Don't
know which type of mortgage loan is best for you?
Find out below.
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Conventional Fixed Rate Loans
Conventional fixed loans
can require a
minimum of zero down payment and a fairly good recent credit history. Down
payments must be
from your own funds. The interest rate remains the same for the term of the loan. |
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Conventional Adjustable Rate
Loans
Conventional adjustable
rate loans can also require a
minimum of zero down payment and a fairly good recent credit history. The interest rate
remains fixed for the first 1, 3, 5, 7 or 10 years. The rate will adjust with the
market after the initial fixed rate period according to the terms established when you
close. A low initial rate may help you qualify for a larger loan. |
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FHA & VA Loans
Government loans often allow slightly
less-than-perfect credit records. They are not restricted to first time home
buyers. If you've had a bankruptcy discharged and good credit since, you may qualify
after two years. Gift down payments are permitted. Government loans allow a
higher debt ratio than conventional loans. FHA loans require only 3% down and can be
fixed or adjustable rate loans. VA loans have a zero down payment and are fixed rate only.
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Non-Conforming Loans
Non-conforming loans often allow imperfect
credit and higher debt than conventional loans. Some loans can be approved with
limited documentation of income, debt, employment and assets. These loans offer
substantially higher interest rates, but may allow you to buy a home when your credit is
poor or you are self-employed. Most, but not all, require substantial
down payments. |
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Refinance Loans
Refinance your first mortgage with or
without credit problems. Refinance loans can be conventional,
FHA, VA or non-conforming loans. |
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Second Mortgages
Need cash and don't have any equity? We can arrange a second
mortgage loan. Get rid of that 18%
credit card rate or pay off your car loan. Since it's a home loan, the
mortgage interest may be tax deductible. |
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| Construction to Permanent Loans
Short-term financing for real
estate construction. Generally followed by long term financing called a
"take out" loan issued upon completion of construction.
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| SBA
Small Business Administration. |
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| Investment Property
A property that is not occupied by
the owner and in most cases produces income or is held for gains from
appreciation. |
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| Conversion (Condo/Hotel)
Converting one property type into
another property type. An example would be converting a hotel into a condo
or time-share. |
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| Hard Money
Term used to describe “non
traditional” financing. It is often a private lender and the rate and
terms are typically more expensive than traditional financing. |
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| A/R Financing
A line of credit secured by the
accounts receivable of a company. Lender will typically “advance” a
percentage of the account receivable base that is considered eligible for
lending purposes. Eligibility is generally determined by the age and
credit worthiness of the receivable. |
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| Not for Profit
An organization created for
charitable purposes. These organizations are typically accorded tax
advantages over for profit organizations. |
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| Owner Occupied
Property type in which the owner of
the real estate is also a tenant. |
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