Loan Programs

When you Purchase or Refinance your home there are many loan programs available that is suited to your needs. There are a lot of loan programs for you to choose from. Such as First Time Buyer Program, Stated Income Program, Interest Only Program, Fixed rate Program, Adjustable rate Program, Balloon Payment Program, Bankruptcy Loan Program, Home Equity Loan Program, etc. As your realtor and loan processor I can help you choose the best loan program that is appropriate for you.

Whether you have foreclosure, bankruptcy, bad credit, we have many different options that we can provide for you and assist you to get approve for a mortgage loan.

Conventional Loans

Conforming Loan

A conforming loan is a conventional loan which follows the terms and conditions established by the guidelines of Fannie Mae and Freddie Mac.

Fixed Rate Mortgage

The interest rate and the principal payments remain fixed throughout the loan.

  • Advantages
    • Monthly payment is fixed
    • Interest rate doesn’t change
    • Protected if rates go up
    • Can refinance if rates go down
  • Disadvantages
    • Rates doesn’t drop automatically when rates go down

Variable or Adjustable rate Mortgage

The interest rate on the loan fluctuates over the period of the loan. Periodic adjustments to the interest rate are made based on changes to a defined index. The loan’s interest rate is determined by adding a fixed number of points to the defined index.

  • Advantages
    • Lower initial monthly payments
    • Rates and payment goes down when rate improves
    • May qualify for a higher loan
    • 30 year term, no balloon payment
  • Disadvantages
    • More risk
    • Payments may change over time
    • Potential higher payments when rates increase

Balloon Loan

A balloon loan is a short-term, fixed rate mortgage that has monthly payments usually based on a 30-year amortization schedule and a lump sum payment due at the end of the term, which is usually 3, 5, or 7 years.

  • Advantages
    • Lower initial monthly payments
    • Lower payment for a set of time period
  • Disadvantages
    • More risk of rates being higher at the end of the initial fixed period.
    • Risk of foreclosure if you cannot make the balloon payment

Jumbo and Non Conforming Loans
A jumbo and non-conforming loan is above the maximum amount established by the guidelines of Fannie Mae and Freddie Mac. These types of loans typically have a higher rate than a conforming loan.

B/C Loans

B/C loans are available for borrowers who cannot meet the credit guidelines established by Fannie Mae and Freddie Mac. This offers a temporary financing to someone whose credit history disqualifies him or her for a conforming loan.

Government Loan

Federal Housing Authority Loans
A Federal Housing authority (FHA) Loans assists first time buyers who would not qualify for a conventional loan. FHA provides mortgage insurance to private lenders.
Veterans Affair Loans
A Veterans Affair (VA) loans are guaranteed by the U.S. Department of Veterans Affairs. Service personnel and veterans are qualified for this loan. This is a competitive fixed interest rate, no down payment and limited closing cost.
Rural housing Services
A Rural housing Service (RHS) assure loans from private lenders to assist low-moderate income families get approve for mortgages.