Loan Programs

Loan Programs

AFN Fixed Rate Loans

Pay off your mortgage quicker with a fixed rate loan and potentially save large amounts of money on interest at the same time. Fixed rate loans are generally available for purchases up to $424,100 (or higher in some areas; see loan limits) for as low as 5% down or refinance your current mortgage and get upwards of 85% loan-to-value with a fairly competitive interest rate and withdraw the cash. Fixed rate loans are best for those with good to excellent credit who can comfortably take on a higher monthly payment. Lock in a your low interest rate now and take advantage of fixed monthly payments over the life of the loan.

FHA Loans

A great option for first time home buyers and those with less than excellent credit, this federally backed loan for up to $424,100 (or more in high-cost areas) is offered at competitive rates with fixed loan terms from 10-30 years. Downpayment assistance may also be available. This option is ideal for those looking to refinance, borrow up to 85% loan-to-value at a reduced rate and own your home sooner by choosing a shorter term loan.

Veterans Loans

Veterans and surviving spouses of veterans can finance up to 100% of their new home’s value (up to $424,100 or more in high-cost areas), or refinance, with no money down, no appraisal fees, and no PMI. Closing costs can even be folded into the loan. It is possible to refinance with minimal paperwork as quickly as 21 days after execution and lower credit scores are often accepted from qualified buyers.

Adjustable Rate Mortgages(ARM)

Offered at a special low interest rate for a temporary period of time, this option can be an ideal loan for those who plan on remaining on their property for less than seven years, or for those expecting an increase in their income in the near future. Borrow up to $424,100 (or more in high-cost areas), with no penalty to refinance at a later date. There is also an option available where the interest rate is recalculated each year.

203(K) Rehab

You can pay for home repairs before you move in when you purchase, or even refinance, using this loan option. Fund up to $35,000 worth of upgrades and renovations and you have the option to take up to 6 months to complete the work. For renovations in excess of $35k, see the FHA 203(k) Standard Loan.

USDA (Rural)

With a USDA Rural Development Home Loan, qualified borrowers are able to purchase/refinance a designated U.S. Department of Agriculture rural property up to 100% loan-to-value ratio with a 30-year fixed rate mortgage. USDA loans are not limited to first time homebuyers and there is no required downpayment. Flexible credit guidelines do apply.

HARP

If you currently owe more on your mortgage than your home’s current value, updates to the Federal government’s recently expanded Home Affordable Refinance Program (HARP) may enable you to refinance at an improved rate and save. There is no appraisal required in most cases and you can refinance up to $417,000 (or more in high-cost areas) and blend closing costs into the loan. Even if you’ve previously been denied for a HARP loan, now is the time to see if you qualify!

HECM/Reverse Mortgage

There are a variety of Home Equity Conversion Mortgage (HECM) programs, or Reverse Mortgages, available. If you are 62+ years of age, you can can tap into your home’s equity with this unique mortgage. If you own your property outright/have considerable equity, plan on staying in the home, and have financial resources for property-related expenses such as property taxes/insurance, you can receive monthly payments or take out a line of credit while retaining full ownership of your home.

FHA Streamline 203(K) Mortgage

The FHA 203(k) Streamline is a good option for those who own or wish to purchase a home in need of renovations or repairs. You can borrow upwards of $35,000 in additional financing for projects designed to improve single family properties with this loan. You can use the funds to work on plumbing, electrical, your roof, your gutters, flooring, etc. You can even lower your energy costs by installing new windows and doors or adding insulation. Maybe improve your home’s accessibility for the disabled. This home improvement loan is available for purchases and refinances and is limited to non-structural renovations.

FHA Standard 203(K) Mortgage

For homes requiring larger renovation projects that may involve structural changes, the FHA Standard 203(k) offers the funding required. Projects in excess of $35,000, such as adding an addition or remodeling a complete room such as your kitchen or bath can be rolled into your mortgage loan. Use the funds to repair or replace costly structural damage, additions to the structure, installation of an additional bathroom, finishing of a basement, repair termite damage, and more. The Standard 203(k) loan even allows for up to 6 mortgage payments to be included as part of the renovation funds to cover the period of time when the home is uninhabitable.

Fannie Mae Homestyle

Why should you take out a home equity line of credit or a second mortgage to make moderate improvements or renovations? A Fannie Mae HomeStyle Renovation mortgage is a convenient and economical alternative method for repairs and renovations as part of a first mortgage. Make improvements and modernize your home, eliminate health and safety hazards, replace plumbing or electrical, install new windows and doors for energy conservation, improve the exterior through landscaping changes, upgrade your home through handicap accessibility, and more.

IMPAC ALTQM Agency Plus

This program is designed for those with higher credit scores (680+) who are looking for conforming or high balance loans up to $3,000,000, have a debt-to-income ratio of 50% or less, own multiple financed properties, have documented income and assets, and/or are Foreign Nationals. If you fall into any of these categories, this could be the mortgage financing you need.

IMPAC ALTQM ALT Doc

This program allows for credit scores as low as 680, conforming or high balance loans up to $3,000,000, a debt-to-income ratio of 50% or lower, and even offers 2 qualification options: qualification based on verified liquid assets, or appeals to self-employed borrowers who can provide 12 months bank statements and traditionally documented assets.

IMPAC ALTQM Investor

This option is perfect for experienced real estate investors looking to purchase or refinance investment properties. Qualification is based on cash flows of the property for this loan, which is ideal for investors. It allows for credit scores as low as 680 and cash out for business purposes.

Galton Funding Nonprime, QM and Non QM

This program is ideal for the self-employed, as well as wage-earners, and offers Full Documentation or Alt Doc (which is 24 months of bank statements for self-employed, or 12 months of bank statements for wage-earners). Those with credit scores as low as 560 are allowed, and events such as bankruptcy or prior foreclosure are acceptable with 1-2 years’ seasoning.

Republic Jumbo

This program is an Adjustable Rate Mortgage (ARM), that offers loan amounts up to $2,000,000 for owner-occupied purchases, up to $1,500,000 for a 2nd Home purchase or rate/term refinance, and up to $2,000,000 for an owner-occupied cash-out refinance, with maximum cash out of $250,000. If your lending needs include jumbo loan amounts, and you seek an ARM loan, this could be ideal for you.

Republic Portfolio

This is an Adjustable Rate Mortgage (ARM) that offers maximum loan amounts up to $424,100 or the maximum Federal Housing Finance Agency (FHFA) loan limit for the county that the property is located in. There are Owner-occupied and 2nd Home purchase options, as well as Rate/Term Refinance and Cash-out Refinance options. Events such as bankruptcy or prior foreclosure require 5 years’ seasoning. If the borrower has demonstrated an ability to pay housing costs, such as rent or mortgage, for the last 24 months and have a credit score of 680 or higher, they can borrow up to 90% of an Owner-occupied purchase, 85% of a 2nd Home purchase (or 2nd Home rate/term refinance), or 85% of a cash-out Refinance (with a maximum $150,000 cash out).

Down Payment Assistance Programs

If you have the income to afford monthly mortgage payments, but are struggling to come up with the cash required for an initial down payment, then this option is for you. You can take advantage of historically low interest rates instead of paying rent that is only going to go up over time. If you’re a first-time homebuyer, a Veteran, or haven’t owned a home in the previous three years, you don’t need to get locked out of a fixed low interest rate loan because you don’t have the cash available to close. Call me today to see if you qualify!

If you have any questions regarding the above services, contact John Inghram your local mortgage lender Manalapan on (855) 999-0017.