Mortgages
and Home Loans
Purchase and
Refinance
Second
Mortgages for Debt Consolidation and Home Improvement
Non-Conforming
Loans
Non-conforming
loans allow imperfect credit or higher debt ratios than conventional
loans. Some loans can be approved with limited or no documentation
of income, debt, employment and assets. These loans carry modestly
higher interest rates, but may allow you to buy or refinance when your
credit is poor or you are self-employed. Your credit scores and
mortgage/rental history determines downpayment and interest. Very large
loans, called Jumbo and super Jumbo loans, fall into this category.
Conventional Fixed Rate and
Adjustable Rate
Loans
Conventional
mortgage loans usually require a minimum of 5% down and a good credit
history (a few programs require no downpayment). Interest rates on
fixed rate loans remain the same for the term of the loan, while ARMs or
adjustable rate mortgage's interest rates remain fixed for a period
of 1, 3, 5, 7 or 10 years but will adjust after the initial fixed
rate period. The lower initial rate on ARMs help you qualify for a
larger loan and if you know you will be selling or refinancing in a short
period, they save you interest.
FHA
Loans and VA Loans
Government loans
often allow less-than-perfect credit records. They are not
restricted to first time home buyers. If you've had a bankruptcy
discharged and good credit since, you may qualify after two years. Gift
downpayments are permitted. FHA loans
require only 3% down and VA loans may have
a zero downpayment.
2nd Mortgage Home
Improvement or Debt Consolidation
Loans
If you already
own your home and need extra cash, a second mortgage or debt consolidation
loan may be the way to go. Offering fixed or adjustable rates and amounts
up to 125% of the value of your home, the funds can be used to pay off
bills, buy a new car, take a vacation, make home
improvements... anything you want. Generally, loans are
available for all types of credit histories.
Construction
Loans
Build your dream
house with a construction loan.
Financing up to 95% is available for stick built or on-site built modular
homes. These same construction loans are sometimes used to
rehabilitate or add on to properties in place of second mortgage home
improvement loans because of their lower rates.
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