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Loan Types

Conventional - fixed rate loans with your local bank or mortgage company these usually require 3-5% down payment and require strong credit and usually lower qualifying ratios 

FHA and VA Loans – perfect program for buyers anxious to purchase with little money down, flexible qualifying ratios and problem credit ratings are considered.

FHA-MSHDA – Reduced interest rate, based on family size and income

FHA-MCC – Tax credit for more monthly income, based on income

Rural Development and Rural Development Subsidized – 0 down loans available in rural areas only.  Will allow the seller to pay purchaser closing costs and pre-paids.  30 year fixed rate and subsidized loans based on your income and family size

Adjustable Rate Mortgages – A low introductory rate.  At the end of a fixed period, the rate and payments are adjusted.  The adjustments are related to the movement of an interest rate index.  Perfect during periods of higher fixed rates, or for buyers who need a lower start rate to qualify

Balloons - Amortized over 30 years, with a discounted rate for the length of the balloon.  The loan is due and payable at the end of the galloon or clients can choose to convert to a fixed rate mortgage.  Perfect for buyers planning to relocate or move up within the balloon term

Construction/Permanent Loans – Combination of short-term construction loan with an end mortgage.

Bridge or Wrap-Around Loans - Temporary loans with an end mortgage, allow you to purchase the new home while you are waiting for the existing home to sell. Once the existing home is sold there is an end mortgage.