Mortgage Programs

Find a mortgage program that is right for you.

MORTGAGE PROGRAM GUIDE

Fixed Rate

The traditional fixed-rate mortgage is the ultimate in payment security.

FIXED RATE MORTGAGE BENEFITS

  • Do you plan to stay in your home for many years?
  • Do you prefer a consistent mortgage payment for budget planning?
  •  Does your peace of mind depend on a payment that never changes?

If you answered yes to any of these questions, a Fixed-rate mortgage might be right for you! Since your rate won’t change for the life of your loan, your payment will never increase.

How a Fixed Rate Mortgage Works

  • Fixed rate monthly payments are based on interest rate, principal loan amount and amortized interest over 15, 20 or 30 years.
  • Your payment will not change throughout the life of the loan
  • Your actual payment will vary based on your situation and the current interest rates when you apply
  • Pay your mortgage at any time without pre-payment penalties

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Fixed Rate Mortgage Features

  • 30-, 25-, 20-, 15- and 10-year terms are all available with fixed rates
  • Refinance up to 95% of your primary home’s value
  • Buy a home with as little as 5% down (primary home)
  • Loan amounts up to $2,000,000
FHA Loans

FHA loans make qualifying for your new mortgage easier. Refi or buy, it’s a popular loan because it’s the most flexible.

FHA MORTGAGE BENEFITS

  • Do you need less stringent qualification and credit requirements?
  •  Is your down payment or home equity less than 20%?
  •  Do you have an FHA loan and want to save money with an easy and fast  FHA Streamline refinance?

 

If you answered yes to any of these questions, an FHA mortgage might be right for you! The easiest way to qualify for refinancing or home buying, an FHA loan gives you a government-insured loan with flexible choices – opt for the security of a fixed rate or the versatility of an FHA 5-year ARM.

FHA Program offers you:

  •  3.5% down payment when buying a home
  •  Cash-Out refinancing up to 85% of the value of your home.
  •  Your entire down payment can be from gift funds.
  •  Loan amounts up to $729,000 in qualifying areas!
  •  0 cash out of pocket programs available to qualified borrowers.
  •  30 year fixed rates available

FHA Streamline Refinances

If you match any of these statements, the FHA Streamline may be great for you:

Your current rate is higher than today’s market rates.

You currently have an FHA home loan

To qualify for a FHA Streamline refinance loan, eligible homeowners must meet the following criteria:

  •  A history of on-time mortgage payments for the last 12 months;
  •  No deliquincies on any Federal debt (student loans);
  •  The refinance is to result in a lowering of your monthly principal and interest  payments.
  •  No cash may be taken out on mortgages refinanced using the streamline  refinance process.
  •  Streamline refinances can also be done without appraisals, but the new loan  amount cannot exceed the original loan amount.
VA Loan

This top military benefit helps Veterans refinance or buy their homes, even with zero down for home purchases.

VA MORTGAGE BENEFITS

  • Are you a veteran, member of the military, or a surviving spouse of a veteran?
  •  Do you want fast approval and minimal red tape?
  •  Are you interested in refinancing up to 100% of your home, or buying a home  with no down payment?

if you answered “yes” to any of these questions, a VA loan might be right for you! Qualify for VA loans even with less-than-perfect credit. Unlike other options, VA loans are available as either fixed-rate or ARM mortgages – and never include monthly insurance (PMI).

 

VA Loan Features

  • Buy a home with no money down (primary home)
  • Refinance up to 100% of your primary home’s value
  • 30-, 20- & 15-year fixed-rate and 5-year ARM loans available
  • Jumbo VA loans available up to $1,094,625 ($1,500,000 in Alaska and Hawaii) and up to $325,000 cash-out on a refinance
  • VA Streamline Refinance with a reduced funding fee and flexible documentation requirements – available for veterans currently in VA loans
  • No monthly PMI (Private Mortgage Insurance)
  • VA loans are governed by the U.S. Department of Veterans Affairs

How VA Home Loans Work

  • Fixed rate monthly payments are based on interest rate, principal loan amount and amortized interest over 15, 20 or 30 years. Your payment will not change throughout the life of the loan
  • ARM interest rates are fixed for a period of 5 years. After the fixed rate period, your interest rate can adjust up or down depending on the market
  • Your actual payment will vary based on your situation and the current interest rates when you apply
  • Pay your mortgage at any time without pre-payment penalties

VA Loan Extras

Credit scores as low as 620 qualify for VA loans

Refinancing your VA Loan? Ask about the VA Streamline – refinance quickly with a reduced funding fee

VA Loans vs. Other Loans

It’s true that VA loans are an easy way for veterans to save money when you are financing a home loan. When compared to conventional loans, VA loans offer excellent loan rates and require no monthly mortgage insurance. It is also much easier to qualify for VA loan than a conventional loan. All Veterans who are looking to purchase a home should exercise their VA benefits with a VA Loan.

