FHA

FHA loans are government loans insured by the Department of Housing and Urban Development (“HUD”).  The minimum down payment for these loans is 3.5% of the sales price.  Mortgage insurance is assessed twice on these loans, once up-front with a one-time charge that is typically added to the loan amount, and then a fixed amount paid monthly.  Mortgage insurance is assessed for the life of a FHA loan.

Conventional

Conventional home loans are residential loans used to finance primary residences, second homes, and investment properties.  They can be conforming loans, i.e. loan amounts $538,500 and lower in Arizona, or jumbo loans which are in excess of $726,200.  The conforming loans are typically backed by Fannie Mae or Freddie Mac.  We have originated hundreds of these loans, and can help you find the right conventional loan for your purposes.

The only way to get out of mortgage insurance would be to refinance into a conventional loan.  FHA loans are typically used by borrowers with lower credit scores and who do not have a lot of money for down payment.  Often times, a conventional loan will provide better terms than a FHA loan, so it is a good idea to see if you can qualify for a conventional loan and then compare the two scenarios.

A property needs to be in turn-key condition to qualify for a FHA loan.  Also, if you are looking to purchase a condominium with a FHA loan, the condominium must be on HUD’s approved condo list.

VA Loan

We thank our veterans for their service and we believe you deserve this special loan designed just for you!  VA loans allow for 100% financing, and if the seller pays the closing costs and prepaid expenses, no out-of-pocket costs.

In addition to normal loan documents required for a mortgage, a VA loan requires your DD-214 and your Certificate of Eligibility (which we can obtain for you).

Jumbo Loan

Jumbo loans are simply loans that are greater than the conventional loan limit of $538,500.  We can provide loans up to 3.5 Million Dollars! Our jumbo loan rates are as competitive as a conventional loan in most instances!

Reverse Mortgage

A reverse mortgage is a unique loan product that allows homeowners, ages 62 and older, to convert a portion of their home equity into cash. While the senior remains in their home, there are no required mortgage payments. Conversely, the lender makes payments to the senior! The cash can be used for monthly living expenses, medical costs, or to simply add to a nest egg. The senior is still responsible for taxes, insurance, home maintenance and any homeowners’ association fees, but that’s it.

Construction Loans

A construction loan gives a new owner the money they need to build a home. Unlike a standard mortgage, the term on a construction loan can only last for the amount of time it takes to build the home—usually one year or less. Once this type of construction loan is complete, you transition to a regular mortgage. A one-time close construction loan will transition to a regular mortgage once the construction phase is complete. There are benefits to both types of construction loans. Call your loan officer today to discuss! See below for the bank statement program which can be combined with the construction loan up to $3.5M!

Bank Statement Loans

There are times when the conventional method of proving your income will not work. If you are self employed and your tax returns do not show enough income to qualify, there is the option of proving your income with 12-24 months personal or business bank statements! It’s not quite as simple as adding the deposits and dividing by 12 or 24 so talk to your loan officer today to discuss the ins and outs.