Reverse Mortgages

Also referred to as conforming or conventional mortgages. Fannie Mae and Freddie Mac guarantee these mortgages as government-sponsored enterprises (GSEs). Conventional mortgages require a minimum credit score of 620, a minimum down payment of 3%, and are available as fixed-rate or adjustable-rate mortgages. A borrower must pay private mortgage insurance when using a conventional mortgage and have a down payment that is less than 20%. Often, conventional mortgages have more stringent guidelines than government-backed mortgages like FHA, USDA, and VA. Our conventional loan products come in fixed rates, adjustable rates, mortgage terms from 30 years to 15 years, and include down payment assistance programs, first-time home buyer programs, first-generation home buyer programs, purchase mortgages, refinance mortgages, renovation/construction mortgages, and manufactured/modular home mortgages, to name a few.

FHA mortgages are insured by the Federal Housing Administration, which is a government agency that sets the guidelines and requirements for obtaining an FHA mortgage. These mortgages are great for first-time home buyers and a great tool for people who might have less than perfect credit, including lower credit scores, need down payment assistance, have higher debt-to-income ratios, or have had credit issues like bankruptcy or foreclosures in the past. Often, FHA mortgages have more competitive rates and mortgage insurance than conventional mortgages especially for borrowers with medium to low credit scores or smaller down payments. We offer FHA fixed rate, adjustable-rate mortgages for purchases and refinances, along with FHA streamline refinance, cash-out refinance, down payment assistance programs, first-time home buyer programs, manufactured/modular home mortgage loans, and renovations mortgages to name a few.

VA mortgages are backed by the Department of Veterans Affairs and are specifically designed to help our Veterans and their families achieve their goals of homeownership. VA mortgages have zero down payment and are available for Veterans. They offer lower credit score requirements and easier underwriting requirements to help ensure that our Veterans can achieve the American Dream of homeownership. VA mortgages have lower rates and do not have monthly mortgage insurance like conventional, FHA, or USDA mortgages. VA Mortgages do have a funding fee, which is financed into the mortgage. It allows the VA to guarantee the mortgage. Veterans who are disabled may qualify for a funding fee exemption, depending on their disability rating. We offer several types of VA mortgages, such as purchase mortgages, VAIRRRL, cash-out refinances, VA Jumbo loans, and VA renovation mortgages, to name a few.

JUMBO mortgages are mortgages that are for $1 more than the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These mortgages are non-qualified mortgages so the interest rates, terms, and underwriting guidelines are different from a conforming mortgage loan. We offer fixed-rate and adjustable-rate jumbo mortgages for purchase or refinance mortgages. We offer a JUMBO mortgage of $4 million and above!

Home Equity Conversion Mortgages are non-recourse reverse mortgages insured by FHA. HECM reverse mortgages allow seniors over 62 to access the equity in their homes without having a monthly mortgage payment. Borrowers are still required to pay for their homeowners insurance, property taxes, and homeowners association dues, and maintain the property. HECM mortgages are great financial plan tools to help seniors ensure that they have enough money to live comfortably in their golden years.

These are reverse mortgages that are non-recourse like HECM FHA Reverse Mortgages but are underwritten to different guidelines, which are more flexible for some borrowers. Proprietary reverse mortgages do not have mortgage insurance like HECM reverse mortgages and are available for borrowers who are 55 or older. These Reverse Mortgages are also available in loan amounts up to $4,000,000 and allow for debt consolidation on refinance transactions. Borrowers are still required to pay for their homeowners insurance, property taxes, and homeowners association dues, and maintain the property.

2nd mortgages can be used to help a borrower who has less than 20% for their down payment purchase a home and not have mortgage insurance.  2nd mortgages can also be used as a tool to access home equity without refinancing their first mortgages.  Fixed-rate 2nd mortgages offer homeowners the security of knowing what their monthly payment will be for the term of their mortgages. Fixed rate 2nd mortgages are avaliable in 10, 15, 20, and 30-year mortgage terms.

A Home Equity Line of Credit can be used to purchase a home in conjunction with a 1st mortgage, allowing a borrower to put down less than 20% and avoid paying mortgage insurance. People wanting to access their home’s equity without refinancing their first mortgage can use a HELOC to access that equity. HELOCS are interest-only for 10 years during the draw period and then become fully amortized for the remaining 20-year term. HELOCS are adjustable rate mortgages, so the payment will change throughout the term of the HELOC. HELOCS can be used, paid down, and used again throughout the 10-year draw period.

We offer down payment assistance programs that are available for 1st time home buyers and non-first-time home buyers. These programs allow the borrower to receive funds to use for their down payment and closing costs. We offer a wide varity of down payment assitance programs and help buyers determine which program is right for them.