The FHA offers a variety of loan programs to a large population and FHA mortgages can have fixed or adjustable interest rates. Many find these home loans attractive because they require very small down payments, gifts can be used for down payments and closing costs, and because the FHA regulates the closing costs. These loans also have qualifications that are easier to meet than traditional mortgages. The FHA does not require a minimum FICO score to meet qualifications and these programs will allow home purchase two years after a bankruptcy filing.
•    FHA Express is available as both a 15- and 30-year fixed-rate loan.
•    FHA loans are created by the Federal Housing Administration.
•    You can refinance up to 97.75% of your home's value. Or, if you'd like a cash-out
      refinance, you can refinance up to 85% of your home's value.
•    Only a 3.5% down payment required for home purchases.
•    First-time home buyers may be eligible for a tax credit up to $8,000. Ask us how!
•    FHA also allows seller concessions up to 6% of your home purchase price
•    FHA has permitted streamline refinances on FHA insured mortgages since the early 1980's. The term "Streamline" refers only to the reduced amount of documentation and underwriting that needs to be performed in order to receive loan approval. To you, that means less effort, less paperwork, less aggravation and no hassle in order to obtain an immediate monthly savings on your mortgage expense.

The more you know about our home loan program, the more you will realize how little "red tape" there really is in getting a VA loan. These loans are often made without any down payment at all, and frequently offer lower interest rates than ordinarily available with other kinds of loans. Aside from the veteran's certificate of eligibility and the VA-assigned appraisal, the application process is not much different than any other type of mortgage loan. And if the lender is approved for automatic processing, as more and more lenders are now, a buyer's loan can be processed and closed by the lender without waiting for VA's approval of the credit application.Additionally, if the lender is approved under VA's Lender Appraisal Processing Program (LAPP), the lender may review the appraisal completed by a VA-assigned appraiser and close the loan on the basis of that review. The LAPP process can further speed the time to loan closing.
•    Refinance up to 90% of the value of your home
•    Cash-out refinance also available
•    Funding fee can be rolled into the refinance
•    There is no monthly PMI with a VA loan
•    The funding fee is waived for disabled veterans and surviving spouses.
•    Purchase with 0 down
•    Lower interest rates
•    Easier qualification standards

One of the many types of home loans offered to borrowers is called a fixed rate mortgage. Unlike an adjustable rate mortgage the monthly payments for a fixed rate mortgage remain “fixed” throughout the life of the loan and It's the best security against rising mortgage rates and higher payments. If you don't plan on moving in the next 7 years or so, the fixed-rate mortgage may be your best choice.

There are many different kinds of fixed rate mortgages and they can be structured from 10 to 30 years in duration. 

Interest rates are at historic lows.  A fixed rate mortgage will give you and your family stability and comfort knowing that your interest rate will never increase.

Are you a first-time homebuyer? If so, you can get a tax credit up to $8,000! "First-time home buyers" includes anyone who hasn't owned a home in the past three years.  Give us a call to find out more.

Adjustable rate mortgages allow the interest rate on your home loan to fluctuate during its life. When financial markets are unstable, adjustable rate mortgages can be risky for home owners because the rate can increase with little notice. On the other hand, this type of mortgage may allow you to purchase a more expensive home.

ARMS may be a good option for home buyers looking for a low rate and low monthly payments; however, if you are planning on staying in your home for more than 7 years, you may want to look into securing a fixed-rate mortgage to protect yourself against rising interest rates.

Give one of our loan professionals a call today and find out if this program is right for you.