Loan Programs and Loan Options
In today's lending market there are many options to choose from. Sometimes the differences in these programs can be subtle but signi ficant. We offer a variety of loan programs to fit your needs. This page provides an overview of many of the different programs on t he market. Contact us to find out what programs are currently available, or for any other related questions.
| | - Click here to contact us for information on other less common programs.
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Fixed-Rate and Adjustable-Rate Mortgages
These are two of the most popular loan types for buying a home or refinancing your mortgage (including cash-out refinances). Both options are available for conventional conforming loan amounts, jumbo (non-conforming) loan amounts, and FHA or VA programs. Features- Your interest rate and monthly principal and interest (P&I) payments remain the same for the life of your loan.
- Available in a variety of loan term options.
- You may be able to add extra features such as interest-only payments.1
| Features- Your interest rate and monthly principal and interest (P&I) payments remain the same for an initial period of 3, 5, 7, or 10 years, then adjust annually.
- Loans available in a variety of longer terms.
- Includes interest rate caps that set a limit on how high your interest rate can go.
- You may be able to add extra features such as interest-only payments or temporary buydowns.1
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Benefits- Predictable monthly P&I payments allow you to budget more easily.
- Protection from rising interest rates for the life of the loan, no matter how high interest rates go.
- May be a good choice if you plan to stay in your home for a long time.
| Benefits- Typically ARMs have a lower initial interest rate than on a fixed-rate mortgage.
- The interest rate cap limits the maximum amount your P&I payment may increase at each interest rate adjustment and over the life of the loan.
- May provide flexibility if you expect future income growth or if you plan to move or refinance within a few years.
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Considerations- The overall interest you pay is higher on a longer-term loan than on a shorter-term loan.
- On a shorter-term loan, the monthly P&I payment is typically higher than on a longer-term loan.
- If you choose an interest-only option, you cannot build equity through monthly interest-only payments without making voluntary principal payments during the interest only period.
| Considerations- Monthly principal and interest payments may increase when the interest rate adjusts.
- Your monthly principal and interest payments may change every year after the initial fixed period is over.
- If you choose an interest-only option, you cannot build equity through monthly interest-only payments without making voluntary principal payments during the interest only period.
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FHA and VA Mortgage Programs
Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans are popular homebuyer choices, but are also available if you’re refinancing your mortgage. These loans are provided by the federal government and must meet certain requirements. FHA LoanFeatures- Flexible income, debt, and credit requirements.
- Closing costs may come from a gift or grant.
- Available in a variety of fixed-rate and adjustable-rate loan options.
- Current FHA homeowners may be able to obtain an FHA streamline refinance.
| VA LoanFeatures- Financing for qualified veterans, reservists, active duty personnel, or eligible family members.
- Flexible income, debt, and credit requirements.
- Closing costs may come from a gift or grant.
- Available in a variety of fixed-rate and adjustable-rate loan options.
- Current VA homeowners may be able to obtain a VA-to-VA refinance.
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Benefits- Requires less cash out of pocket for your closing costs.
- Available at all income levels.
- Reduced paperwork if you are eligible for an FHA Streamline Refinance.
- Provides financing options even if your credit history is less-than-perfect.
| Benefits- Loan amounts up to $999,999 may be available.
- Provides a wide range of rate, term and cost options.
- Private mortgage insurance is not required.
- Reduced paperwork if eligible for a VA-to-VA Interest Rate Reduction Refinance Loan (IRRRL).
- Provides financing options even if your credit history is less-than-perfect.
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Considerations- You typically have to pay an up-front as well as a monthly FHA mortgage insurance premium.
- You can typically only have one FHA mortgage at any given time.
| Considerations- You are typically required to pay a one-time funding fee on VA loans (which can be financed into the loan amount).
- Financing for primary residences only.
