Mortgage Loan Types

HARP 2.0 (Home Affordable Refinance Program 2012)

The Home Affordable Refinance Program (HARP) is designed to assist homeowners with refinancing their mortgages, even if they owe more than the home’s current value. HARP 2.0 provides a viable option for “underwater” homeowners who owe more than their home’s current value.

Learn more about HARP 2.0

Conforming Loans

Conforming loans typically refer to loan amounts that conform to government service standards as determined by Fannie Mae & Freddie Mac. These two government agencies, set up in the early 1940's, were established to help people finance new homes. Conforming loans range in amount from $50,000 to $625,500 depending on the state & county you live in.

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Conventional Loans

A conventional loan is a private sector loan, one that is not guaranteed or insured by the U.S. government. These loans do not include FHA loans or VA loans.

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Home Purchase Loans

Buying a home is one of the biggest decisions you will make in your life and having the right mortgage financing to go along with it. We have every type of mortgage program to fit your needs and situation. We offer several loan program options: FHA, VA, Conventional/Conforming, and Jumbo Loans.

We offer home purchase loans for primary residence, Investment properties and 2nd home/vaction propteries. We offer every type of options from 30 Year Fixed to 10 Year Fixed & Adjustable Rate Programs (ARM’s).

Learn more about Home Purchase Loans

Non-Conventional Loans

These are loans on 1-4 unit properties that are being purchased or refinanced as rentals for investment purposes rather than as primary, owner-occupied residences. Traditionally, these mortgages required a 30% down payment, but in recent years numerous alternative products have been introduced that require as little as 10% - 20% down.

Learn more about Non-Conventional Loans

Government Loans

Government loans are guaranteed loans by one of two federal agencies, allowing lenders to lend money with miniscule risk. However, government doesn't lend the money, they do guarantee repayment to the lender and ensure any potential loss that may incurred if any loan go into default and subsequently foreclosure.

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Jumbo Loans

Conventional loans that are too large for government agencies & conforming mortage loans are called Jumbo Loans. Jumbo loans refer to those loan amounts outside of the "conforming" range or, generally above $417,000 to $10 million + for single/family/condo, primary residence, second homes, and investment properties.

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Interest Only Loans

1 month, 3 month, 6 month, 1/1 ARM, 3/1 ARM, 5/1 ARM, 7/1 ARM & 10/1 ARM

What is a LIBOR or an Interest Only loan? LIBOR (London Inter-Bank Offered Rate) is the rate on dollar-denominated deposits; also know as Eurodollars, traded between banks in London. The index is quoted for one, three, and six month periods as well as for one, three, and five 7 & 10 Year Fixed Rate Periods. (i.e. 5/1 ARM is Fixed for the first 5 years the 10/1 ARM is Fixed for 10 years etc.)

Learn more about Interest Only Loans

Cash Out Refinance

If you want to get cash out of your home to pay off debts, do home improvements or whatever the reason, we can help. You are able to do that by obtaining equity from your home. This means that a borrower can actually receive a check for an amount of money that meets those conditions.

Learn more about Cash Out Refinancing

Home Equity Line of Credit

Home equity is the difference between your home's current market value and the total amount you owe on your home loan. As a valuable resource for attaining your financial dreams, home equity loans can be a smart way to get the money you need.

Learn more about Home Equity

No Closing Cost Loans

No closing cost mortgage loans are usually associated with refinancing mortgage loans. The No Closing Costs Loan program is ideal for homeowners who want to lower their monthly payments without paying any closing costs.

Learn more about No Closing Cost Loans

FHA Loans

An FHA Loan (Federal Housing Administration) has some advantages over conventional loans. Since the government insures FHA loans, they generally have more lenient qualification requirements, lower down-payment requirements, and they are assumable loans. The maximum loan amount for an FHA loan (single-family) ranges depending on the county where you live.

Learn more about FHA Loans

VA Loans

A VA (Veterans Affairs) loan carries many of the same advantages as an FHA home loan. However, to qualify for this loan, you must be a qualifying veteran, the unmarried widow of a veteran, a Public Health Service Officer, or an active-duty service man. The maximum loan amount for a VA-guaranteed loan is $625,250 depending on the area you live in.

Learn more about VA Loans

Imperfect/Bad Credit Loans

Most, if not all of the above described programs can be utilized even if a borrower does not have perfect credit. In these cases, the rates will be higher and LTV's allowed will be lower. Most lenders have special divisions specifically created for the marketing and sales limited programs as incentives, when they recognize an area where there is a need.

Learn more about Imperfect Loans

Energy Efficient Mortgage Pilot Program (EEM)

Section 513 of the Housing and Community Development Act of 1992 requires the U.S. Department of Housing and Urban Development (HUD) through the Federal Housing Administration (FHA) to establish a pilot program to provide mortgage insurance for Energy Efficient Mortgages.

Learn more about the Energy Efficient Mortgage Pilot Program