Our Mortgage Loan Programs:
We explain mortgage loan programs here and how to get a mortgage loan! We offer the following loan programs:
FHA, Jumbo, Conventional, Reverse Mortgages, Investment Loans, VA, Stated-Stated Loans, Itin Loans, USDA Loans, Manufactured Home Loans, and Hard Money Loans.
We offer purchase loans and refinances. Refinance transactions include rate and term refinaces as well as cash out loans.
Mortgage Loan Guidelines:
Mortgage guidelines vary on each and every loan product. To find more information on a specific loan product go directly to that loan page. For example, on FHA loans, proceed directly to our FHA loan page. On VA loans go directly to our VA home page. For lower fico score borrowers an FHA loan is the perfect mortgage loan option. FHA loans go down to a 580 fico score. If you have VA benefits, a VA loan is perfect as well for lower fico score borrowers. Conventional loans require a 620 fico score. Fico scores are not a requirement on reverse mortgages. Our other loan products vary, so call in for more information.
Residency Types On Our Loan Products:
There are three different residency types on every loan. The first one is a primary residence. Primary residence is where you live in the home 365 days out of the year. The next one is a second home. A second home is where you reside a few months out of the year at that residence. This loan product also has a distance requirement. That means you can’t buy another home a few blocks away and say it’s your second home. Lastly, there is an investment property type. An investment property type is where you rent out your property to a rentor. The investment property type loan does have a higher rate.
Falsifying Your Residency Type:
Can I say this is my primary residence even if it’s my investment property? The answer is no. The lender makes you sign a document at closing for mortgage fraud which clearly states all of the information stated on your loan application is the truth. Otherwise you can face a $100,000 and 4 years of federal imprisonment.