Questions? Call us at
510-396-9233
Questions? Call us at
510-396-9233
A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment. FHA loans allow the borrower to borrow up to 96.5% of the value of the home. The 3.5% down payment requirement can come from a gift or a grant, which makes FHA loans popular with first-time buyers.
What Is An FHA Streamline Refinance?
If you already have an FHA mortgage then you might qualify for a FHA Streamline Refinance. An FHA Streamline Refinance is a great way for a borrower with an existing FHA backed mortgage to reduce their interest rate, reduce their payment or possibly both.
Here are some really cool facts about an FHA Streamline Refinance:
The Refinance Must Have A "Purpose"
Streamline Refinance applicants must demonstrate that there's a Net Tangible Benefit in the refinance or in other words a legitimate reason for refinancing. For Example:
Your Loan Balance May Not Increase To Cover The New Loan Costs
The FHA prohibits increasing a Streamline Refinance's loan balance to cover associated loan charges. The new loan balance may increase but only by the cost of the Upfront Mortgage Insurance Premium. All other costs -- origination charges, title charges, escrow -- must either be paid by the borrower as cash at closing, or credited by the loan officer in full.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.
When shopping for a home, you may come across properties that aren’t quite what you’re looking for but have the potential to be your dream home with some repairs or renovations. With a renovation loan, you can roll the cost of financing or refinancing a home and repairs into one loan – saving you time and money.
Limited 203(k) Rehabilitation Mortgage
In addition to funding your new home, an FHA Limited 203(k) can provide up to $35,000 (including a contingency reserve) in additional funds to help make a few non-structural repairs or renovations such as updating a kitchen or bathroom, adding new flooring, purchasing new appliances, or repairing the roof.
Standard 203(k) Rehabilitation Mortgage
If your potential dream home needs more than $35,000 in renovations or the repairs are structural, the Standard FHA 203(k) might be the right solution. This program removes the restrictions of the limited option to allow for major home remodeling. A Standard FHA 203(k) can provide additional funds* to help with eligible repairs including moving or removing walls, minor pool repairs, and landscaping.
*Final disbursement of funds is subject to final inspection.
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Mortgages that are not government-backed are known as conventional home loans.
They include:
Conforming loans conform to guidelines established by government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac. They buy mortgages from lenders and sell them to investors to make mortgages more available.
Non-conforming loans are loans that do not conform to the GSE guidelines.
Jumbo loans are loans that are larger than the loan limits set by the GSEs.
Portfolio loans are loans that are held by mortgage lenders on their own books. These types of loans may have features that other loans do not because lenders can set their own guidelines.
Conventional Fixed Rate loan have interest rates that don’t change for the life of the loan.
Benefits of a Fixed Rate loan include:
Adjustable Rate Loans
With an adjustable rate loan, the interest rate changes periodically, usually in relation to an index and payments may go up or down accordingly.
Benefits of an Adjustable Rate loan include:
Considerations of an Adjustable Rate loan include:
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Homeowners looking to decrease their interest rate, change their loan term, or take cash out may consider refinancing. A refinance calls for the homeowner to obtain another mortgage loan. Those funds are then used to pay off the original mortgage loan and the homeowner is then bound by the terms of the new mortgage. Depending on your situation a refinance loan could be a great option.
Along with decreasing your interest rate, refinance loans can also help you switch from an ARM to a FRM, and in some cases reduce your loan term.
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Jumbo Loans are loans that exceed the conforming loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO), and is not eligible to be purchased, securitized, or guarenteed by Fannie Mae or Freddie Mac. A Jumbo Loan is for mortgages more than $453,100. It also offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
For Purchase transactions Jumbo Loans require the home-buyer to put down at least 20% of the purchase price of the home. Cash out and No cash out refinance are allowable.
Most Jumbo loan programs allow you to purchase single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.
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If you are a first time home buyer and are limited with the amount of money you have to work with there are programs available with zero down (VA and USDA), or as little as 1% to 3% down (FHA and Conventional). The interest rates and closing costs vary on these programs. Once your personal situation is assessed the right program can be determined. Mortgage insurance is required when you have less than a 20% equity in your home. This fee is added to your payment and varies depending on the loan amount, the loan to value and your credit score. The fee can be eliminated in some instances by increasing the interest rate.
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Self-employed borrowers are unique when it comes to lending. Most lenders have recognized this and have come up with programs that best suit these types of borrowers.
We have numerous programs for self-employed borrowers. For traditional loans, sometimes the lenders may look at only 1 year tax returns for from a business owner. Some of the other self-employment programs may include:
There are many other programs that are geared toward self employed borrowers. It is best if you contact us so we can find a unique program that would benefit you.
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Growth can be one of the most difficult and rewarding parts of owning a business.
Whether you’re a new entrepreneur or a seasoned professional, smart business owners know that growth brings tremendous opportunities for profit. Your commercial property is an important aspect of growth. At New National Mortgage we’re committed to helping you get into the right commercial property for your company.
As your company continues to grow, increasing your workspace through a commercial mortgage becomes increasingly important.
More information about our commercial loan offerings can be found by contacting us via email or by telephone at 510-396-9233 . Our qualified professionals are ready to answer any and all of your commercial loan questions as well as help you begin the application process.
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