To determine the best kind of loan for your unique needs, be sure to discuss your home loan options with one of our Loan Officers.
A home loan insured by the Federal Housing Administration (FHA). An FHA Loan is usually available at an attractive lower rate. It is open to all qualified borrowers. FHA Loans are underwritten through the standards established by the Federal Housing Administration and are fully insured by the Department of Housing and Urban Development (HUD).
At Secure Funding Group we offer FHA Loans with a minimum down payment of 3.5% and with a minimum Credit Score of 600. This loan can often be used in conjunction with Down Payment Assistance Programs. This loan can be used for Purchase or Refinance Transactions.
The main advantage to an FHA home loan is that the credit criteria for a borrower are not as strict as conventional loans sold to Fannie Mae (FNMA) or Freddie Mac (FHLMC). Someone who may have had a few credit problems or no traditional credit may not have a problem obtaining FHA financing.
Also, FHA loans are assumable, allowing a person to take over the mortgage without the additional cost of obtaining a new loan. In addition, the lender must pay for part of the closing costs while a borrower’s allowable costs can partially be wrapped into the loan. The monthly mortgage insurance premium is less expensive for an FHA loan verses a conventional loan with 3.5% down. Finally, FHA loans may require less income to qualify as they will exceed the conventional debt ratios of 28/36% as their standard is 29/41%.
Many people make the mistake and assume that FHA loans are only available for first time homebuyers. This is not true. FHA loans are available to anyone, whether it is your first or fifth home and also this loan can be used to purchase or refinance a home.
HARP is a Mortgage Refinance Loan that is designed to help homeowners, who have not been late on their mortgage payments and who have been denied loans because of their declining property values, get a new more affordable, more stable mortgage without the Property Value limitations.
FHA Loan is a Mortgage Loan that is insured and backed by the Federal Housing Administration. This loan is often used by First Time Homebuyers since the program has low down payment and flexible credit requirements.
FHA Streamline is a Refinance Loan Program that is designated to reduce an existing FHA loan’s current Interest Rate, Loan Term or both. Typically this loan does not require borrower’s to provide income qualifications or a property Appraisal.
VA Loan is a mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs. This loan is designated for eligible American Veterans or their surviving spouses and offers 100% financing with no mortgage insurance to the borrowers.
VA IRRRL is a Refinance Loan Program that is designated to reduce en existing VA loan’s current Interest rate, Loan Term or both. Typically this loan does not require borrower’s to provide income qualifications or a property Appraisal.
A Conventional Loan is a Mortgage Loan that is not insured or guaranteed by any Government Agency. Conventional loans adhere to Fannie Mae guidelines and typically require excellent credit and larger down payment. Unlike FHA and VA Loans, Conventional loans can be used to finance a primary residence, a second home, or an investment property.
USDA is a mortgage loan that offers 100% financing in rural areas and is guaranteed by the United States Department of Agriculture. USDA loans and have low interest rates and have flexible underwriting guidelines and can be used for Purchase or Refinance transactions.
CalHFA is a First Time Homebuyer loan that is can be used as a First Mortgage Loan or as a Down Payment Assistance Loan. CalHFA loans have eligibility requirements based on Income, Household members, and County Limits.