An ARM is a home loan with an interest rate that is fixed for a certain amount of time after which it can vary periodically (annually or monthly intervals). The interest rate for ARM is reset based on a benchmark or an index. London Interbank Offered Rate (LIBOR) is most commonly used in ARMs.
Fixed Rate Mortgage is a product where the interest rate is fixed for the entire term of the loan. This would keep the Principal and Interest portion of the monthly payment same for the entire loan term.
A FHA loan is a government insured loan that is issued by a bank or an agency approved lender. FHA loans require lower minimum down payment than many conventional loans. This loan is typically designed to help low to moderate income families or families with low credit score.
Type of a FHA loan that is also government insured. This loan will allow the borrowers to purchase and renovate the home. Purpose of this loan is similar to regular FHA Loan but will allow the home owner to renovate a home in need of repair or upgrade.
VA loan is a mortgage loan primarily for the personnel and families of the US Armed forces, past or present. This product is established by the Department of Veterans Affairs. This allows members and the spouses to purchase homes with little to no down payment and no PMI (Private Mortgage Insurance). Borrowers can get up to 100% financing on the value of the home. This loan can be used by borrowers to build a home, repair / fix a home or even refinance.
These products are regulated by Fannie Mae and Freddie Mac, respectively. These products are for low to moderate income families whose income is less than the AMI or Area Median Income. Goals of these products are to make homes more affordable by providing a lower rate than conforming loan products and with a lower PMI, in most cases.
A construction loan is a short term home loan that used to build a residential property. They are typically one year in duration.
We can help you determine which one will work best for you.
First Time Buyers - Low down payment loan
This type of loan is, mostly, for first time buyers. First time buyers are allowed to put in as little as 3% down on a conventional loan.
Second home loan are for borrowers who frequent another city for work, etc. The distance is large enough for them to call it a second home when they go there. Second home mortgages required a larger down payment than the primary homes do. As a borrower, you have to be sure that you qualify for both homes.
Vacation homes loans is similar to second home loan except they are considered vacation homes.
These loans are for people who want to invest in real estate. They, usually, require at least 20% down payment. Investor loans can be done one of two ways:
Non-QM loans can be for primary homes and for investor properties. They are considered doc-less loans. Please reach out to our team of professionals to discuss all options.