Lion Mortgage Loan Programs
FHA Home Loans are popular mortgage options for first time home buyers and those seeking a low down payment. With slightly less requirements than a conventional loan on credit, this is a great program option for those seeking a home purchase loan or refinance. In order to be eligible for an FHA loan, you must be within the FHA loan limits and have or purchase an FHA approved property.
Conventional "conforming" loans offer great mortgage interest rates for good credit borrowers and are the most popular loan type. You can get a conventional mortgage for all property types and in any area, giving less restrictions than a government backed loan such as an FHA, VA or USDA loan. A conventional "conforming" mortgage adhere's to the guidlines set by Fannie Mae and Freddie Mac.
A jumbo mortgage loan is a loan that is "non-conforming" to the loan amount limits set by Fannie Mae and Freddie Mac. A jumbo loan would be ideal if your home loan or purchase price is over $417,000 for a single family, 1 unit property. Anything over the conforming loan limits for 2-unit properties are $533,850, 3-unit properties are $645,300 and 4-unit properties are $801,950, and would require a Jumbo mortgage loan.
A reverse mortgage offers seniors 62 and older the opportunity to get money out of their home equity without having to make monthly payments back to the mortgage lender. It is also a possibility to purchase a home with a reverse mortgage, where the home purchaser does not have to make payments on the home as long as they live in it. You must be at least 62 years or older to take advantage of a reverse mortgage.
Investment & Vacation Home Loans
Investment and vacation property loans are available to those who are seeking a mortgage for a property that is not their primary residence. Many traditional loan programs require that the borrower live in the home they purchase, but these loans are for those who are purchasing or refinancing their 2nd home or investment property (such as a rental property).
A commercial loan is for a business related property, such as an office front, a warehouse or retail property. Commercial mortgage loans can be done through businesses or individuals as the borrower.
HELOC stands for Home Equity Line of Credit and is a popular refinance program for individuals seeking to get cash out of the equity in their property for a certain period of time in which the loan must be repaid.
Stated Income Loans
A stated income loan is available for those who are self-employed and may not be eligible for a traditional mortgage due to complicated tax-scheduling. This type of loan is ideal for those who need to include assets in their income to qualify. This loan is not available at this time but we can review all your documents and provide other options.
Adjustable Rate Mortgages
An adjustable rate mortgage is a home loan that offers the opportunity for your mortgage rate to adjust after a certain number of years based on the market. The most popular ARM's are 5/1, 10/1 and 15/1. That means the rate will stay the same for 5, 10 or 15 years before adjusting to the market rate. These loans are best suited for those needing a very low rate and expect a significant increase in income later on.
Fixed Rate Mortgages
A fixed rate mortgage is the most popular way to get a home loan. The mortgage interest rate stays the same throughout the life of the loan. Most home purchase loans are on 30-year fixed rate mortgages, but some are also done on 25-year fixed rate mortgages. Popular for refinancing are 15-year FRM's and 10 Year FRM's.
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