Loan Programs and Loan OptionsIn 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 the market. Contact me to find out what programs are currently available, or for any other related questions.
CONVENTIONAL MORTGAGES - This program is a fully amortizing offers 40, 30, 25, 20, 15 or 10-year fixed rate mortgage and competitive ARM products with full documentation of income and assests. An interest only option is avaialable for 10 years on a 30-year term. Cash out and no-cash out refinance are allowable. Maximum loan amount is $417,000.00 in Utah for Single Family Detached, Condos, PUD's and Single-Family second homes with no prepayment penalty. Conventional loans require a minimum 5% down payment.
FHA MORTGAGE - Backed by the Department of Housing and Urban Development this mortgage offers the borrower the ability to put as little a 3.5% down payment and they can even finance allowable closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs. FHA loans are available in most of Utah for up to $729,750.00 loan amount for single-family residences. Streamline and no-cash-out refinances are available up to 97% of the appraised value of the home and cash-out refinances are allowed up to 85% of the appraised value. 203K FHA MORTGAGE - The FHA Section 203(k) insurance program enables borrowers to finance the purchase or refinance of a home and the cost of its rehabilitation through a single mortgage. The FHA 203(k) can help you expand your market reach and help borrowers find affordable financing. The improvements are "streamlined” to only allow a maximum of $35,000 of repair costs to be added to the loan. Improvements can be for a new kitchen, new bathroom, to add a garage or to structurally improve the property. They can not be used to add amentieis such as hot tubs or swimming pools. VA MORTGAGE - Backed by the Veterans Administration and the federal government it is similar to FHA except that you have to be a qualified Veteran or active duty military person. VA loans are available up to 100% of the purchase price of the home and are fully amortizing 30 or 15 year fixed rate, or 5/1 or 3/1 Treasury ARM's. JUMBO or HIGH BALANCE LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document of income and assests up to $729,750.00 or 115% of the area median home price. Cash out and No cash out refinances are allowable. Single family detached, Condos, PUD's and single-family second homes can be financed with no prepayment penalty. OFFICER NEXT DOOR, FIREFIGHTER NEXT DOOR & TEACHER NEXT DOOR PROGRAM - HUD's Good Neighbor Next Door initiative is designed to encourage renewal of revitalization areas by providing law enforcement officers, firefighters, emergency medical technicians and teachers an opportunity to purchase homes in these communities. HUD provides a substantial incentive in the form of a fifty percent (50%) discount off the list price of eligible properties and a minimum down payment of just $100. Borrower may include closing and financing costs in the mortgage amount. For more information on this program visit http://www.hud.gov/offices/hsg/sfh/reo/goodn/gnndabot.cfm USDA RURAL HOUSING PROGRAM - The Rural Housing Service, an agency of the U.S. Department of Agriculture (USDA), offers loan programs that provide qualified borrowers who wish to live in rural areas the ability to finance up to 100% with little or no down payment and favorable rates and terms. Homes in all counties of Utah except Salt Lake, Davis and Utah qualify for USDA Rural Housing financing. FANNIE MAE REFI-PLUS - This program allows for properties with Fannie Mae purchased loans to rate-and-term refinance without mortgage insurance (if there was no mortgage insurance on the original loan) up to 105% of the property's appraised value. HOME PATH PROGRAMS - Home Path financing is for homes that have been foreclosed on by Fannie Mae. Home path loans only require a 3% down payment have and flexible mortgage terms (fixed-rate, adjustable-rate or interest-only). You may qualify even if your credit is less than perfect. Home Path loans are available to both owner-occupiers and investors. The 3% down payment can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer. Click here to contact us for more information on any of these programs.
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