Which Loan is Right for You?
We have loan options available for everyone including, but not limited to, first-time buyers, investors, self-employed, those who need no income verification, homeowners wanting to refinance, veterans, rural homebuyers and more. Reach out today and we’ll help you figure out the best option for your situation.
These loans are mortgage loans that are not insured by the government and are typically offered by private lenders or banks. They typically have better rates, terms, and lower fees than other types of loans, but to qualify, borrowers typically need to have good-to-excellent credit, a reasonable amount of debt, a down payment as low as 3% and stable income. They are ideal for borrowers with good credit and a down payment of at least 3%.
A jumbo loan is a type of mortgage loan that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2023, the limit in Texas is $726,200. Any loan above that limit is considered a Jumbo Loan. These loans tend to have higher interest rates than conforming loans because they are considered to have a higher risk for lenders. Borrowers typically need to have good credit and a higher down payment to qualify for a jumbo loan.
FHA loans are insured by the Federal Housing Administration (FHA) which is a government agency. Because of the government insurance, FHA loans have more lenient credit and income requirements than conventional loans. This makes it easier for first-time home buyers and those with less-than-perfect credit to qualify for a mortgage. FHA loans require a down payment of at least 3.5%. The borrower is also required to pay mortgage insurance premium (MIP) regardless of the down-payment amount.
A reverse mortgage is designed for homeowners aged 62 and above who want extra cash with the added benefit of no longer having a monthly mortgage payment.
Here are just a few of the benefits of a reverse mortgage:
- You can stay in your own home.
- Eliminates the monthly mortgage payment.
- Repayment is required only when the final borrower no longer lives in the home
- The borrower’s heirs have the option to arrange their own financing, pay off the loan, and keep the house. Or they may also choose to sell the home and keep the proceeds. (In the unlikely event that the loan balance is more than the home’s value, the borrower’s heirs are not responsible for repaying the difference. FHA insurance is part of every HECM loan and satisfies the note in these rare instances.)
What can the extra cash be used for?
- Paying off other debt
- Covering medical bills
- Supplementing your monthly retirement income
- Investing in that second home by the ocean
- Taking that vacation you’ve always dreamed of
- And much more………