Rate and Term or Cash Out Refinances
This program allows borrowers to refinance their current mortgage for a lower interest rate to potentially save hundreds of dollars per month. Our lenders offer custom loan terms which allow the borrower to refinance at an amortization period that would not add additional years to their balance.
Cash out refinances allows the borrower to pull cash equity out of their homes for home improvements or any personal reasons. The interest rate is higher on a cash out than rate and term.
This program is designed for:
Primary home purchases up to 97% financing
Secondary, requires a minimum of 10% down payment
Investment purchases, requires a minimum of 15% down payment.
The maximum conforming loan limit is $510,400.00. Interest rates and fees vary depending on property type, occupancy and loan to value. This program allows for 3% down for the first time homebuyer.
VA: This program is designed for previous or current members of the Armed Forces. VA offers up to 100% financing. This loan is guaranteed by the Veterans Administration
FHA: Federal housing authority loan. This loan offers more expanded guidelines, lower credit score requirements. Minimum down payment is 3.5% and maximum loan amount is $331,760.00
USDA: Backed by the US department of agriculture this is a great loan for the first time homebuyer purchasing in rural areas. Allows for 100% financing, lower credit scores and lower than market interest rates.
These loans typically require 20% down, higher credit scores and more conservative underwriting guidelines. Given the higher loan amount the interest rates are higher than on conventional loans.
Adjustable rates are not fixed for the life of the loan and can adjust periodically. They are fixed rates for an initial period of time; 3,5,7 or 10 years and can adjust every month or year after the fixed time period.
CONSTUCTION- PERM RATE
Only one closing. 9-12 month construction loan. Can lock long term interest rate prior to closing on the permanent and construction loan. Interest only payments during the construction term.