USDA (Rural Housing) Loans
USDA offers a loan program we can use to finance a home with no money down. It is for certain areas only, typically outside the city. It is a cost effective way to purchase a home for homes that qualify!
Feel free to send us any addresses you'd like us to check for USDA eligibility.
230k/Renovation/Rehab Loans
Rehab loans are used to finance the renovation of an existing structure. Whether you're interested in updating the home you live in or a home you're purchasing, we can help craft a terrific lending solution. Rehab loans are the perfect way to create your dream home in a cost effective manner.
We look forward to your questions about rehab loans. Please call us to find out more.
FHA Mortgage Loans
FHA loans are private loans insured by the federal government. These loans are popular with borrowers who don't have enough funds to pay a traditional 20 percent down payment because they only require 3.5 percent down to qualify. Those who choose these loans are required to pay mortgage insurance which slightly increases their monthly payments.
Lenders who wish to offer these loans must be approved by the Department of Housing and Urban Development. Please contact us today to find out if a FHA loan is right for you.
Conventional Fixed Rate Mortgages
A popular loan type, conventional fixed rate loans feature a constant interest rate for the life of the life. Generally speaking, monthly payments remain constant. Traditionally borrowers are expected to provide a 5 percent down payment though this is not necessarily required. Contact us for details on down payment requirements.
Available terms generally range from 10 years, 15 years, and 30 years.
VA Mortgage Loans
Like a FHA loan, VA loans are private loans insured by the federal government and require no money down. VA loans are only available to qualified military veterans and their families. These loans are only available to these individuals for their own primary residences and cannot exceed the county loan limit.
For information on qualifying for this loan program please give us a call today.
Alternate Lending
These types of loans, typically Non-QM, provide out-of-the-box options and expanded underwriting guidelines to help people in complicated situations qualify for a loan. They can include Foreign Nationals, recent Foreclosure or Short Sale, Bank Statement loans, and many more.
Tell us your unique situation & let us help you find a one-of-a-kind solution!
Refinance Mortgage Loans
Homeowners looking to decrease their interest rate may consider refinancing. A refinance calls for the homeowner to obtain another mortgage loan. Those funds are then used to pay off the original mortgage loan and the homeowner is then bound by the terms of the new mortgage. Depending on your situation a refinance loan could be a great option.
Along with decreasing your interest rate, refinance loans can also help you switch from an ARM to a FRM, and in some cases reduce your loan term.
Jumbo Loans
A jumbo loan, or non-conforming loan, usually means any home loan for amounts higher than the county loan limit. Jumbo loans feature similar loan programs to fixed rate and adjustable rate programs. There are even FHA jumbo loans. The main difference between jumbo loans and conforming loans is the interest rate. Because jumbo loans are riskier for lenders they usually have higher rates.
Learn more about jumbo loans by contacting us today.
Reverse Mortgage Loans
Reverse Mortgages or (Home Equity Conversion Mortgages HECMs) are a special home equity loan for homeowners of 62 years of age or older. These loans allow borrowers to borrow against the equity that they have built up over years of paying down the mortgage on their home to supplement their retirement income. The loan itself will have fees and closing cost involved as there is with any mortgage transaction. Also there is interest added to the loan balance each month, the loan balance grows over time, and funds may be disbursed via a lump sum single disbursement, in monthly payments, as a line of credit or as a combination of a line of credit and monthly installments. Borrowers generally do not have to pay back the loan while themselves or an eligible spouse live in the home; however, borrower must continue to pay taxes, insurance, utilities and to maintain the home in order to continue to occupy the home. "Non-borrowing" spouses may be eligible to continue living in the home after the borrower passes away; however, the non-borrowing spouse will stop receiving the money from the reverse mortgage after the borrower spouse passes away. The loan becomes due in full at the time the last borrower, co-borrower, or eligible spouse either passes away, sells the home, or moves out. Borrower's estate or heirs may pay off the reverse mortgage through the sale of the home or retain the home via a refinance (neither the borrower nor their heirs will have to pay back more than the home is worth). Reverse mortgage is not a risk free loan and should be considered carefully; for more information on reverse mortgage visit the Consumer Financial Protection Bureau website at
www.consumerfinance.gov/askcfpb/233/reversemortgage.html
Broker Disclosure
All programs subject to change without notice. All services rendered by Colonial Mortgage Group (NMLS# 70452) are to assist in providing mortgage loans. Colonial Mortgage Group brokers out this loan. Subject to borrower qualification. The information on this section is intended for informational purposes and is not an offer to extend credit.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.
Adjustable Rate Mortgages (ARM)
Adjustable rate mortgages are loans where the interest rate is recalculated on a yearly basis depending on market values. As interest rates are adjusted so is the borrower's monthly payment. While interest rates on ARM loans are generally lower than fixed rate loans they can eventually become higher.
Various types of ARM loans include Hybrid ARMs such as 10/1 year, 7/1 year, 5/1 year and 3/1 year programs. Contact us for more information on adjustable rate mortgage loans.
