MORTGAGE LOAN OPTIONS

I am able to offer you any type of mortgage loan, whether you are purchasing a new home, refinancing your existing home loan, or need a construction loan to build your dream home. Not sure which loan is right for you? Contact me and I can tailor just the right loan for your situation.

Conventional Purchase Mortgages: This loan is for a borrower who has a minimum 5% down payment towards the purchase of a new home. It allows the seller to pay for some if not all of the borrower’s closing costs. I can get you the lowest rate available for this “plain vanilla” type of home loan. Terms offered are 30 year, 20 year, 15 year or 10 year.

First Time Homebuyer Loans:
The term “first time homebuyer” generally refers to a mortgage loan that requires minimal or zero down payment. I offer many different zero to low down payment home loan programs that are perfect for first time homebuyers – Fannie Mae, FHA, RDA and IHFA loans to name a few.

Straight Refinance:
This loan is generally used to get a borrower a lower rate on their existing mortgage. It allows a borrower to finance the amount of a borrower’s existing mortgage and theirclosing costs. Depending on credit and other factors, these loans can be either a conventional loan or an FHA loan. Terms offered are 30 year, 20 year, 15 year or 10 year.

Cash-Out Refinance:
This mortgage loan allows a borrower to refinance their existing home loan and take cash out to pay off other consumer loans such as credit cards, car loans or student loans. It also allows a borrower to use the cash for home improvements or any other reason. You can generally borrow 85% of the value of your home for these types of home loans. The rates on these loans, depending on the Loan To Value, can be slightly higher than a conventional purchase mortgage. These loans can also be written as either a conventional or FHA loan.

Construction Loan:
This is a short term mortgage loan that is used to finance the construction of a new home. During the term of the loan the lender disburses money, called draws, to the builder as the work progresses. The borrower makes interest payments to the lender on only the funds that have been disbursed to the builder. The rate on the short term construction loan will be higher than a conventional purchase mortgage. Once the home is complete, the balance of the construction loan is rolled into a long term loan of the borrower’s choosing.

VA Loan:
A mortgage for veterans and service persons. The loan is guaranteed by the Department of Veterans Affairs (VA) and requires low or no down payment. The monthly mortgage insurance on this type of loan is either zero or very minimal, thus keeping the monthly mortgage payment very low.

Lot Loans:
Have you found the perfect lot to build on but are not quite ready to start the building process? I can finance just the purchase of your lot for you.

Manufactured/Mobile Home Loans:
I offer financing on manufactured or mobile homes as long as they are not older than 1980. These loans are a little tricky and there are some restrictions on the home, but call me and we can discuss the options available.