There are many loan programs available due to the many different needs of borrowers. I will find the loan program that is tailored to your needs. To learn about more about other programs not listed or to start you loan process, please contact me at (480)344-1950.
Conventional Loan
A mortgage loan that is not insured by FHA (Federal Housing Administration) or guaranteed by VA (Veterans Administration). There are two types of conventional loans: conforming and non-conforming. Back to Top
Conforming Loan
A loan that conforms to the standard rules for purchase by Fannie Mae (FNMA) or Freddie Mac (FHLMC). Single-Family Mortgage Loan Limits effective January 1, 2006: First mortgages
One-family loans: $417,000 Two-family loans: $533,850 Three-family loans: $645,300 Four-family loans: $801,950
Note: One- to four- family mortgages in Alaska, Hawaii, Guam, and the U.S. Virgin Islands are 50 percent higher than the limits for the rest of the country.
Second mortgages$208,500
In Alaska, Hawaii, Guam, and the U.S. Virgin Islands: $312,750 Back to Top
Non-Conforming Loan
Loans that do not follow the guidelines set by Fannie Mae and Freddie Mac. These loans are often sold on the secondary market to private investors or held in the lender's portfolio as an asset. See jumbo loan. Back to Top
Fixed-Rate Mortgage
A mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change. Back to Top
(ARM) Adjustable Rate Mortgage Loans
A mortgage loan in which the interest rate is changed periodically in accordance with the loan agreement and is calculated by adding a margin to a specific index. ARM loans usually have provisions (called "caps") that limit how much the loan rate can increase at one resetting and over the term of the loan. Back to Top
(FHA) Federal Housing Administration Loans
A division of the Department of Housing and Urban Development established in 1934 to advance homeownership opportunities for all Americans; assists homebuyers by providing mortgage insurance to lenders to cover most losses that may occur if a borrower defaults; this encourages lenders to make loans to borrowers who might not qualify for conventional mortgages. Back to Top
VA Mortgage
A mortgage that is guaranteed by the Department of Veterans Affairs (VA). Also known as a government mortgage. Back to Top
Jumbo Loan
A loan that exceeds Fannie Mae's legislated mortgage amount limits of $417,000. Also called a non-conforming loan. Back to Top
Construction Loan
A short-term, interim loan for financing the cost of home construction. The lender makes payments to the builder at periodic intervals as the work progresses. Some construction programs offer a one-time-close feature that converts the loan to a permanent loan after completion. Back to Top
Lot/Land Loans
Loans specifically for the purchase of land that has not been built on. There are many different types of Lot/Land loans available with some offering up to 100% financing. Back to Top
Limited Documentation Loans
There are many different types of loans that allow limited documentation. They mainly consist of: NINANE (No Income/No Asset/No Employment), NINA (No Income/No Asset), NIVA (No Income/Verified Asset), No Ratio, Stated Income, SISA (Stated Income/Stated Asset), SIVA (Stated Income/Verified Asset). Some borrowers choose not to have income, assets, and/or employment verified due to there individual unique situation. Income is usually verified based on the last 2 years W-2 or the last 2 years tax returns for self employed. As an example a borrower may choose not to have his income verified due to not showing enough income on their tax returns and not wanting to disclose their assets. Whatever the situation, these loans are available to help you get the property that you may not otherwise be able to attain. Back to Top
80/20 Loans
These types of loans consist of an 80% first mortgage lien with a slightly higher interest rate on a 20% second mortgage lien. These loans require no money down and are used to avoid paying costly PMI (Private Mortgage Insurance) or to keep from exceeding the FNMA/FHLMC guidelines and having to pay Jumbo rates. Back to Top
80/10/10 Loans
These loans are similar to an 80/20 loan, however they consist of an 80% first mortgage lien and a 10% second mortgage lien with 10% paid by the borrower. They have they same goals of avoiding PMI and exceeding the FNMA/FHLMC guidelines and having to pay Jumbo rates. Other variation consist of 80/15/5 and 75/15/10. Back to Top
A-D Loans
These loans are designed for borrowers with less the perfect credit. Whatever you credit situation is there is a loan to help you get that property you would not otherwise be able to attain. . Back to Top
Hard Money Loans
These are loans made to borrowers from private investors. While these loans typically have higher interest rates than conventional loans and are made for shorter terms they offer much more flexibility. If the loans makes financial sense to the investor than they may do the loan. Back to Top