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HARD MONEY LOAN ~ We have solid experience in all areas of lending including hard money loans and private financing with specialized and affordable programs designed specifically for the complex transaction or the transaction that requires special care. Our hard MoneyLenders specialize in private money loans, bridge loans, mezzanine loans and specialized financing for: - Hard Money Mortgage Loans
- Commercial Hard Money Loans
- Rehab Hard Money Loans
- Residential Hard Money Loans
- Hard Money Personal Loans
- Hard Money Construction Loans
TERM1-3 years LENDING AREAUnited States- South America COLLATERALAll types of real estate considered LOAN AMOUNTS$1 Million - $20 Million No Prepayment Penalties. .
Purchase & Renovate LoanFeatures- One loan to purchase a home and make renovations or repairs.
- Conventional or FHA 203(k) loan options.
- Available with a fixed- or adjustable-rate.
- Includes single-family, one-to-four units, planned unit developments, and condominiums.
Benefits- More money. Loan amount is based on the home value after improvements are made.
- Lower monthly payments. Costs are spread throughout the term of the loan, so your monthly payments may be lower than other financing options.
- More choices. Look at properties you wouldn’t otherwise consider.
- Speed. Start improvements right after closing.2
- Tax deductibility. Interest may be tax deductible (Consult your tax advisor on the deductibility of interest).1
Considerations- Financing may not be available for luxury items, such as a pool, hot tub or spa with all programs.
- Requires hiring a contractor.
If you already own the home that you’re planning to improve, you also have options
Refinance and renovate program
Features- One loan to refinance your mortgage and make renovations or repairs.
- Conventional or FHA 203(k) loan options.
- Available with a fixed- or adjustable-rate.
- Includes single-family, one-to-four unit, planned unit developments, and condominiums.
Benefits- Helpful for those with limited home equity. Loan amount is based on the home value after improvements are made.
- Lower monthly payments. Costs are spread throughout the term of the loan, so your monthly payments may be lower than other financing options.
- Speed. Start improvements right after closing.
- Tax deductibility. Interest may be tax deductible (Consult your tax advisor on the deductibility of interest).1
Considerations- Financing may not be available for luxury items, such as a pool, hot tub, or spa with all programs.
- Requires hiring a contractor.
Home equity loan or line of credit.
Features - Choose between fixed- or variable-rate.
- Line of Credit offers access to funds as you pay down the line of credit balance without the need to re-apply.
- Flexibility to convert all or a portion of your outstanding line balance to a fixed-rate advance.3
Benefits
Line of Credit - Affordability. Pay no bank closing costs. 4
- Flexibility. Access available funds now and in the future, for large or small expenses.
- Lower interest rates. Costs are lower than many other types of credit.
- Tax deductible. Interest may be tax-deductible (Consult your tax advisor on the deductibility of interest).1
Loan - Convenience. Receive the full loan amount upfront to access funds for a one-time expense.
- Security. Fixed interest rate and predictable monthly payment.
- Tax deductible. Interest may be tax-deductible (Consult your tax advisor on the deductibility of interest).1
- Simplicity. You keep your current mortgage intact.
Considerations- Appraisal is completed based on current value.
- Home must already have sufficient equity to support improvement financing.
Cash-Out refinance. Features - One loan to refinance your mortgage and make renovations or repairs.
- Available with a fixed- or adjustable-rate.
- Includes primary and second/vacation properties.
Benefits - Convenience. Receive the full loan amount upfront to access funds for a one-time expense.
- Simplicity. One application, one closing, one monthly mortgage payment.
- Tax deductible. Interest may be tax-deductible (Consult your tax advisor on the deductibility of interest).1
Considerations - May only be beneficial when current interest rates are lower than your loan’s current rate.
- Appraisal is completed based on current value.
- Must have sufficient equity in your current home to support the new loan amount.
