An FHA home loan can have many advantages. Typically, only a 3.5% down payment is required, the down payment can be a gift to the home buyer from qualified sources and the credit qualifications for an FHA mortgage are often less stringent than qualifications for conventional mortgages. These loans are great for first-time homebuyers!
• 3.5% Minimum Down Payment
• Purchase or Refinance options
• Can be paired with Down Payment Assistance Programs
• Financing options may be available for those with challenging credit
GSFA OPENDOORS PROGRAM
The GSFA OpenDoors Program helps homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA), up to 6.5% of the First Mortgage Loan amount.
Example: On a $300,000 Mortgage Loan, the OpenDoors Program can provide DPA up to $19,500.
• Up to 4.5% of the Grant never has to be repaid!
• FICO Scores as low as 620 approved!
A conventional loan is a mortgage that is not guaranteed or insured by any government agency. A minimum of a 620 FICO score is required. Conventional loans have a minimum down payment requirement as low as 3% percent but can require a down payment of 5% to 20% percent. No mortgage insurance is required on a conventional loan with a down payment of at least 20% percent.
A home loan program available for designated rural and suburban locations.
• No down payment required • Closing costs may be financed if the appraised value is higher than sales price • No loan limits, No sale price limits • Income limits apply • Maximum loan amounts up to 103% of appraised value • One time 1.00% Guarantee Fee may be financed into the loan amount or paid from seller’s credit, 3.5% Annual Guarantee Fee
For property eligibility visit http://eligibility.sc.egov.usda.gov/eligibility/
203(k) Renovation Loan
• Owner Occupied, 2nd Homes and Investment Property
• From flooring to cabinets to adding a bedroom and/or bathroom
Bank Statement Programs
The mortgage loan designed specifically for borrowers with unique income situations!
• Qualify on either 12 months or 24 months bank statements deposits
• No Tax Returns
• Tip Income is Eligible
• 30 year Fixed Rates available
• Purchase or Refinance Options
Improve your life by cashing in on your home’s equity! Whether your seeking money to finance a home improvement, pay off a current mortgage, supplement your retirement income, or pay for healthcare expenses, many older Americans are turning to “reverse mortgages”. They allow you to convert part of your equity in your home into cash without having to sell your home or take on additional monthly bills.
In a “regular” mortgage, you make monthly payments to the lender. But in a “reverse” mortgage, you receive money from the lender and generally don’t have to pay it back for as long as you live in your home. Instead, the loan must be repaid when you die, sell your home, or no longer live there as your principal residence. Reverse mortgages can help homeowners who are house-rich but cash-poor stay in their homes and still meet their financial obligations.
To qualify for most reverse mortgages, you must be at least 62 and live in your home. The proceeds of a reverse mortgage (without other features, like an annuity) are generally tax-free, and many reverse mortgages have no income restrictions.
Reverse mortgage loan advances are not taxable, and generally do not affect Social Security or Medicare benefits. You retain the title to your home and do not have to make monthly repayments. The loan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence. In the HECM program, a borrower can live in a nursing home or other medical facility for up to 12 months before the loan becomes due and payable.