Our Loan 
Programs

Conventional Loans

A conventional loan is any mortgage loan that is not insured or guaranteed by the government (such as under Federal Housing Administration, Department of Veterans Affairs, or Department of Agriculture loan programs). Conventional loans can be conforming or non-conforming.

Conventional loans are ideal for borrowers with strong credit history, typically a credit score between 620 and 740, and a sum of money for about 20% of the down payment. Down payments that are less than 20% require private mortgage insurance (PMI). Your debt-to-income ratio (DTI) should be under 43%.

FHA Loans

FHA loans are a great option for borrowers that do not have a lot of cash on hand for a down payment and may need some flexibility in qualification guidelines.
 

Benefits include:

• low 3.5% down payment

• most of your closing costs and fees can be included in the loan

• low monthly mortgage insurance

• no maximum income/earning limitations (there are investor overlays to this guideline)no cash reserves if loan meets FHA guidelines

• minimum FICO score 620 (with investor overlays)

• no landlord rating required

• gifts are acceptable

• seller credits are allowed

• non-occupant cosigners okay to help qualify

• fixed rate and ARM loans available

Portfolio Loans

Portfolio loans are made to fill the gap between conventional loans and private or hard money loans. A portfolio loans are made by lender who loans money to a borrower and keeps the debt on their portfolio to earn consistent interest on the loan. It’s not sold to other lenders. 
 

In contrast, conventional loans are issued by lenders but are then sold to another lender who will service the loan. If you have ever closed on a loan you know that the first couple of payments are to the mortgage lender that closed your home. After a couple months you will get a letter saying your loan will be serviced by another lender.  
 

Portfolio lenders are usually not offered by large banks like Chase and Wells Fargo. It is offered by smaller banks and non-retail lenders. 
 

Portfolio loan programs are for people who are having a problem proving their income under the guideline of conventional mortgage. Or have had some credit issues, bankruptcies, foreclosures, tax liens, or student loan debt and cannot qualify for a conventional mortgage.

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. The guaranty means the lender is protected against loss if you fail to repay the loan.

In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

Other benefits of a VA loan include:

• Negotiable interest rates.

• Closing costs are comparable and sometimes lower - than other financing types.

• No private mortgage insurance requirement.

• Right to prepay loan without penalties

• The Mortgage can be taken over (or assumed) by the buyer when a home is sold.

• Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.

Hybrid Loans

Today homebuyers are in a unique position to combine the benefits of a fixed rate mortgage with the savings opportunities of an adjustable rate mortgage.With a hybrid loan (also called a fixed-period ARM or hybrid ARM) you get the best of both worlds.

A hybrid loan gives you a fixed rate term, usually three, five, seven or ten years, with adjustable rates thereafter.These loans are typically expressed as a 3/1, 5/1, 7/1 or 10/1 ARM. The first number represents the number of years the rates are fixed. The second number indicates the adjustment interval (how often the interest rate will change). For a 7/1 loan, the fixed period is seven years with annual interest rate adjustments thereafter.

The advantage of a hybrid loan is that it gives you a lower fixed rate mortgage than you’ll typically receive with a 30 year mortgage. This is often an attractive loan choice for borrowers who expect to be selling their home within the first 10 years. You’ll get the advantage of a lower fixed rate while you’re living in the home. And if your plans remain steady, the adjustable rate wouldn’t be due until after you plan to move.

Hybrid loans are also an attractive loan choice for borrowers who want an ARM, but feel the need for added interest rate protection during their first years in the home. 

Whether you plan to move within 10 years or you’d like the added rate protection a hybrid loan affords, we’ll be glad to help you find the best loan program to meet your needs.  We look forward to helping you!

Private Bridge & Hard Money Loans

Bridge loans are often used for quick closing or for borrowers that can not qualify for conventional or portfolio loans, retrieve real estate from foreclosure, or take advantage of a short-term opportunity in order to secure long-term financing.

Bridge loans on a property are typically paid back when the property is sold, refinanced with a traditional lender, the borrower's creditworthiness improves, the property is improved or completed, or there is a specific improvement or change that allows a permanent or subsequent round of mortgage financing to occur. 

The timing issue may arise from project phases with different cash needs and risk profiles as much as ability to secure funding.
 

A bridge loan is similar to and overlaps with a hard money loan. Both are non-standard loans obtained due to short-term, or unusual, circumstances. 

The difference is that hard money refers to the lending source, usually an individual, investment pool, or private company that is not a bank in the business of making high risk, high interest loans, whereas a bridge loan refers to the duration of the loan.

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Bridge loan interest rates are usually 10–15%, with typical terms of up to 12 months 2–10 points may be charged.  Loan-to-value (LTV) ratios generally do not exceed 65% for commercial properties, or  esidential properties, based on appraised value.

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A bridge loan may be closed, meaning it is available for a predetermined timeframe, or open in that there is no fixed payoff date

A first charge bridging loan is generally available at a higher LTV than a second charge bridging loan due to the lower level of risk involved. 

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Lower LTV's may also attract lower rates again representing the lower level of underwriting risk although front-end fees, lenders legal fees, and valuation payments may remain fixed.

FHA 203(k) Rehab Loans

FHA’s 203(k) loan program provides borrowers an affordable, stable financing solution that combines the purchase or refinance of the home along with the costs of the improvements into a single loan.
 

