The FHA Streamline Refinance program gets its name because it allows borrowers to refinance an existing FHA loan to a lower rate more quickly. Avoiding a lot of paperwork, and often without an appraisal, the Streamline option saves borrowers time and money. You can reduce the interest rate on your current mortgage without a full credit check, yet you need to have paid your mortgage on time over the last 12 months. There is no requirement for income verification either.

FHA Loans In-depth

The FHA cash-out refinance option allows homeowners to pay off their existing mortgage, and create a larger home loan that provides them with extra cash. The amount of money that can be borrowed depends on the amount of equity that's been built up in the home's value.

To be eligible for an FHA cash-out refinance, borrowers will need at least 20 percent equity in the property based on a new appraisal. Equity is the difference between the current value of a property and the amount owed on the mortgage.

FHA Loans In-depth.

FHA's Limited 203(k) program permits homebuyers and homeowners to finance up to $35,000 into their mortgage to repair, improve, or upgrade their home.

Homebuyers and homeowners can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or an FHA appraiser. Homeowners can make property repairs, improvements, or prepare their home for sale. Homebuyers can make their new home move-in ready by remodeling the kitchen, painting the interior or purchasing new carpet.

FHA Loans In-depth

Often called a “streamline” refinance, an IRRRL may help you to: Lower your monthly mortgage payment by getting you a lower interest rate, or Make your monthly payments more stable by moving from a loan with an adjustable or variable interest rate (an interest rate that changes over time) to one that’s fixed (the same interest rate over the life of the loan) On a no-down-payment loan, you can borrow up to the Fannie Mae/Freddie Mac conforming loan limit in most areas—and more in some high-cost counties. You can borrow more than this amount if you want to make a down payment.

VA Loans In-depth

A VA-backed cash-out refinance loan lets you replace your current loan with a new one under different terms. If you want to take cash out of your home equity or refinance a non-VA loan into a VA-backed loan, a VA-backed cash-out refinance loan may be right for you. Find out if you’re eligible—and how to apply for your Certificate of Eligibility.

VA Loans In-depth

Conventional loans require 5-20% down and can be for homes priced higher than FHA loans allow.

“Conventional mortgage” or “conventional loan” is a term you're bound to encounter when you're shopping for a mortgage. Conventional loans are often the best option for borrowers with strong credit who can contribute a down payment of at least 3%, or perhaps quite a bit more. Find out what conventional means in the mortgage industry, and whether it might be the right type of home loan for you.

Home equity lines of credit are a bit different. They are a revolving source of funds, much like a credit card, that you can access as you choose. Most banks offer a number of different ways to access those funds, whether it’s through an online transfer, writing a check, or using a credit card connected to your account. Unlike home equity loans, they tend to have few, if any, closing costs, and they usually feature variable interest rates—though some lenders offer fixed rates as well.

There are pros and cons:

You can borrow against your credit line at any time, but untapped funds do not charge interest. In that way, it’s a nice emergency source of funds (as long as your bank doesn’t require any minimum withdrawals).

Home equity loans and HELOCs use the equity in your home—that is, the difference between your home’s value and your mortgage balance—as collateral. As the loans are secured against the equity value of your home, home equity loans offer extremely competitive interest rates—usually close to those of first mortgages.

Compared with unsecured borrowing sources, such as credit cards, you’ll be paying less in financing fees for the same loan amount However, there’s a downside to using your home as collateral. Home equity lenders place a second lien on your home, giving them rights to your home along with the first mortgage lien if you fail to make payments.

Commercial Real Estate Loans Commercial real estate loans are usually made to business entities (corporations, developers, limited partnerships, funds and trusts).

Commercial loans typically range from five years or less to 20 years, with the amortization period often longer than the term of the loan.

Commercial loan loan-to-value ratios generally fall into the 65% to 80% range. While some loans may be made at higher LTVs, they are less common.

A jumbo loan is a type of financing that exceeds the limits set by the Federal Housing Finance Agency and cannot be purchased or guaranteed by Fannie Mae or Freddie Mac. Homeowners must undergo more rigorous credit requirements than those applying for a conventional loan. Approval requires a stellar credit score and a very low debt-to-income ratio. The average APR for a jumbo mortgage is often par with conventional mortgages, while down payments are roughly 10% to 15% of the total purchase price.

Conventional loans require 5-20% down and can be for homes priced higher than FHA loans allow.

We offer jumbo mortgages of up to $3 million or $1 Million on investment property.

Conventional loans require 5-20% down and can be for homes priced higher than FHA loans allow. In an interest only loan, you'll see somewhat lower monthly fees for a short span of time before the interest amounts are added to the loan. This allows borrowers a chance to secure a loan when they anticipate an upcoming salary raise or additional income source that will make the higher payments manageable. While making interest-only payments, principal is not reduced.

Interest-Only Loan In-depth

Previously, construction loans for a new home on purchased land required two closings: one for the land, and one for the home. This product combines the two and better yet, this program allows FHA,VA or USDA financing.

Speak with an FHA lender to see how much you can be approved for. Your current income and credit scenario will dictate how much you can qualify for. This initial discussion with the lender is absolutely the first step in the process.