MORTGAGE PROGRAMS

 

Conventional Loans Conventional loan programs by definition are any mortgage which is not guaranteed or insured by the federal government.

FHA Loans An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD).

VA Loans VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home.

Jumbo Loans Jumbo Mortgage Programs are those with a loan amount over the industry standard conforming limit. Set by congress, the conforming limit is defined by the maximum loan amount available for purchase by Fannie Mae and Freddie Mac -- the two federally charted organizations that procure mortgage securities. The current conforming limit is $417,000. Being above the conforming limit, Jumbo loans are often subjected to premiums on interest rates and other restrictions.

USDA Rural Development Loans Are you ready to own a home but are not sure you will qualify due to lack of a down payment? Rural Development may be able to help you! USDA Rural Development has partnered with local lenders to help them extend 100% financing opportunities to rural individuals and families.

HomePath-Fannie Mae Loans HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed.

Hobby Farm and Large Acreage Loans If you’ve got your eye on a hobby farm or larger parcel of land, you probably need a flexible, non-conforming loan. We can help devise a long-term, fixed-rate mortgage that gives you the ability to prepay without penalty.  And you can capitalize on our expertise in rural home financing and local servicing.

Log Home Loans For all your log and timber frame financing questions, you have come to the right place.

Manufactured Home Loans In today's housing marketplace, manufactured homes are increasingly gaining in popularity. Offering an affordable choice in home construction, manufactured homes provide many buyers an opportunity to participate in home ownership. Financing these homes, however, can sometimes prove challenging.

Multiple Property Loans If you own more than 4 financed properties and want to purchase a fifth one (or sixth or more); or, want to refinance a home you already own, let your first call be to Joe Wagner at 612-327-4544.

My Community Mortgage Loans With FHA restructuring its mortgage insurance premiums on October 4th 2010, it’s probably time to take a look at other financing options. Many folks don’t realize that Fannie Mae and Freddie Mac offer low down payment options too. For example, Fannie Mae’s My Community Mortgage allows qualifying borrowers to buy a home with only 3% down, no upfront mortgage insurance premium, and pay a very low monthly mortgage insurance fee.

Renovation Loans – FHA 203K The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance programs. These programs operate through FHA-approved lending institutions which submit applications to have the property appraised and have the buyer's credit approved. These lenders fund the mortgage loans which the Department insures. HUD does not make direct loans to help people buy homes.

Renovation Loans – FNMA HomePath Fannie Mae offers special mortgage financing on their foreclosed properties to help buyers with necessary rehab work. The mortgage loan is called the Fannie Mae HomePath and the renovation loan is called the Fannie Mae HomePath Renovation Loan.

Renovation Loans – FNMA HomeStyle The HomeStyle Renovation mortgage is a single-close loan that let’s you buy the home that may be in need of repairs. It is also possible to refinance the mortgage on an existing home and include the funds needed for repairs into the new mortgage. The loan amount for the HomeStyle Renovation mortgage is based on the “as-completed” value of the home rather than what the home is currently worth.

Reverse Mortgage Loans Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to tap into home equity without having to sell their home.

Second Mortgages A second mortgage is essentially a loan secured by your home or another piece of property with a first mortgage. The second mortgage allows the homeowner to tap into his or her equity to pay for college tuition, essential home improvements, pay off credit card balances or other pressing financial needs.

Unique Property Home Loans We’re one of few lenders offering long-term, fixed-rate financing for unusual residences that are difficult to appraise due to lack of comparable properties.

Fannie Mae (HARP) Refinance Loans If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage. The HARP loan is a new loan and will require a loan application and underwriting process. Loan refinance fees will apply.

Freddie Mac (HARP) Refinance Loans If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage. The HARP loan is a new loan and will require a loan application and underwriting process. Loan refinance fees will apply.

FHA Streamline Refinance Loans FHA Streamline loans can help homeowners lower monthly mortgage payments and interest rates. But what do you need to qualify for an FHA Streamline loan? To begin, you need an existing FHA mortgage—if you don’t have an FHA loan but want to refinance, your options include conventional refinancing or applying for an FHA refinancing loan.

VA IRRRL Refinance Loans IRRRL stands for Interest Rate Reduction Refinancing Loan.  You may see it referred to as a "Streamline" or a "VA to VA."  Except when refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed rate, it must result in a lower interest rate.  When refinancing from an existing VA ARM loan to a fixed rate, the interest rate may increase.