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JUMBO LOANS - A jumbo, or non-conforming, loan provides financing for loan amounts higher than the maximum conforming limits set by Fannie Mae and Freddie Mac. It may be a good choice if you have a higher property value and can manage larger monthly mortgage payments. A “blended jumbo” combines a mortgage and home equity line of credit, and may provide greater payment flexibility. Both are available for purchase and refinance loans (including cash-out refinances). Jumbo loan Features- A “non-conforming” loan with mortgage amounts above the maximum conforming limits.
- Available in a variety of fixed-rate and adjustable-rate loan options.
- You may be able to add extra features such as interest-only payments or temporary buydowns.1
| Mortgage + home equity financingFeatures- A “blended jumbo” pairs a “conforming” first mortgage with a home equity line of credit.
- The first mortgage is available in a variety of fixed-rate and adjustable-rate loan options.
- You may be able to add extra features such as interest-only payments or temporary buydowns.1
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Benefits- You can obtain financing for loan amounts up to $2 million.
- Provides the convenience of one loan for the entire loan amount and the choice of a variety of loan options.
- You may be able to access additional benefits through our Private Mortgage Banking (PMB) group.
| Benefits- For a jumbo loan amount with a potentially lower total monthly payment, use the interest-only option on the home equity line of credit.1
- If your property appreciates over time, may provide ongoing access to available equity without reapplying.
- Enjoy additional benefits, if eligible, with our Home Asset ManagementSM Account.
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Considerations- Interest rates are usually higher on jumbo mortgage loans than on conforming loans with lower loan amounts.
- If you choose an interest-only option, you cannot build equity through monthly interest-only payments without making voluntary principal payments during the interest only period.
| Considerations- You may need to make two separate monthly payments.
- If you choose a variable interest rate on your line of credit, rather than a fixed rate advance, your monthly payment may increase or decrease as interest rates fluctuate.
- If you choose an interest-only option, you cannot build equity through monthly interest-only payments without making voluntary principal payments during the interest only period.
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HIGH DEBT RATIO LOANS -
Borrowers having the ratio of their monthly bills to their monthly income higher than 50% is considered a high debt ratio. Loan programs are available for these borrowers, allowing them to finance the purchase of a home or property.
CONSTRUCTION LOANS - Typical Commercial Construction Financing Terms Note:
These are not terms of any specific lender. They represent terms that
we frequently see in the marketplace and are not to be relied on as a
commitment to provide any specific terms for any specific deal.
Maximum loan to cost: 60% to 75%
Maximum loan to value: 70% to 80% of completed value
Term: Generally 1 to 2 years with extensions as necessary
Typical Rates: Prime plus 0.5% to 2.0% or LIBOR plus 3.0% to 4.0%
Prepayment terms: No prepayment penalty - but these loans often
have a 1% exit fee if permanent loan is not done with same lender
Projects: All commercial property types can be financed. Developer
and contractor must have experience at this type and scale of
development.
Recourse: Typically recourse. a few lenders offer non-recourse
construction financing for larger loans.
Closing costs: Borrowers are responsible for all due diligence and
closings costs (e.g. Appraisal, Phase 1 Environmental, site inspection,
title, etc) .
SBA Loan Programs SBA offers a variety of loan programs for very specific purposes. Take some time to study the programs described in this section, to see if you qualify to participate. 7(a) Loan Program The 7(a) Loan Program includes financial help for businesses with special requirements. For example, funds are available for loans to businesses that handle exports to foreign countries, businesses that operate in rural areas, and for other ...
CDC/504 Loan Program What is the CDC/504 Program? The CDC/504 loan program is a long-term financing tool, designed to encourage economic development within a community. The 504 Program accomplishes this by providing small businesses with long-term,...
OUR INVESTMENT AREA
MOVIES PRODUCTION Start as a low as $200K investment with a % 125 return then 50/50 back-end for life
We offer a variety of "Hard money" to meet your needs. We work with the leading lenders in the industry to provide Commercial, Land, and SBA Financing options.
Click here to contact us for more information on any of these programs.
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