The Federal Housing Administration (FHA) and the U.S. Department of Veterans Affairs (VA) offer government mortgage loans offer a wide range of loans that have features such as low down payment options and flexible credit and income guidelines that may make them attractive for first-time home buyers.

A jumbo mortgage is a plus-size home loan weighing in at a dollar amount above what are called the conforming loan limits. A jumbo loan will typically come with more demanding requirements than a smaller, conforming mortgage. The jumbo loan threshold is $510,400 in most of the United States.

A hard money loan is simply a short-term loan secured by real estate. They are funded by private investors (or a fund of investors) as opposed to conventional lenders such as banks or credit unions. The terms are usually around 12 months, but the loan term can be extended to longer terms of 2-25 years. The amount the hard money lenders are able to lend to the borrower is primarily based on the value of the subject property. The property may be one the borrower already owns and wishes to use as collateral or it may be the property the borrower is acquiring. Hard money lenders are primarily concerned with the property’s value rather than the borrower’s credit (although credit is still of some importance to the lender). Borrowers who cannot get conventional financing due to a recent foreclosure or short sale can still obtain a hard money loan if they have sufficient equity in the property that is being used as collateral. When the banks say “No”, the hard money lenders can still say “Yes”. Non Traditional Loans Exceed

A cash-out loan refers to a refinancing of an existing mortgage loan, where the new mortgage loan is for a larger amount than the existing mortgage loan, and you (the borrower) get the difference between the two loans in cash. Basically, homeowners do cash-out refinances so they can turn some of the equity they’ve built up in their home into cash.

Here’s an example to illustrate: Let’s say you own a $300,000 house and still owe $200,000 on the current mortgage. (This means you’ve built up $100,000 in equity – a fancy word for ownership). Now let’s say you want some extra cash to the tune of $30,000. You could do a cash-out refinance to get this money. If you did this, you’d get a new loan worth a total of $230,000 (the $200,000 you still owe on your home, plus the $30,000 you’re going to take out in cash). Investor cash outs on rental properties also available. 

A construction money rehab loan refers to a spec loan for a new build or rehab of an existing property. Many projects with a potentially high return on investment go unrealized because the builder/speculator is unable to obtain a conventional construction loan. Hard money commercial construction loans typically command much higher interest rates but are conversely easier and quicker to close with little concern for credit and income details so long as the project makes sense. The builder/developer has sufficient experience and the project is seen as profitable. These are short term loans that finance the purchase of a new property or an existing one together with the the cost of construction/renovation plus a short period allowed for selling or renting the property. At the time of closing, the loan will pay for the purchase of the property or pay off the existing balance if a refinance transaction and the construction component of the loan are deposited into escrow for disbursement once each stage of construction is completed. It is important to note that as the entire loan is funded as a series of payments through an escrow account, payments are therefore due on the entire loan amount from the first month. While up to 100% of the project may be financed, the borrower is expected to have enough funds and/or cash flow to pay for the holding costs, including, but not limited to, the monthly payments on the loan, taxes and insurance.

If you suffer from a low credit score due to past foreclosure, bankruptcy, current or previously collections or student loans it doesn’t have to mean you cannot purchase a home. We have VA and FHA loans that may be right for you. We will work with your individual situation to find the right program for you.

A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA)1 and allow homeowners to convert their home equity into cash with no monthly mortgage payments. After obtaining a reverse mortgage, borrowers must continue to pay property taxes and insurance and maintain the home according to FHA guidelines. Typically, the loan does not become due as long as you live in the home as your primary residence and continue to meet all the loan obligations. Reverse mortgage loans are commonly used to pay for home renovations, medical and daily living expenses. Homeowners who have an existing mortgage often use the reverse mortgage loan to pay off their existing mortgage and eliminate monthly mortgage payments. A reverse mortgage loan uses a home’s equity as collateral. The amount of money the borrower can receive is determined by the age of the youngest borrower, interest rates and the lesser of the home’s appraised value, sale price and the maximum lending limit. The funds available to you may be restricted for the first 12 months after loan closing, due to HECM requirements. In addition, you may need to set aside additional funds from loan proceeds to pay for taxes and insurance. The loan does not generally have to be repaid until 6 months after the last surviving homeowner moves out of the property or passes away. At that time, the estate typically sells the home to repay the balance of the reverse mortgage and the heirs receive any remaining equity. The estate is not personally liable for any additional mortgage debt if the home sells for less than the payoff amount of the reverse mortgage loan.

ITIN Loans or Foreign National Loans are for people who are not eligible for Social Security numbers and are looking to buy a house in the United States. These loans require higher down payment, but are a solid 30 year fixed mortgage.

A Commercial loans is secured by either a rental property, such as an apartment building, office building, or shopping center, or by some sort of business-related property, such as a hotel, bowling alley, or self-storage facility. Through our network of lenders, we have access to hundreds of financial programs and funding sources. Our programs include: private hard money, rehab, conventional, church and AG Finance. We can handle many different types of commercial properties and have access to the following loan types: 

FHA Mortgage Features:

• Low down payment
  
• Fixed-rate loans available
  

VA Mortgage Loan Features:

• Up to 100% financing with as little as $0 down payment for qualified buyers
  
• Fixed rate loans available
  
• More flexible qualification guidelines than conventional loans

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