|Back To Work Program (FHA Program) |
The FHA's primary role is as an insurer of mortgage loans made by FHA-approved lenders.
You will need to explain how the financial hardship was something beyond your control that reduced your income or caused you to lose employment. If your household income dropped by 20% or more for at least six months, it may count for this type of financial hardship.
To re-establish credit you must have a 12 month record of on-time rental housing payments with no delinquencies, and not have been 30 days late on more than one non-housing loan payment.
Other conditions may apply. Call 954.486.6000 for more information.
A conventional mortgage is a loan that is not guaranteed or insured by any government agency. It is typically fixed in its terms and rate.
Usually, a conventional mortgage is a 30-year fixed rate loan. That means it has a fixed interest rate for the 30 year term of the mortgage. Conventional mortgages also typically require at least a 20 percent down payment. For example, if a house costs $200,000, the lender will provide a loan for 80 percent of that amount. So, $160,000 is financed through the lender and the borrower must pay $40,000 cash.
Conventional mortgages can have better interest rates than non-conventional mortgages and can be a great option for those with the 20 percent down payment. However, even if the borrower does not have a 20 percent down payment, it is still possible to get a mortgage. By putting less down and accepting a possibly higher interest rate, the borrower can still get financing through a non-conventional mortgage.
|FHA Loan |
An FHA loan is insured by the Federal Housing Administration a federal agency within the US Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help credit worthy low-income and moderate-income families who do not meet requirements for conventional loans.
Other benefits of FHA Financing:
• 3.5% down payment
• Closing costs can be financed
• Lower monthly mortgage insurance premiums (Certain conditions, automatic cancellation of the premium)
• More flexible underwriting criteria
• FHA limits the amount lenders can charge for closing cost fee
• Loans are assumable to qualified buyers
|Foreign National Loans |
A mortgage provided to an individual who is not a citizen of the United States of America. Certain terms and conditions must be met to qualify for this type of mortgage. The individual must be a resident of another country that frequents the United States often for business or vacation.
|Hard Money Loans |
A hard money loan is a specific type of asset-based loan financing through which a borrower receives funds secured by the value of a parcel of real estate. Hard money loans are typically issued by private investors or companies. Interest rates are typically higher than conventional commercial or residential property loans because of the higher risk taken by the lender.
|HARP / HARP 2.0 |
Home Affordable Refinance Program (HARP) is a Mortgage Refinance Program that will allow responsible homeowners who are “upside down” on their mortgages to refinance even though they may have little equity, no equity or might even be severely “underwater” on their home loan.
HARP 2.0 was rolled out in March 2012 offering many features.
• No appraisals and unlimited negative equity primarily on primary residences.
• Second homes and Investment property owners will receive appraisal waivers on a case by case basis.
*to learn more about HARP or HARP 2.0 call one of our Mortgage Advisors*
Do I Qualify?
• Your existing loan must be owned by Fannie Mae or Freddie Mac and have been originated and sold to these agencies prior to May 31, 2009
• The subject property can either be a primary residence, second home or investment property.
• You must have made your mortgage payment on time for the 12 months leading up to applying for the HARP Loan.
• Income must be verified
• Employment must be verified
|Home Path |
HomePath Mortgage allows a buyer to purchase a Fannie Mae-owned property with a low down payment, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions towards closing costs are allowed. Available for owner occupants and investors.
|Home Path Reno |
HomePath Renovation Mortgage allows a buyer to purchase a property that requires light to moderate renovation. The one loan amount includes both the funds for the purchase and renovation — up to 35% of the as completed value, no more than $35,000. Available for owner occupants and investors.
|Jumbo Loan |
A jumbo loan is a loan with a loan amount larger than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Currently the limit is set at $417,000 for most areas. Special areas have a higher limit of $625,000. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate; usually .25% to .50% higher than that of a conforming loan.
|USDA Loans |
USDA Loans used to be considered "farmers loans" but that is simply not the case anymore. Just about anyone looking to purchase a home outside a major metropolitan area can qualify for a USDA Loan.
Some of the eligibility standards that determine if you qualify for a USDA loan for your home include what county and zip code the home resides in, your current income and credit history, as well as the number of dependents you can claim. Because these guidelines are very specific, it is important to work with a company that has experience dealing with USDA government financing to help determine your eligibility.
|VA Loans |
VA guaranteed loans are made by lenders and guaranteed by the US Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.
Other VA Benefits:
• Negotiable interest rates
• Closing costs are comparable and sometimes lower – than other financing types
• No private mortgage insurance requirements
• Right to prepay loan without penalties
• The mortgage can be taken over (or assumed) by the buyer when a home is sold
• Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.
The VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.
Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.