reverse mortgage is a loan against the equity in the home that provides tax-free cash advances, but requires no payments during the term of the loan. Since there are no monthly payments during the life of the loan, the balance grows larger and the equity gets smaller. A reverse mortgage can be done as a refinance or as a purchase as long as the home is the borrower’s primary residence. The loan is due and payable when the borrower no longer occupies the property as their primary residence. The only requirement for this loan is you must be at least 62 years old. There are no income or credit requirements. This is a great loan for a senior home buyer looking to make a cash purchase. Let me show you how to use a reverse mortgage as an investment strategy.
Adjustable Rate Mortgages
An adjustable rate mortgage or ARM, allows you to capitalize on today’s low interest rates. ARM programs may be amortized up to 30 years and have initial fixed loan terms of 3, 5, 7 or 10 years. After the initial fixed rate period the interest rate may increase or decrease based on the market conditions after fixed term expires.