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.