Fixed Rate Loans
30- and 15- year terms are available with fixed rates.
Buy a home with as little as 5% down (primary home).
Refinance up to 95% of your primary home's value.
Monthly payments remain the same for the entire loan term.
Adjustable Rate Loans
3/1, 5/1, and 7/1 ARM's. Monthly payments based on a 30 year repayment schedule.
Provides borrowers with flexible lending options.
The rate stays fixed for the first 3, 5, or 7 years (depending on chosen term), and then adjusting annually thereafter.
FHA Loans
3.50% down payment required on purchase.
Minimum credit score usually 620.
Post-bankruptcy qualifying - 2 years after.
Post-foreclosure qualifying - 3 years after.
Reverse Mortgage Loans
No monthly mortgage payments - now you can afford to stay in your home (you still pay your taxes and homeowners insurance, and must maintain your home)
Line of credit (provides you safety for large unexpected expenses)
Not personally liable for loan (your home is the only recourse the lender has)