FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) - which is a part of HUD - insures the loan, so your lender can offer you a better deal.

• Low down payment
• Low closing costs
• Easy credit qualifying

The purchase of a house that needs repair is often a catch-22 situation, because the bank won't lend the money to buy the house until the repairs are complete, and the repairs can't be done until the house has been purchased.

HUD's 203(k) program can help you with this quagmire and allow you to purchase or refinance a property, plus include in the loan the cost of making the repairs and improvements. It is available to persons wanting to occupy the home.

The downpayment requirement for an owner-occupant (or a nonprofit organization or government agency) is approximately 3.5% of the acquisition and repair costs of the property.

FHA has permitted streamline refinances on insured mortgages since the early 1980's. The "streamline" refers to the amount of documentation and underwriting that needs to be performed by the lender, and does not mean that there are no costs involved in the transaction.

Lenders may offer streamline refinances and include the closing costs into the new mortgage amount. This can only be done if there is sufficient equity in the property, as determined by an appraisal. Streamline refinances can also be done without appraisals, but the new loan amount cannot exceed the original loan amount. Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal.

A VA loan is a mortgage loan in the U.S. guaranteed by the U.S. Department of Veterans Affairs. The government insures the lender against losses the lender may incur due to the borrower's default. This loan is only available to veterans possessing a Certificate of Eligibility.

This loan is also known as a VA Streamline. It can be done only if you have already used your eligibility for a VA loan on the property you intend to refinance. It must be a VA to VA refinance, and it will reuse the entitlement you originally used. Except when refinancing an existing VA adjustable rate mortgage (ARM) to a fixed rate, it must result in a lower interest rate. When refinancing from an existing VA ARM loan to a fixed rate, the interest rate may increase.

A conventional loan is a mortgage loan that is not underwritten by a government agency. A conventional loan is a mortgage loan up to $417,000.

A jumbo loan is a loan with a mortgage amount that exceeds limits set by Fannie Mae or Freddie Mac. Currently a jumbo loan is anything over $417,000 for a single-family dwelling. 

Advantages:

• Monthly payments are fixed over the life of the loan
• Interest rate does not change
• Protected if rates increase
• Can refinance if rates increase

Disadvantages:

• Higher interest rate than adjustable
• Higher mortgage payment
• Rate does not drop if interest rates decrease

Advantages:

• Lower initial monthly payment
• Rates and payments may go down if rates decrease
• May qualify for higher loan amounts

Disadvantages:

• More risk
• Payments may change over time
• Potential for higher payments if rates increase

Advantages:

• Only borrow what you need
• Pay interest only on what you borrow
• Flexible access to funds
• Interest may be tax deductible
• May be free of closing costs
• Can be used for debt consolidation and to lower payments
• Rates are usually lower than consumer loans or credit card rates

Disadvantages:

• Rates can change
• Payments can change
• Harder to refinance your first mortgage

A second mortgage typically refers to a secured loan (or mortgage) that is subordinate to another loan against the same property.

Obtaining financing for a home that is not used as your primary residence.

Manufactured Housing provides affordable homes for many low- and moderate-income borrowers, especially in high-cost and rural areas.  A "manufactured home" is any dwelling that is built on a permanent chassis off its permanent site and is installed on a permanent foundation system.  

Similar to FHA home loans.  It is a loan program to help get homeowners back on track to re-establishing and maintaining credit.  Good loans for good people with less-than-perfect credit.

This is where proceeds are held until problems are fixed and conditions are met.

This is a line of credit on your house that is very unique.  This product offers a different way to look at your mortgage and your payments.  Give us a call today to find out more!

Down payment assistance program.  Find out more information about the Your Way Home AZ program here.

This is for homes that were repossessed by Fannie Mae.

Zero down payment program for those people in outlying areas.

For retired individuals that have equity in their home, are free and clear on the loan, and would like some extra income each month.  Gives them access to the home's equity in cash payments, frees up money they may use for other important costs, or to make needed home repairs.

This is a loan for someone who is not going to live in the property.  This is for properties that are solely rental properties.