Benefits include:

• FHA guidelines apply 

• opportunity to borrow against the value of the home after improvements  

• low down payment requirements for purchase transactions   

• flexible credit qualifying fixed-rate and adjustable-rate mortgages up to 30-year terms  

• fully assumable loans to qualified borrowers   

• owner-occupied 1-4 unit properties, PUDs, condos and REO properties 

• lower initial monthly payments with optional temporary interest rate buy down

 
Eligible properties include:

• attached and detached single family residences, condos, and PUDs   

• 2-4 unit properties

 
Virtually any kind of improvement is eligible provided it becomes a permanent part of the real property and adds value, for instance:

• additions to the structure  

• kitchen or bath remodels  

• finished basement or attic  

• patios, decks or terraces  

• roofing and landscaping  

• safety, energy efficiency and electrical upgrades  

• handicapped accessibility improvements

Reverse Mortgage

With a reverse mortgage (sometimes referred to as a a home equity conversion loan or HECM), homeowners of a certain age may use home equity for living expenses without having to sell their homes. 

The lending institution pays out funds determined by the equity you've accrued in your home; you get a lump sum, a monthly payment or a line of credit. The loan doesn't have to be paid back until the homeowner sells his home, moves out, or dies.

When you sell your property or is no longer used as your primary residence, you (or your estate) must repay the lender for the money you obtained from the reverse mortgage in addition to interest and other fees

The requirements of a reverse mortgage generally are being sixty-two or older, maintaining your home as your primary residence, and having a small remaining mortgage balance or having paid it off.
 

Many homeowners who are on a fixed income and have a need for additional funds find reverse mortgages ideal for their circumstance.

Interest rates can be fixed or adjustable while the money is nontaxable and doesn't affect Medicare or Social Security benefits.

Your home is never at risk of being taken away from you by the lending institution or sold against your will if you live past your loan term - even if the property value creeps under the balance of the loan.

Commercial Loans

We have a wide variety of commercial loan options that would fit all your commercial financing needs including Multifamily, Office building, Industrial, Warehouse, Mixed use, Gas Station, Retail stores, Mobile Parks, Hotels and Motels, and more!

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7(a) Loan Guaranty Program
One of the SBA's primary loan programs, 7(a) offers loans of up to $2,000,000. (The maximum dollar amount the SBA can guaranty is generally $1 million. For complete information on the 7(a) Loan Program, visit the SBA web site).
 

Please contact us today to discuss how we can help you zoom through your commercial loan process.

FHA Streamline Refinance

If you already have a FHA Mortgage and you are current on your payments and in good standing, then a Streamline Refinance may be a great option for you to lower your interest rate and monthly payments.

Benefits include:

• appraisal usually not required 

• very little paperwork 

• no credit check, income verification, employee verification, or underwriting fee  

• easily increase or decrease the length of the term of your existing loan  

• little or no out-of-pocket costs

HELOC (Home Equity Line of Credit)

Have you considered tapping into your home equity to send a child off to college, or remodel your home? A home equity loan is a fixed-rate or adjustable-rate loan that is secured by the equity in your home.

Similar to your first mortgage, you'll borrow a specific amount to be paid back monthly over a period of time. The terms "home equity loan" and "second mortgage" can be used interchangeably.

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The steps toward a home equity loan are similar to getting your existing mortgage. Your closing costs (usually 2-3 percent of the loan amount) are generally smaller and, even though the interest rate is larger on a home equity loan, the interest paid will be tax deductible.

In order to qualify for a second mortgage, your credit must be in good standing and you need to be able to provide documentation of your income. A home appraisal is required to calculate the home's current market value.

Refinance Options

Lower Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be your best option. Perhaps you are currently in a mortgage with a high, fixed interest rate, or a mortgage loan in which the interest rate varies : an adjustable rate mortgage (ARM).

Even when rates come up later, unlike with your ARM, when you get a fixed rate mortgage, you set that low interest rate for the life of your mortgage.

This kind of loan is particularly a good option if you aren't planning a move within the next 5 years or so. However, if you do see yourself selling your home in the near future, an ARM with a small initial rate could be the ideal way to bring down your monthly payment.
 

Get Cash Out

Are you refinancing primarily to pull out some of your equity for an infusion of cash? Perhaps you're going on a much needed vacation; you need to pay college tuition for your child; or you are updating your kitchen. So you will want to apply for a loan above the balance remaining of your existing mortgage.

With this goal, you'll need to apply for a loan for a higher amount than the current balance on your existing home loan in that case. However, if your interest rate is high now and you've held it for a long time, you may be able to accomplish your goals without making your mortgage payments increase.
 

Consolidate Your Debt

Perhaps you'd like to cash out some of the equity in your home (cash out) to put toward other debt. If you have built up some home equity, taking care of other debt with rates higher than your mortgage (credit cards or home equity loans, for example) could be able to save you a lot of money each month.
 

Paying it off Sooner

Do you need to build up equity quicker, and pay off your mortgage sooner? If this is your wish, your refinance loan can switch you to a mortgage loan program with a shorter term, such as a 15 year loan.

You will be paying less interest and growing your home equity faster, even though your mortgage payments will likely be higher than they were.

But, you could be able to make the change without a bigger monthly payment if your longer term mortgage loan was closed a while ago, and the balance remaining is somewhat low. You could even pay less!