Veteran Loans require zero money down when purchasing a home and are currently guaranteed for loan amounts up to $417,000. And if you have bad credit, VA loans can actually save you money by offering you a lower loan rate in comparison with conventional lending instruments.  

Interest Rate Choices

Veterans now have their choice of either an Adjustable rate or a Fixed rate VA mortgage. Fixed rate loans allow you to borrow a set amount of money over a set time period at a single interest rate. Adjustable rate mortgages, or ARM’s, allow the borrower to adjust their interest rates if it is more favorable to do so after a given time period (usually 3 years).  

Funding Fees

Depending on your veteran status, the funding fee required by the Department of Veteran Affairs varies  as a  percentage of the total amount of the veteran loan. Veterans who were disabled 10% or more during active duty are not required to pay the funding fee. With a VA Loan, it is even possible to receive a loan for 100% of your home purchase and still have no monthly mortgage insurance.

Certificate of Eligibility

To qualify for a VA Loan you will need a Certificate of Eligibility. You can obtain VA Form 26-1880 for FREE from VA Mortgage Center.com by visiting our VA Certificate of Eligibility page. Once you have completed this simple form, our VA Loan Specialists can begin the process of helping you obtain your VA Home Loan.

Jumbo Loans

Take advantage of lower mortgage rates for loans over $417,000, now up to $2,000,000. 15-year, 30-year, FHA and ARM jumbo loans available, depending on your area.

JUMBO MORTGAGE BENEFITS

  • Do you need a mortgage between $417,000 and $2,000,000?
  • Do you need flexible rates and terms?
  • Are you looking for quick turn-around for your jumbo purchase or refinance?
  • If you answered yes to any of these questions, a jumbo loan might be right for you!

Jumbo Loan Features

  • Refinance or Purchase up to $2,000,000
  • FHA Jumbos provide the flexibility and security of a government- insured FHA loan.Refinance up to 97.75% of your primary home’s  value,  or buy your home for as little as 3.5% down.
  • VA Jumbos give veterans added value – no money down for purchases and refinances up to 90%

How a Jumbo Loan Works  

  • Any loan over the conventional loan limit ($417,000) is considered a  jumbo loan.
  • Loan limits vary by county, and rates depend on where your property is located.

Your actual payment will vary based on your situation and the current interest rates when you apply.

Adjustable Rate

Get the lowest mortgage rate offered! A top choice of the financially savvy. Maximize your monthly budget with a 5- or 7-year ARM.

ADJUSTABLE RATE BENEFITS

  • Do you want to significantly reduce the cost of your mortgage?
  • Do you plan to move or refinance in the next 5 or 7 years?
  • Do you want the lowest rate available?

If you answered yes to any of these questions, an ARM might be right for you! With an Adjustable Rate Mortgage, you may get some of the lowest rates offered, saving you thousands over a traditional Fixed Rate Mortgage, during the initial fixed rate period.

Adjustable Rate Mortgage Features

  • Refinance up to 95% of your primary home’s value
  • FHA and VA ARMs are also available for those that want the flexible guidelines and security of an FHA loan
  • Buy a home with as little as 5% down (primary home)
  • Loan amounts up to $2,000,000

How an Adjustable Rate Mortgage Works

  • Interest rates are fixed for a certain period. After the fixed rate period, your interest rate can adjust up or down depending on market conditions.
  • Rate adjustments are capped at 5% above your initial rate and 2% or 5% per adjustment period. This means if your initial interest rate is 3.99%, your rate will never be higher than 8.99%, and will never rise more than 2% per year.

Your actual payment will vary based on your situation and the current interest rates when you apply

FHA Streamline

Get the easiest possible refinance with FHA Streamline. You may not even need an appraisal!

FHA STREAMLINE BENEFITS

  • Are you currently in an FHA loan?
  • Do you want a lower rate and payment on your FHA loan; even if you owe more than your home is worth.
  • Would you like a mortgage with no appraisal required, lower credit requirements, and limited documentation to help you qualify?

If you answered yes to any of these questions, an FHA Streamline might be right for you! Qualify for an FHA Streamline Refinance even with less-than-perfect credit.

What is an FHA Streamline?

The FHA Streamline is a refinance program from the Federal Housing Administration which could get you a lower rate on your FHA mortgage without an extensive qualification process. Simply put, the typical refinance process is streamlined! FHA Streamline is also known as FHA IRRRL (Interest Rate Reduction Refinance Loan).

In order to qualify, you must currently be in an FHA loan.

How an FHA Streamline Works

  • FHA Streamline is a refinance program for homeowners currently in an FHA loan.
  • FHA Streamline is offered as a 5-year ARM (adjustable rate mortgage) or either a 15-year or 30-year fixed rate loan.
  • No appraisal required.
  • Minimal credit requirements.

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