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As a prospective homeowner, you have a wide range of loan options to choose from here at 1st Primacy Mortgage.
Most home mortgage programs fall into one of these categories:
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Conventional loans: Conventional loans are designed for both first-time and move-up homebuyers and make up the bulk of mortgage loans sold.
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Jumbo loans: A jumbo mortgage is a purchase or refinance loan that exceeds $407,000 for a single-family home. It is also called a non-conforming loan because it does not conform to the loan limits set by Fannie Mae (The Federal National Mortgage Association or FNMA) or Freddie Mac (The Federal Home Loan Mortgage Corp. or FHMLC).
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Self-employed financing
(ie: Stated or No Doc): These programs offer
flexible financing guidelines that better meet the needs
of borrowers with hard to document income, such as those
who are self-employed or work in a commission-based
position.
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FHA/VA - Government loans: Backed by federal or state agencies. The most common types are the Federal Housing Authority (FHA) and Veterans Administration (VA) loans. These programs typically allow lower down payments and have more liberal qualifying guidelines.
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Alternative
financing (ie: "A-" or Sub Prime): These
home financing programs are designed for borrowers with
less than perfect credit histories, excessive debt, or
previous bankruptcy, foreclosure or tax delinquency.
These home mortgage programs offer a range of financing options:
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30-year fixed-rate
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Click
here to pre-qualify now!
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Key features: Interest rate remains the same for the life of the loan.
Customer benefits: Provides protection against rising interest payments. Predictable payments make budgeting for the future easy.
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Homebuyer
profile: Especially attractive in a low interest-rate environment and ideal if you plan to stay in your new home for at least 7 years.
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15-year fixed-rate
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Click
here to pre-qualify now!
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Key features: Same as 30-year, but with slightly lower interest rates.
Customer benefits: Principal is paid off sooner, saving substantial money in interest payments.
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Homebuyer
profile: If your goal is to own your home mortgage-free and you can pay a little more each month.
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Adjustable-rate (1-year ARM)
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Click
here to pre-qualify now!
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Key features: Interest rate (and monthly payments) can rise or fall as a result of annual rate adjustments, which occur throughout the term of the loan is response to market fluctuations. ARMs generally have a rate cap.
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Customer
benefits: The initial interest rate (and monthly payment) generally start out lower than that of a fixed-rate mortgage and help you ease into your monthly payments.
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Homebuyer
profile: An ARM may be a good choice in a higher interest rate environment or if you need a lower rate to help qualify for a larger loan amount.
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Fixed/ARMs
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Click
here to pre-qualify now!
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Key features: Offers a fixed interest rate for a designated period (3,5,7, or 10 years) then adjusts annually. Often referred to as 3/1, 5/1, 7/1 and 10/1
ARMs.
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Customer
benefits: Initial interest rate and monthly payments are lower than that of a fixed rate, so payments are more manageable during the introductory period. The rate is usually higher than the 1-year ARM, but payments are dependable for a longer period.
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Homebuyer
profile: This option can be a practical financial-planning tool for forward-thinking homebuyers who intend to move in 3,5,7 or 10 years. More affordable loan options in a higher rate environment.
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Convertible ARM
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Click
here to pre-qualify now!
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Key features: Offers an option to convert your loan to a fixed-rate mortgage after a certain period of time (for example, anytime after the first year buy before the beginning of the fifth year).
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Customer
benefits: The advantage of a lower interest rate with an opportunity to change to a fixed rate when you can better afford it.
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Homebuyer
profile: A good choice for homebuyers who need a lower qualifying rate today, buy who may want to switch to a fixed rate in the future without refinancing.
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Balloon loan
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Click
here to pre-qualify now!
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Key features: Offers lower fixed monthly payments than a fixed rate or ARM for a period of time (usually 5 to 7 years), followed by one balloon payment of the remaining loan balance.
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Customer
benefits: Interest rate is lower than that of a fixed-rate home loan.
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Homebuyer
profile: A popular choice of homebuyers who are certain they will move or refinance in 5 to 7 years. Makes home ownership more affordable.
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Renovation loan/203k loan
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Click
here to pre-qualify now!
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Key features: Finances the purchase of a home and provides the additional funds to improve or renovate it.
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Customer
benefits: The amount of money that can be borrowed is based on the future value of the home after improvement.
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Homebuyer
profile: Perfect for the homebuyer looking to purchase a “fixer-upper” or a house that requires remodeling to accommodate family needs.
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New construction loans
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Click
here to pre-qualify now!
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Key features: Offers two types of programs: one that finances the purchase of a newly constructed home and one that finances the actual construction plus the purchase of the finished home.
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Customer
benefits: Loans for new construction offer options such as an extended rate lock or bridge loan.
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Homebuyer
profile: Homebuyers purchasing a newly constructed home from a builder, or building their own home.
A 1st Primacy Mortgage consultant can recommend the financing program that’s right for you.
Click here to contact a Representative of your choice.
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