 |
 |
 |
 |
 |
 |
||||||||
 |
 |
 |
||||||||
|
||||||||||
 |
||||
CONVENTIONAL MORTGAGE -Back to Top- A conventional mortgage is a mortgage loan not insured or guaranteed by the federal government. It is called "conventional" because it conforms to accepted standards, modified within legal bounds by mutual consent of the borrower and the lender. Due to the fact that a conventional mortgage is not guaranteed by any government agency the underwriting guidelines are more rigid. CONTACT US
JUMBO LOANS -Back to Top- A jumbo loan is any mortgage, purchase or refinance, in which the principal balance exceeds conventional guidelines. America's Home Loans can provide more information on what loan amount is considered jumbo in various regions. CONTACT US
FHA MORTGAGE -Back to Top- Federal Housing Administration ( FHA ) mortgages are insured by the Department of Housing and Urban Development. This mortgage offers the borrower the opportunity to put as little as 3% down and they can also finance "allowable" closing costs. The seller can contribute up to 6% of the purchase price to the buyer towards closing costs. America's Home Loans can provide more details about FHA mortgages and the maximum loan amount in your area. CONTACT US
VA MORTGAGE -Back to Top- Available to veterans and active duty military personnel and guaranteed by the Department of Veterans Affairs ( VA ). VA loans offer 100% financing and do not require Private Mortgage Insurance (PMI). CONTACT US
HOUSING FINANCE AGENCIES -Back to Top- Most states have Housing Finance Agencies which are public financial institutions dedicated to helping people achieve successful home ownership through homebuyer education, down payment and closing cost assistance, and home mortgage loans. These state agencies often offer loans with lower-than-market interest rates and favorable terms to the first-time homebuyer. America's Home Loans can furnish information on these programs. CONTACT US
RURAL HOUSING PROGRAMS -Back to Top- USDA Rural Development through the Rural Housing Program (RHP) has various programs available to aid in the development of rural America. RHP is divided into three categories: Community Facilities (CF), Single Family Housing (SFH), and Multi-Family Housing (MFH). RHS also guarantees loans made by eligible lenders for single-family housing, multi-family housing and community facility projects. America's Home Loans can furnish information on these programs. CONTACT US
FLEXIBLE ADVANTAGE -Back to Top- The Flexible Advantage program allows you flexibility and savings by having a smaller required monthly payment and allowing the equity to be borrowed without refinancing the loan. CONTACT US
ZERO DOWN -Back to Top- Zero down programs require no down payment. The entire purchase price of the home is financed with approved credit. CONTACT US
INTEREST ONLY -Back to Top- Interest only loans allow the borrower to pay only the interest due on the principal during the first few years of ownership. CONTACT US
ADJUSTABLE RATE MORTGAGES (ARM) -Back to Top- ARM is a general term for any mortgage in that the interest rate and the payments change over the life of the loan. The interest rate is adjusted to match the rise or fall of a pre-selected interest rate index and the borrower's regular payments will increase or decrease accordingly. A great option if you are only going to be in your home for a few years. CONTACT US
PAY OPTION ARM -Back to Top- The Pay Option ARM program allows a borrower the flexibility of choosing from three mortgage payment options each month: partial interest payment, full interest payment or fully amortized payment. CONTACT US
NO DOC/STATED INCOME -Back to Top- There are several types of "no-doc" loans. The type of no-doc loan that is best suited for a particular borrower depends on that individual borrower's situation. With all the different variations of the "no-doc" loan, there is definitely a mortgage program for today's "out-of-the box" borrowers. Stated income loans allow for not proving or verifying income and often allow for zero (0) to 10% down payments. CONTACT US
SUB-PRIME -Back to Top- Sub-prime loan programs are applied to all of the above loan programs. These programs assist borrowers that my have experienced bankruptcy, high debt accumulation and other issues. America's Home Loans has multiple loan programs that match each and every individual's needs. CONTACT US
HELOCS & 2ND MORTGAGES -Back to Top- A HELOC (Home Equity Line of Credit) allows the borrower to obtain multiple advances of the loan proceeds at their own discretion, up to an amount that represents a specified percentage of the borrower's equity in the property. It may be used as needed for needs such as college tuition, outstanding student loans, remodeling the current home, purchasing a second home, a business venture, paying off high interest credit cards, etc. Home equity credit is one of the most popular forms of consumer credit among homeowners.
A 2nd mortgage is a fixed rate mortgage that gives the borrower the ability to get money for home improvement, debt consolidation, etc., without disturbing their first mortgage. This is especially convenient when a borrower has a low interest first mortgage.
With HELOCS & 2nd mortgages you can borrow up to 100% of your home's value or more. Both the HELOC & 2nd mortgage are in a subordinate lien position to the first mortgage. One advantage of taking out a HELOC or 2nd mortgage is that the interest may be tax deductible.
For additional information on any of the loan programs listed above, we recommend that you CONTACT US directly for a FREE consultation with one of our Home Loan Specialists. |
||||
|
